Example ContractsClausesFlood Insurance
Flood Insurance
Flood Insurance contract clause examples

Flood Insurance. If any portion of any Mortgaged Property is at any time located in an area identified 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 Flood Insurance Laws, then the Borrower shall, or shall cause each Loan Party to # maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and on such terms sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and # deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent. Following the Closing Date, the Borrower shall deliver to the Administrative Agent annual renewals of such flood insurance. As a condition precedent to any amendment to this Agreement pursuant to which any increase, extension, or renewal of Loans is contemplated, the Borrower shall cause to be delivered to the Administrative Agent for any Mortgaged Property, a completed “life of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination, duly executed and acknowledged by the appropriate Loan Parties, and evidence of flood insurance, as may be required pursuant to the Flood Insurance Laws.

All Real Property owned by the Loan Parties is insured pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks of each such Loan Party in accordance with prudent business practice in the industry of such Loan Party. Each Loan Party has taken all actions required under the Flood Laws (if applicable) and/or requested by [[Organization B:Organization]] to assist in ensuring that each [[Organization C:Organization]] is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to, providing [[Organization B:Organization]] with the address and/or GPS coordinates of each structure located upon any Real Property that will be subject to a Mortgage in favor of [[Organization B:Organization]], for the benefit of Lenders, and, to the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral.

Flood Insurance. Evidence that commercially reasonable and customary flood insurance required to be maintained under this Agreement is in full force and effect, with additional insured, mortgagee and [[Organization C:Organization]] loss payable special endorsements attached thereto in form and substance satisfactory to [[Organization B:Organization]] and its counsel naming [[Organization B:Organization]] as additional insured, mortgagee and [[Organization C:Organization]] loss payee, as applicable, and evidence that [[Organization A:Organization]] have taken all actions required under the Flood Laws and/or requested by [[Organization B:Organization]] to assist in ensuring that each [[Organization C:Organization]] is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to, providing [[Organization B:Organization]] with the address and/or GPS coordinates of each structure on any Real Property that will be subject to a Mortgage in favor of [[Organization B:Organization]], for the benefit of Lenders, and, to the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral.

Flood Insurance Compliance. Notwithstanding anything to the contrary contained herein or any of the other Financing Agreements, any increase in the Maximum Credit, extension of the maturity date hereof or renewal of this Agreement that the Administrative Agent and Lenders may agree to, in their sole discretion, after the date hereof shall be subject to such flood insurance due diligence and compliance with flood insurance requirements reasonably satisfactory to Administrative Agent and Lenders. After the date hereof, either Administrative Agent or Borrowers shall provide Lenders with not less than forty-five (45) days written notice prior to any Real Property acquired by Borrowers after the date hereof becoming subject to a Mortgage in favor of Administrative Agent and such Real Property shall be subject to such Mortgage only after the Lenders have confirmed to Administrative Agent that flood insurance due diligence and compliance with flood insurance requirements has been completed in a manner reasonably satisfactory to Lenders.

“Federal Flood Insurance” shall mean federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.

Flood Program” means the National Flood Insurance Program created by the US Congress pursuant to # the National Flood Insurance Act of 1968, # the Flood Disaster Protection Act of 1973, # the National Flood Insurance Reform Act of 1994, # the Flood Insurance Reform Act of 2004 and # the Biggert-Waters Flood Insurance Reform Act of 2012, and any regulations promulgated thereunder or any successor statutes.

Flood Laws. JPMCB has adopted internal policies and procedures that address requirements placed on federally regulated lenders under the National Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). JPMCB, as administrative agent or collateral agent on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the Flood Laws. However, JPMCB reminds each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally regulated Lender (whether acting as a Lender or Participant in the facility) is responsible for assuring its own compliance with the flood insurance requirements.

Flood Zone. To the knowledge of , none of the Improvements on the Property are, or will be once constructed in accordance with the Plans and Specifications, located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to [Section 6.1(a)(2)(vii)] is in full force and effect with respect to the Property.

Flood Laws” means, collectively, # the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, # the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and # the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

intended use until acceptable evidence of commercial property insurance as required in [Section 6.1(a)(2)(i)] has been reviewed and approved by ), coverage for loss by testing, collapse, theft, terrorism, earthquake, and, if any portion of the Improvements is at any time located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor law (the “Flood Insurance Acts”), flood hazard insurance in an amount equal to the maximum limit of coverage available for the Property under the Flood Insurance Acts through the National Flood Insurance Program and, if required by , excess flood limits in amounts acceptable to in its reasonable discretion, in each case having deductibles acceptable to . Such insurance Policy shall also include coverage for:

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