We are taking a mortgage on 40 acres of farm land. The land owner has give a long term lease to a natural gas company for a compressor station on a small portion of this 40 acres.. This lease is on maybe 1/2 acre and is fenced off and does contain a couple of above ground tanks as well as a structure built over the compressor. The structure does have three walls and a roof.
I would guess our mortgage on this partial of land would be subject to the lease agreement.
Would we need to complete a flood search on this property?

Who owns the leasehold improvements? If it isn't your borrower your security interest cannot touch them.