SPECIAL FLOOD HAZARD AREA Clause Samples

SPECIAL FLOOD HAZARD AREA. Borrower shall obtain and maintain at Borrower’s sole expense, a flood insurance policy on the Improvements and, if applicable, 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 reasonably 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. 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. 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. Except to the extent that the Condominium Association pursuant to the Condominium Documents maintains the following with respect to the common elements under the Condominium Documents, and provided that all of the terms and conditions of this Subsection and of Subsections (a) and (c) of this Section are satisfied with respect thereto, Borrower shall obtain and maintain at Borrower’s sole expense, a flood insurance policy on the Improvements and any such other structure and/or the common elements under the Condominium Documents 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. To the best of Seller's knowledge, none of the Property is located within a special flood hazard area.

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. The area defined by the National Flood Insurance Program requiring mandatory purchase of flood insurance.

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