Generally

Requirements

You must ensure the Property PropertyMultifamily 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 Improvements ImprovementsBuildings, 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 Improvements ImprovementsBuildings, 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 Zone SFHA ZoneSpecial Flood Hazard Area designated by FEMA. starting with the letter A or V; or
• the Property PropertyMultifamily 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 Property PropertyMultifamily 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 SFHA SFHASpecial Flood Hazard Area designated by FEMA. .

A Mortgage Loan Mortgage 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 Property PropertyMultifamily 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 SFHA SFHASpecial Flood Hazard Area designated by FEMA. ; and
• a community that does not participate in the NFIP NFIPProgram 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 FEMA FEMAFederal Emergency Management Agency ;
• retain in your Servicing File Servicing 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 Value Insurable 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 Improvements ImprovementsBuildings, 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 Borrower BorrowerPerson who is the obligor per the Note. -owned personal property;
• ensure you have an established process to obtain an inventory and the Insurable Value Insurable ValueFor any Property, the estimate of the maximum dollar amount needed to replace, repair, or reproduce the Property, but excluding any land value. of Borrower BorrowerPerson who is the obligor per the Note. -owned contents or business personal property within buildings located in SFHAs SFHAsSpecial Flood Hazard Area designated by FEMA. to determine required coverage; and
• retain documentation of the presence or absence of Borrower BorrowerPerson who is the obligor per the Note. -owned contents or business personal property within the building and in your Servicing File Servicing FileYour file for each Mortgage Loan serviced. .