SPECIAL FLOOD HAZARD AREA. If the Property is determined to be in a Special Flood Hazard Area, as determined by the current Flood Maps published by the Federal Emergency Management Agency, Purchaser may terminate this Agreement by providing written notice to Seller by the later of the expiration of the Financing Contingency Period or the Inspection Period, and the termination procedures of Paragraph 23 shall apply.
SPECIAL FLOOD HAZARD AREA. If the Improvements (or any portion thereof) forming a part of such Mortgaged Property (excluding Improvements that are not walled and roofed buildings) are located in an Special Flood Hazard Area:
i. The Borrower shall have furnished evidence satisfactory to the Agent that the building floor elevations of such Improvements are located at the height (if any) prescribed by Governmental Requirements above the designated flood plain elevation for the Special Flood Hazard Area, as determined by FEMA; and
ii. The Borrower shall have provided to the Agent either: (A) the flood insurance required by the Mortgage encumbering such Mortgaged Property, together with evidence of payment in full of the premium thereon, or (B) a copy of a Letter of Map Revision ("LOMR") issued by FEMA, removing such Mortgaged Property from the Special Flood Hazard Area as determined by FEMA.
SPECIAL FLOOD HAZARD AREA. Borrower shall obtain and maintain at Borrower’s sole expense, a flood insurance policy on the Improvements and any such other structure in an amount required by Administrative Agent, but in no event less than the amount sufficient to meet the requirements of applicable Law, as such requirements may from time to time be in effect. If applicable, the flood insurance policy shall be obtained as a condition to closing of the Loan. In addition to the foregoing, Borrower shall obtain and maintain at Borrower’s expense, a flood insurance policy on any building materials and supplies and any personal property contents owned by Borrower, as soon as a flood insurance policy on such building materials, supplies and contents can be obtained, to the extent Administrative Agent and Lenders take a security interest in such building materials, supplies, and/or personal property contents, in an amount required by Administrative Agent, but in no event less than the amount sufficient to meet the requirements of applicable Law, as such requirements may from time to time be in effect.
SPECIAL FLOOD HAZARD AREA. Buyer shall have the option to declare this Contract null and void if the Real Estate is located in a special flood hazard area which requires Buyer to carry flood insurance. If written notice of the option to declare this Contract null and void is not given to Seller within ten (10) Business Days after Date of Acceptance or within the term specified in Paragraph 2 (whichever is later), Buyer shall be deemed to have waived such option and this Contract shall remain in full force and effect.
SPECIAL FLOOD HAZARD AREA. Development inclusive of Critical Facilities in the Special Flood Hazard Area (SFHA) shown on Exhibit 3 is prohibited unless all of the following criteria are achieved:
(a) All Development inclusive of Critical Facilities shall adhere to the following criteria:
i. The Owner shall comply with the flood damage protection regulations within the City Code, as may be amended and any other applicable State and Federal regulations.
ii. There will be two (2) means of egress from the Property proposed for development onto perimeter roadways A Conditional Letter of Map Revision (CLOMR-F) must be secured from Federal Emergency Management Area (FEMA) prior to Technical Site Plan and Preliminary Plat submittal. The Owner shall coordinate with the City to secure City endorsement prior to transmittal to FEMA.
(b) Critical facilities shall be prohibited unless the following criteria are achieved: Facilities shall be directed toward main egress areas; Shall demonstrate that there is at least one (1) access road connected to land outside the SFHA that is capable of supporting a 4,000-pound vehicle; The top of all development access roadways shall be at base flood elevation or higher; and In the event that a CLOMR-F has been secured, the Owner shall ensure that the associated Flood Insurance Rate Map will be physically revised by FEMA. A correspondence from FEMA to this effect shall be considered sufficient.
SPECIAL FLOOD HAZARD AREA. Flood hazard areas identified on the Flood Insurance Rate Map labeled as Xxxx X, Xxxx XX, Xxxx XX, Xxxxx X0-X00, Xxxx AE, Xxxx X00, Xxxx AR, Xxxx XX/XX, Xxxx XX/XX, Xxxx XX/X0-X00, Xxxx XX/X, Xxxx X, Xxxx XX, xxx Xxxxx X0-X00.
SPECIAL FLOOD HAZARD AREA. In the event there occurs, from time to time, any loss on any property which is not part of the Property Pool and which loss reduces the annual aggregate coverage available for claim payments under Borrower's blanket insurance policies, Borrower agrees that it shall repurchase, from time to time, the amount of insurance necessary to provide the required coverages under this Article IV within thirty (30) days after the occurrence of such loss.
SPECIAL FLOOD HAZARD AREA. Land area which has been specifically identified by the Federal Emergency Management Agency as the Floodplain within a community subject to a 1 percent or greater chance of flooding in any given year. It is useful for the purposes of identifying flood hazards by local subdivisions of government for regulatory purposes as well as use by the National Flood Insurance Program for establishing risk zones and flood insurance premium rates. The FEMA flood hazard area zone designation or flood risk potential is as illustrated on FEMA’s Flood Hazard Boundary Map or Flood Insurance Rate Map.
SPECIAL FLOOD HAZARD AREA. The Borrowers shall cause, and shall cause Spacelabs Quebec to cause, the Lender to be named as secured party and loss payee or additional insured, as applicable, in a manner reasonably acceptable to the Lender. With respect to all insurance covering any portion of the Collateral, each policy of insurance shall contain a clause or endorsement requiring the insurer to give not less than thirty (30) days' prior written notice to the Lender in the event of cancellation of the policy for any reason whatsoever and a clause or endorsement stating that the interest of the Lender shall not be impaired or invalidated by any act or neglect of the Borrowers or any of their Subsidiaries or the owner of any Real Estate for purposes more hazardous than are permitted by such policy. All premiums for such insurance shall be paid by the Borrowers or Spacelabs Quebec, as applicable, when due, and certificates of insurance and, if requested by the Lender, photocopies of the policies, shall be delivered to the Lender. If the Borrowers or Spacelabs Quebec fail to procure such insurance or to pay the premiums therefor when due, the Lender may do so from the proceeds of Revolving Loans.
SPECIAL FLOOD HAZARD AREA. The area defined by the National Flood Insurance Program requiring mandatory purchase of flood insurance.
