Disclaimer of Interest in Flood Zone Structures Located on Certain Mortgaged Property Clause Samples

Disclaimer of Interest in Flood Zone Structures Located on Certain Mortgaged Property. The Administrative Agent, the Lenders and the Voting Participants hereby disclaim and release any security interest or Lien upon the following buildings and improvements located on that certain real property owned by Natural Selection Foods, LLC with the address of ▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, San ▇▇▇▇ ▇▇▇▇▇▇▇▇, California: (i) that certain approximately 800 square foot pumphouse, (ii) that certain approximately 18,386 square foot plastic extrusion building and (iii) that certain approximately 500 square foot guardhouse, in each case located on or near the southwest boundary of such real property and to the east of the San ▇▇▇▇ Highway (collectively the buildings and improvements described in the foregoing clauses (i), (ii) and (iii) referred to as the “Disclaimed Improvements”), and (ii) the Administrative Agent is authorized to execute and record (and following the Fourth Amendment Effective Date, shall execute and record) a disclaimer or release of the Disclaimed Improvements in the real estate records for San ▇▇▇▇▇▇ County, California, in form and substance reasonably acceptable to the Administrative Agent. If within ninety (90) days following the date hereof, the Administrative Agent in its sole discretion determines that the Disclaimed Improvements are material to the business of the Loan Parties or that flood hazard insurance with respect to the Disclaimed Improvements is required to comply with The National Flood Insurance Reform Act of 1994 and the rules and regulations promulgated thereunder (in each case as amended, supplemented or otherwise modified from time to time, the “Flood Act”), the Company hereby agrees to obtain flood hazard insurance with respect to the Disclaimed Improvements, on such terms and in such amounts as required by The Flood Act and, in connection therewith, the Loan Parties shall execute and deliver a Mortgage (or an amendment to the applicable existing Mortgage) granting a Lien and security interest on such buildings and improvements to the Administrative Agent.
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Related to Disclaimer of Interest in Flood Zone Structures Located on Certain Mortgaged Property

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Matters Relating to Flood Hazard Properties (a) Evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether (1) any Closing Date Mortgaged Property is a Flood Hazard Property and (2) the community in which any such Flood Hazard Property is located is participating in the National Flood Insurance Program, (b) if there are any such Flood Hazard Properties, such Loan Party’s written acknowledgement of receipt of written notification from Administrative Agent (1) as to the existence of each such Flood Hazard Property and (2) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program, and (c) in the event any such Flood Hazard Property is located in a community that participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such Flood Hazard Property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

  • Location of Improvements; No Encroachments All improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation;

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.