FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance through the National Flood Insurance Program, Buyer may terminate this Contract by delivering written notice to Seller within (if left blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Xxxxxxx- Xxxxxx 2012) may phase in actuarial rating of pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures (residential structures in which the insured or spouse does not reside for at least 80% of the year) and an elevation certificate may be required for actuarial rating.
FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone 196 the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving 197 the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal 198 Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service 199 under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance 200 rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage through the National 201 Flood Insurance Program or private flood insurance as defined in 42 U.S.C. §4012a, Buyer may terminate this 202 Contract by delivering written notice to Seller within (if left blank, then 20) days after Effective Date, and 203 Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this 204 Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The 205 National Flood Insurance Program may assess additional fees or adjust premiums for pre-Flood Insurance Rate 206 Map (pre-FIRM) non-primary structures (residential structures in which the insured or spouse does not reside for at 207 least 50% of the year) and an elevation certificate may be required for actuarial rating.
FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood zone 200 the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving 201 the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal 202 Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service 203 under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance 204 rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage through the National 205 Flood Insurance Program or private flood insurance as defined in 42 U.S.C. §4012a, Buyer may terminate this 206 Contract by delivering written notice to Seller within (if left blank, then 20) days after Effective Date, and 207 Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this 208 Contract, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property. The 209 National Flood Insurance Program Reform Act of 2012 (referred to as Xxxxxxx-Xxxxxx 2012) may phase in actuarial 210 rating of assess additional fees or adjust premiums for pre-Flood Insurance Rate Map (pre-FIRM) non-primary 211 structures (residential structures in which the insured or spouse does not reside for at least 80 50% of the year) and 212 an elevation certificate may be required for actuarial rating.
FLOOD ZONE; ELEVATION CERTIFICATION. Buyer is advised to verify by elevation certificate which flood one the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal High Hazard Area” and finished floor elevation is below minimum flood elevation, Buyer may terminate this Contract by delivering written notice to Seller within 20 days after Effective Date, failing which Buyer accepts existing elevation of buildings and flood zone designation of Property.
