Section # Insurance. Borrower maintains with financially sound and reputable insurers insurance for the Project with coverage (including, if applicable, flood insurance on all mortgaged property that is in a Special Flood Hazard Zone, from such providers, on such terms and in such amounts as required by the Flood Disaster Protection Act as amended from time to time or as otherwise required by Lender) and limits as required by law and as is customary with Persons engaged in the same businesses as Borrower.
Notwithstanding anything to the contrary set forth herein, the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Restatement Effective Date until the date that is # if such Mortgage relates to a property not located in a “special flood hazard area”, ten (10) Business Days or # if such Mortgage relates to a property located in a “special flood hazard area”, thirty (30) days, after the Administrative Agent has delivered to the Lenders the following documents in respect of such real property: # a completed flood hazard determination from a third party vendor; # if such real property is located in a “special flood hazard area”, # a notification to the applicable Loan Parties of that fact and (if applicable) notification to the applicable Loan Parties that flood insurance coverage is not available and # evidence of the receipt by the applicable Loan Parties of such notice; and # if required by applicable Flood Laws, evidence of required flood insurance with respect to which flood insurance has been made available under applicable Flood Laws; provided that any such Mortgage may be entered into prior to such period expiring if the Administrative Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.
SECTION # Flood Laws. JPMorgan 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”). JPMorgan, 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, JPMorgan 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.
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Company, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons. If any portion of any Mortgaged Property (which portion contains a building) 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 Company shall, or shall cause the applicable Loan Party to # maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise 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, including evidence of annual renewals of such insurance.
If any portion of any Collateral is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a “flood hazard area” with respect to which flood insurance has been made available under any of the Flood Insurance Laws, then Borrowers shall # with respect to such Collateral maintain with responsible and reputable insurance companies reasonably acceptable to Administrative Agent, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and # deliver to Administrative Agent evidence of such compliance in form and substance reasonably acceptable to Administrative Agent and upon any Lender’s request, Lead Borrower shall deliver such evidence of compliance to such Lender. All premiums on any of the insurance referred to in this [Section 9.5(b)] shall be paid when due by Borrowers and if requested by Administrative Agent, summaries of the policies shall be provided to Administrative Agent annually or as it may otherwise reasonably request. Without limiting the rights of Administrative Agent provided for above, if Borrowers
Section # MIRE Events. Each of the parties hereto acknowledges and agrees that, if there are any Mortgaged Properties, any increase, extension or renewal of any of the Revolving Loan Commitments or Loans (including the provision of Incremental Loans or any other incremental credit facilities hereunder, but excluding # any continuation or conversion of borrowings, # the making of any 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 Laws and as otherwise reasonably required by the Lenders and # the Administrative Agent shall have received written confirmation from the Lenders, flood insurance due diligence and flood insurance compliance has been completed by the Lenders (such written confirmation not to be unreasonably withheld, conditioned or delayed).
Real Property for which the applicable Loan Party has not delivered to Agent, title insurance, a survey, zoning report, flood certificate, flood insurance in accordance with Section 5.6(b) hereof, environmental studies and other real estate items as required by FIRREA, each of which shall be reasonably satisfactory to Agent.
Grant a Lien on any Property (excluding Equipment, Real Estate and fixtures, but including without limitation any Equity Interests in a Borrower) owned by any Borrower other than Permitted Liens and such other Liens as are consented to by Agent and subject to an intercreditor agreement in form and substance satisfactory to Agent, or # enter into, assume or become subject to any Contractual Obligation prohibiting or otherwise restricting the existence of any Lien upon any Property (excluding Equipment, Real Estate and fixtures) owned by any Borrower, in favor of Agent, whether now owned or hereafter acquired. With respect to any future inclusion of Real Estate as Collateral, Agent or Borrower Agent will give at least 45 days prior written notice to each Lender prior to pledging any Real Estate and upon confirmation from all Lenders that flood insurance due diligence and flood insurance compliance has been completed, the applicable Borrower may pledge the Real Estate. In the event that, after the Closing, the Collateral shall include any Real Estate, then # any increase, extension or renewal of the Commitments shall be subject to flood insurance due diligence and flood insurance compliance reasonably satisfactory to all Lenders, and # in addition to the insurance required by [Section 10.1.7], the Borrowers shall maintain flood insurance on all mortgaged Real Estate that is in a Special Flood Hazard Zone, from such providers, on such terms and in such amounts as required by the Flood Disaster Protection Act as amended from time to time or as otherwise required by the Lenders. As of the Closing Date, Borrowers do not contemplate Real Estate being included in the Collateral at any time.
a copy of, or certificate as to coverage under, and a declaration page relating to the flood insurance policies required by [Section 6.07], which shall # be endorsed or otherwise amended to include a “standard” lender’s loss payable endorsement (as applicable); # name the collateral agent, on behalf of the Secured Parties, as additional insured; (C)(1) identify the addresses of each property located in a special flood hazard area, # indicate the applicable flood zone designation, the flood insurance coverage and the deductible relating thereto, # provide that the insurer will endeavor to give the collateral agent forty-five (45) days’ written notice of cancellation or non-renewal and # otherwise be in form and substance reasonably acceptable to the collateral agent.
SECTION # Flood Insurance Regulations. Notwithstanding any provision in this Agreement or any other Loan Document to the contrary, in no event is any Building (as defined in the applicable Flood Laws) or Manufactured (Mobile) Home (as defined in the applicable Flood Laws) included in the definition of Mortgaged Property and no Building or Manufactured (Mobile) Home is hereby encumbered by this Agreement or any other Loan Document.
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