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Federal Emergency Management Agency for the further damage to occur if you sign a release agreeing: 1. To make no further claim under this pol- icy; 2. Not to seek renewal of this policy; and 3. Not to apply for any flood insurance under the Act for property at the property lo- cation of the insured building. If the policy term ends before the insured building has been nooded continuously for 90 days. the provisions of this paragraph T. still apply so long as the first building damage re- imbursable under this policy from the contin- UOUS flooding occurred before the end of the policy term. . U. Duplicate Policies Not Allowed: Property may not be insured under more than one pol- icy issued under the Act. When we fmd that duplicate policies are in effect. we shall by Written notice give you the option of choos- ing which policy is to remain in effect under the following procedures: 1. If you choose to keep in effect the policy with the earlier effective date. we shan by the same written notice give you an oppor- tunity to add the coverage limits of the later policy to those of the earlier policy. as of the effective date of the Ia.ter policy. 2. If you choose to keep in effect the policy with the later effective date. we shall by the same written notice give you the oppor- tunity to add the coverage limits of the ear- lier policy to those of the later policy. as of the effective date of the later policy. In either case. you must pay the pro rata premium for the increased coverage limits within 30 days of the Written notice. In no event shall the resulting coverage limits ex- ceed the statutorily permissible limits of coverage under the Act or your insurable in- terests. whichever is less. We shall make a. refund to yOU. according to applicable National Flood InsuTance Pro- gram rules. of the premium for the pOlicy not being kept' in effect. For purposes of this paragraph U.. the term effective date means the date coverage that has been in effect without any lapse was first placed in effect. In addition to the provisions of this para- graph U. for increasing policy limits. the usual procedures for increasing policy limits. by mid-term endorsement or at renewal time. with the appropriate waiting period. are a.pplica.ble to the policy you choose to keep in effect. ATticle IO-LibeTalization Clause If during the period that insurance is in force under this policy or within 45 days prior to the inception date thereof. mould we have adopted under the Act. any forms. endorse- ments. rules or regulations by which this policy could be extended or broadened. with- out additional premium cba.rge. by endorse- ment or substitution of form. then. such ex- tended or broadened insurance shall inure to your benefit as though such endorsement or PI. 61. App. A(2) substitution of form bad bellO made. Any broadening or extension of thili policy to your benefit shall only apply to losses OCcurring on or after the effective date of the adoption of any forms. endorsements. rules or regula- tions affecting this policy. ATticle 11- What Law Ooverns This policy is governed by the flood insur- ance regulations issued by F'EMA. the Na- tional Flood Insurance Act of 1968. as amend- ed <42 U.S.C. 4001. et seq.) and Federal com- mon law. In Witness whereof. we have :;igned this pol- icy below and hereby enter ioto this Insur- ance Agreement. JAMES L. WITI'. DiTectOT, FedeTal Emergency Management Agency . (The information required tnder the terms of this policy has been approved by the Office of Management and Budget under OMB con- trol number 306'1-0021.) (58 FR 62424. Nov. 26. 1993. as amended at 62 FR 8397. Feb. 25. 1997J APPENDIX A(2) TO PART 61 FEDERAL EMERGENCY MANAGEMENT AGENCY. FEDERAL INSURANCE AnMl:olISTRATION STM'DARD FLoOD INStlRANCE POLlCY (Issued Pursuant to the National Flood In- surance Act of 1968. or Any Acts Amendatory Thereof (Hereinafter Called the Act). and Ap- plicable Federal Regulations, in Title 44 of the Code of Federal Regulations. Subcba.pter BJ GENERAL PROPERTY FORM Read the policy carefully. The coverage provided is subject to lim.il~tions. restric- tions and exclusions. This policy provides no coverage: 1. In a regular program community. for a residential condominium building. as d&fined in this policy; and 2. Except for personal property coverage. for a unit in a condominium building. INStJRING AGREEI<I:ENT Agreement of Insurance b<'tween the Fed- eral Emergency Management Agency (FEMA). as Insurer. and the Insured. The Insurer insures the Im.ured againSt all DiTect physical loss by OT from. flood to the in- sured property. based upon: 1. The Insured having paid the correct amount of premium: and 2. The Insurer's reliance OD, the a.ccuracy of the information and statements the Insured hasfurnisbed;and 3. All the terms of this policy. the National Flood Insurance Act of 1968. as amended. a.nd Title 44 of the Code of Federal Regulations. 271