Checking multiple IF conditions

Question

I'm working on a stored procedure and having issues.  I want to check two conditions and is none of them are met, Insert a new record. In the first 2 checks, If I find a match I will hold that value and update later in the script.  If I can't
find a match, the 3rd step will add a new record to the location table and I will hold that value and use it to update later in the script.  Any help would be appreciated.
IF @Is_Flag = 'N'
BEGIN
IF EXISTS (select * from Location where Institution_Nm = @Institution_Nm )
BEGIN
Set @Location_Id = (Select Location_id from Location where Institution_Nm = @Institution_Nm)
END
ELSE
BEGIN
set @Location_Id = (Select Location_Id from Research_Project_Detail Where Research_Project_Id=@Research_Project_Id and Term_Id=@Term_Id and Is_flag = 'N')
END;
Update Location Set State_Id=@State_Id, Country_Id=@Country_Id, Institution_Nm=@Institution_Nm,ModifiedBy=@ModifiedBy,Modified_Dt=GETDATE() Where Location_Id=@Location_Id
END
ELSE --CAN'T FIND ONE...INSERT NEW ONE and hold the ID
BEGIN
Insert into Location ( State_Id, Country_Id, Institution_Nm,CreatedBy,Created_Dt) Values (@State_Id, @Country_Id, @Institution_Nm,@ModifiedBy,GETDATE())
set @Location_Id = Scope_Identity( )
select Scope_Identity( ) Location_Id
END

Answer 1

>> I'm working on a stored procedure and having issues. <<
Yes; you have no idea how to write SQL, so you write COBOL or BASIC in SQL. Your code is not declarative, but classic procedural programming. 
You do not even know that rows are not records! This is fundamental. You are using IDENTITY because it looks like a record number on a 1950's magnetic tape. Your files had singular names because the unit of work in files is a record; in RDBMS, we use plural
names to show that tables are sets. 
You use flags because that is how you wrote in assembly language or COBOL. 
But worse, you keep audit information in the same table! This is illegal. 
>> I want to check two conditions and is none of them are met, Insert a new record [sic]. In the first 2 checks, If I find a match I will hold that value and update later in the script. <<
No, in a declarative language; we have no local variables and no concept of later sequential execution. 
>> If I can't find a match, the 3rd step [sic] will add a new record [sic] to the Locations table and I will hold that value and use it to update later in the script. <<
Do you know about the SAN (Standard Address Number) used in several industries? ISO country codes, state codes are NOT ids. The old Sybase GETDATE() is now the ANSI/ISO Standard CURRENT_TIMESTAMP in T-SQL; you did an illegal act with bad code. 
>> Any help would be appreciated. <<
You need a major education, not just a kludge. The schema needs to be thrown out and done correctly. Without DDL, we can only guess, but I think that once you fixed the schema, the statement would be something like this skeleton: 
MERGE INTO Locations AS L
USING 
   (SELECT X.* 
      FROM (VALUES (@in_state_code, @in_country_code, @in_institution_name))
AS X (state_code, country_code, institution_name)) AS N 
ON @in_research_project_id = L.research_project_id
   AND @in_term_id = L.term_id  
WHEN MATCHED
THEN UPDATE
  SET state_code = N.state_code, 
      country_code = N.country_code,
      institution_name = N.institution_name
WHEN NOT MATCHED
THEN INSERT  state_code, country_code, institution_name
     VALUES (@in_state_code, @in_country_code, @in_institution_name);
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