Common use of Flood Clause in Contracts

Flood. If any portion of the Improvements is located within an area identified by the Federal Emergency Management Agency (or any successor) as a special flood hazard area (“SFHA”), flood Insurance in an amount equal to the greater of the following: (A) The maximum flood Insurance available under the National Flood Insurance Program (“NFIP”) for each building within a SFHA. (B) The sum of the following for each building within a SFHA being insured: (1) The Replacement Cost of all areas of the Improvements below grade. (2) The Replacement Cost of the bottom two stories (above grade) of the Improvements. (3) Any additional coverage dictated by the nature of the Mortgaged Property as determined by Lender in Lender’s Discretion. Such coverage may be purchased through excess carriers if the required coverage exceeds the maximum Insurance available under the NFIP.

Flood. If any portion of the Improvements is located within an area identified by the Federal Emergency Management Agency (or any successor) as a special flood hazard area (“"SFHA”"), flood Insurance in an amount equal to the greater of the following: (A) The maximum flood Insurance available under the National Flood Insurance Program (“"NFIP”") for each building within a SFHA. (B) The sum of the following for each building within a SFHA being insured: (1) The Replacement Cost of all areas of the Improvements below grade. (2) The Replacement Cost of the bottom two stories (above grade) of the Improvements. (3) Any additional coverage dictated by the nature of the Mortgaged Property as determined by Lender in Lender’s 's Discretion. Such coverage may be purchased through excess carriers if the required coverage exceeds the maximum Insurance available under the NFIP.