Common use of Flood Hazard Determinations Clause in Contracts

Flood Hazard Determinations. With respect to each Mortgaged Property that is materially improved with a permanent structure, a “Life-of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination and, if the area in which any permanent structure is located on any Mortgaged Property is designated as a Special Flood Hazard Area with respect to which flood insurance has been made available under the Flood Insurance Laws, (i) a notice about Special Flood Hazard Area status and flood disaster assistance duly executed by the Borrower, and (ii) evidence of flood insurance, in favor of the Administrative Agent for its benefit and the benefit of the Secured Parties in an amount that would be considered sufficient under the Flood Insurance Laws and otherwise, in form and substance reasonably satisfactory to the Administrative Agent;

Flood Hazard Determinations. With respect to each Mortgaged Property that is materially improved with a permanent structure, a “Life-of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination and, if the area in which any permanent structure is located on any Mortgaged Property is designated in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance LawsAct of 1968 (as now or hereafter in effect or successor act thereto), (i) a notice about Special Flood Hazard Area status and flood disaster assistance duly executed by the Borrower, and (ii) evidence of flood insurance, in favor of the Administrative Agent for its benefit and the benefit of the Secured Parties in an amount that would be considered sufficient under the Flood Insurance Laws and otherwise, in form and substance reasonably satisfactory to the Administrative Agent;