Example ContractsClausesFlood Insurance
Remove:

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.

As of the Amendment Effective Date, notwithstanding any provision in any Collateral Document to the contrary, no Loan Party owns any Building (as defined in the applicable Flood Insurance Law) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Law) for which such Loan Party has not delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent that # such Loan Party maintains Flood Insurance for such Building or Manufactured (Mobile) Home or # such Building or Manufactured (Mobile) Home is not located in a Special Flood Hazard Area.

If at any time the area in which any Mortgaged Property is located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount as required by Regulation H of the Federal Reserve Board, as the same is from time to time in effect, and all official rulings and interpretations thereunder or thereof may from time to time require, and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as it may be amended from time to time.

completion by Administrative Agent of all customary flood insurance due diligence with respect to all Mortgaged Properties, and in connection therewith, but without limitation thereof, shall have received, if requested by Administrative Agent executed flood hazard determinations and a flood zone certification (together with notice to the applicable Loan Party regarding such flood zone certification) in regard to such Mortgaged Properties and to the extent that any such Mortgaged Properties are 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 Flood Laws, the applicable Loan Party # has obtained and will maintain, with financially sound and reputable insurance companies as reasonably determined by the Borrower and Administrative Agent (except to the extent that any insurance company insuring the Mortgaged Property of the Loan Party ceases to be financially sound and reputable after the Closing Date, in which case, the Loan Party shall promptly replace such insurance company with a financially sound and reputable insurance company), such flood insurance in such reasonable total amount as the Administrative Agent may from time to time reasonably require, and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to Flood Laws and # promptly upon request of the Administrative Agent or any Lender, will deliver to the Administrative Agent or such Lender, as applicable, evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent or such Lender, including, without limitation, evidence of annual renewals of such insurance;

Tenant agrees to cause all insurance premiums for all property, casualty, liability and flood insurance, if required,

SECTION # MIRE Events. Each of the parties to this Agreement acknowledges and agrees that, if there are any Mortgaged Properties, any increase, extension or renewal of any of the Revolving Loan Commitments or Loans (but excluding # any continuation or conversion of Borrowings, # the making of any Revolving Loans or Swingline Loans or # the issuance, renewal or extension of Letters of Credit) shall be subject to (and conditioned upon) # the prior delivery of all flood hazard determination certifications, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to such Mortgaged Properties as required by Flood Insurance Law and as otherwise reasonably required by the Administrative Agent and # the Administrative Agent shall have received written confirmation from the Impacted Lender that flood insurance due diligence and flood insurance compliance has been completed by the Impacted Lender (such written confirmation not to be unreasonably withheld, conditioned or delayed).

SECTION # 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, the Flood Disaster Protection Act of 1973, 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.

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program (irrespective of whether such coverage is provided pursuant to a National Flood Insurance Program policy or through a private policy), plus such additional flood coverage in an amount as is generally required by the Seller for comparable mortgage loans intended for securitization.

/

Insurance. Maintain its property in good repair and will on request provide the with evidence of insurance coverage satisfactory to the , including fire and hazard, liability, workers’ compensation and business interruption insurance and flood hazard insurance as required.

Section #3Credit Extensions in Respect of MIRE Event. Notwithstanding the foregoing, no MIRE Event may be closed until the date that is # if there are no Mortgaged Properties in a flood zone, five (5) Business Days or # if there are any Mortgaged Properties in a flood zone, thirty (30) days (in each case, the “Notice Period”), after Administrative Agent has delivered to Lenders the following documents in respect of such Mortgaged Property: # a completed flood hazard determination from a third party vendor; # if such Mortgaged Property is located in a “special flood hazard area”, # a notification to the applicable Obligated Party of that fact and (if applicable) notification to the applicable Obligated Party that flood insurance coverage is not available and # evidence of the receipt by the applicable Obligated Party of such notice; and # evidence of required flood insurance in compliance with the applicable regulations of the Board of Governors of the Federal Reserve System; provided that any such MIRE Event may be closed prior to the Notice Period if the Administrative Agent shall have received confirmation from each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.

Notwithstanding the foregoing, no MIRE Event may be closed until the date that is # if there are no Mortgaged Properties in a flood zone, five (5) Business Days or # if there are any Mortgaged Properties in a flood zone, thirty (30) days (in each case, the “Notice Period”), after Administrative Agent has delivered to Lenders the following documents in respect of such Mortgaged Property: # a completed flood hazard determination from a third party vendor; # if such Mortgaged Property is located in a “special flood hazard area”, # a notification to the applicable Obligated Party of that fact and (if applicable) notification to the applicable Obligated Party that flood insurance coverage is not available and # evidence of the receipt by the applicable Obligated Party of such notice; and # evidence of required flood insurance in compliance with the applicable regulations of the Board of Governors of the Federal Reserve System; provided that any such MIRE Event may be closed prior to the Notice Period if the Administrative Agent shall have received confirmation from each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.

Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.