Generally

Requirements

You must ensure the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). has flood insurance if:

• any income-producing ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). or any non-income producing ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). that support amenities are in an SFHA ZoneSFHA ZoneSpecial Flood Hazard Area designated by FEMA. starting with the letter A or V; or
• the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is located within a Coastal Barrier Resources System (CBRS) or Otherwise Protected Area (OPA), regardless of if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is located in an SFHASFHASpecial Flood Hazard Area designated by FEMA. .

A Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. is ineligible for purchase if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is in:

• an SFHASFHASpecial Flood Hazard Area designated by FEMA. ; and
• a community that does not participate in the NFIPNFIPProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. .

You must:

• complete the most recent version of the Standard Flood Hazard Determination Form issued by FEMAFEMAFederal Emergency Management Agency ;
• retain in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. a
  • copy of the form, and
  • signed copy of Notice to Borrower of Special Flood Hazard and Federal Assistance;
• require the determination firm, and any monitoring company, to notify you whenever there is a flood zone change; and
• ensure the coverage:
  • meets the minimum mandatory purchase requirements per:
    • the following Federal flood insurance statutes, as amended and/or restated from time to time, including the:
      • National Flood Insurance Act of 1968 (1968 Act);
      • Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert Waters);
      • Flood Disaster Protection Act of 1973 (FDPA); and

      • Homeowner Flood Insurance Affordability Act of 2014; and

    • any applicable Federal agency rulemaking and publication; and
  • equals at least 100% of the Insurable ValueInsurable ValueFor any Property, the estimate of the maximum dollar amount needed to replace, repair, or reproduce the Property, but excluding any land value. of
    • the first 2 floors above grade, and
    • any ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). below grade;
• require contents coverage for BorrowerBorrowerPerson who is the obligor per the Note. -owned personal property;
• ensure you have an established process to obtain an inventory and the Insurable ValueInsurable ValueFor any Property, the estimate of the maximum dollar amount needed to replace, repair, or reproduce the Property, but excluding any land value. of BorrowerBorrowerPerson who is the obligor per the Note. -owned contents or business personal property within buildings located in SFHAsSFHAsSpecial Flood Hazard Area designated by FEMA. to determine required coverage; and
• retain documentation of the presence or absence of BorrowerBorrowerPerson who is the obligor per the Note. -owned contents or business personal property within the building and in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. .