Common use of Matters Relating to Flood Hazard Properties Clause in Contracts

Matters Relating to Flood Hazard Properties. (a) Evidence, which may be in the form of a certificate from a nationally recognized flood search company, a letter from an insurance broker or a municipal engineer, or a notation on a survey of the Additional Mortgaged Property dated not more than three (3) years prior to the date of the Additional Mortgage issued by a licensed surveyor in the jurisdiction in which the Additional Mortgaged Property is located as to (1) whether such Additional Mortgaged Property is a Flood Hazard Property and (2) if so, whether the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, (b) if such Additional Mortgaged Property is a Flood Hazard Property, such Loan Party’s written acknowledgment of receipt of written notification from the Collateral Agent (1) that such Additional Mortgaged Property is a Flood Hazard Property and (2) as to whether the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, and (c) in the event such Additional Mortgaged Property is a Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, evidence that the 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; and

Matters Relating to Flood Hazard Properties. (a) Evidence, which may be in the form of a certificate from a nationally recognized flood search company, a letter from an insurance broker or a municipal engineer, or a notation on a survey of the Additional Mortgaged Property dated not more than three (3) years prior to the date of the Additional Mortgage issued by a licensed surveyor in the jurisdiction in which the Additional Mortgaged Property is located as to (1) whether such Additional Mortgaged Property is a Flood Hazard Property Property, and (2) if so, whether the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, (b) if such Additional Mortgaged Property is a Flood Hazard Property, such Loan Party’s 's written acknowledgment of receipt of written notification from the Collateral Administrative Agent (1) that such Additional Mortgaged Property is a Flood Hazard Property and (2) as to whether the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, and (c) in the event such Additional Mortgaged Property is a Flood Hazard Property that 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, and (d) with respect to any Closing Date Mortgaged Property in which Company did not have an insurable interest on the Closing Date which is a Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, evidence that at the time the Company acquires an insurable interest that it 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; and