Common use of FLOOD ZONE; ELEVATION CERTIFICATION Clause in Contracts

FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance through the National Flood Insurance Program, Buyer may terminate this Contract by delivering written notice to Seller within (if left blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Xxxxxxx- Xxxxxx 2012) may phase in actuarial rating of pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures (residential structures in which the insured or spouse does not reside for at least 80% of the year) and an elevation certificate may be required for actuarial rating.

FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone the Property is in, whether flood insurance is required by Buyer’s 's lender, and what restrictions apply to improving the Property and rebuilding in the event of casualty. If Property is in a “"Special Flood Hazard Area” " or “"Coastal Barrier Resources Act” " designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or and/or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage through the National Flood Insurance ProgramProgram or private flood insurance as defined in 42 U.S.C. §4012a, Buyer may terminate this Contract by delivering written notice to Seller within 15 (if left blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Xxxxxxx- Xxxxxx 2012) Program may phase in actuarial rating of assess additional fees or adjust premiums for pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures (residential structures in which the insured or spouse does not reside for at least 8050% of the year) and an elevation certificate may be required for actuarial rating.

FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or and/or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage through the National Flood Insurance ProgramProgram or private flood insurance as defined in 42 U.S.C. §4012a, Buyer may terminate this Contract by delivering written notice to Seller within 0 (if left blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Xxxxxxx- Xxxxxx 2012) Program may phase in actuarial rating of assess additional fees or adjust premiums for pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures (residential structures in which the insured or spouse does not reside for at least 8050% of the year) and an elevation certificate may be required for actuarial rating.

FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone 198 the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving 199 the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal 200 Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service 201 under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance 202 rating purposes is below minimum flood elevation or is ineligible for flood insurance through the National Flood 203 Insurance Program, Buyer may terminate this Contract by delivering written notice to Seller within (if left 204 blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and 205 Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and 206 flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Xxxxxxx- Xxxxxx Biggert- 207 Waters 2012) may phase in actuarial rating of pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures 208 (residential structures in which the insured or spouse does not reside for at least 80% of the year) and an elevation 209 certificate may be required for actuarial rating.