Flood Certifications Clause Samples
The Flood Certifications clause requires verification of whether a property is located within a designated flood zone or area prone to flooding. Typically, this involves obtaining an official flood certification from a recognized authority, which may impact the need for flood insurance or affect loan approval processes. The core function of this clause is to ensure that all parties are aware of potential flood risks associated with the property, thereby facilitating informed decisions and compliance with lender or regulatory requirements.
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Flood Certifications. The Company shall have obtained a life of loan, transferable flood certification contract for each Mortgage Loan and shall assign all such contracts to the Purchaser or, in the alternative, the Company shall notify the Purchaser as to any Mortgage Loans for which it has not procured the flood certification referenced above and shall pay to the Purchaser a fee for each such Mortgage Loan equal to the fee that is customarily charged for each such contract, as determined by the Purchaser in its reasonable discretion;
Flood Certifications. Unless otherwise agreed upon by the Seller and the Purchaser, each Mortgage Loan is covered by a life of loan, transferable flood certification contract assignable to the Purchaser.
Flood Certifications. The Seller shall have obtained a life of loan, transferable flood certification contract for each Mortgage Loan and shall assign all such contracts to the Purchaser or, in the alternative, the Seller shall notify the Purchaser as to any Mortgage Loans for which it has not procured the flood certification referenced above and shall pay to the Purchaser a fee for each such Mortgage Loan equal to the fee that is customarily charged for each such contract, as determined by the Purchaser in its reasonable discretion;
Flood Certifications. Mezzanine Lender shall have received a flood zone certification with respect to each Property.
Flood Certifications. On or prior to the Effective Date, the Collateral Agent shall have received flood certifications with respect to all real property Collateral, each in form and substance satisfactory to the Collateral Agent.
Flood Certifications. Lender shall have received a flood zone certification with respect to each Property.
Flood Certifications. The Administrative Agent shall have received evidence as to (i) whether any Mortgaged Property is in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards (a “Flood Hazard Property”) and (ii) if any such real property is a Flood Hazard Property, (A) whether the community in which such real property is located is participating in the National Flood Insurance Program, (B) the applicable Loan Party’s written acknowledgment of receipt of written notification from the Administrative Agent (1) as to the fact that such real property is a 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) copies of insurance policies or certificates of insurance of the Borrower and its Subsidiaries evidencing flood insurance satisfactory to the Administrative Agent and naming the Administrative Agent and its successors and/or assigns as sole loss payee on behalf of the Lenders.
Flood Certifications. The Company shall have obtained a life of loan, transferable flood certification contract for each Mortgage Loan and shall assign all such contracts to the Initial Owner or, in the alternative, the Company shall notify the Initial Owner as to any Mortgage Loans for which it has not procured the flood certification referenced above and shall pay to the Initial Owner a fee for each such Mortgage Loan equal to the fee that is customarily charged for each such contract, as determined by the Initial Owner in its reasonable discretion which shall be deducted from the Purchase Proceeds;
Flood Certifications. Within five (5) Business Days after the Closing Date Seller shall provide Purchaser with "life of loan" transferable flood determination/notification services for all Mortgage Loans or pay Purchaser $25 per Mortgage Loan without such service.
Flood Certifications. With respect to each Property, flood certifications and evidence of flood insurance with respect to each Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the United States Federal Reserve System, in form and substance reasonably satisfactory to Lender. | NY\1631294.13 mle ▇▇ ▇▇▇▇ Loan Agreement||