Property Valuation. Each Mortgage File contains a written appraisal prepared by an appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the requirements of Title XI of FIRREA. The appraisal was written, in form and substance, to (i) customary Fxxxxx Mxx or Fxxxxxx Mac standards for mortgage loans of the same type as such Mortgage Loans and (ii) USPAP standards, and satisfies applicable legal and regulatory requirements. The appraisal was made and signed prior to the final approval of the Mortgage Loan application. The person performing any property valuation (including an appraiser) received no benefit from, and such person's compensation or flow of business from the originator was not affected by, the approval or disapproval of the Mortgage Loan. The selection of the person performing the property valuation was made independently of the broker (where applicable) and the originator's loan sales and loan production personnel. The selection of the appraiser met the criteria of Fxxxxx Mae and Fxxxxxx Mac for selecting an independent appraiser.
Property Valuation. Buyer may elect to retain an independent, third-party valuation consultant to prepare a valuation report (“Valuation Report”) for each of the properties that comprise the Property. If the sum of the values of the properties that comprise the Property (“Total Valuation”) is less than the Purchase Price, Buyer may elect to (i) attempt to renegotiate the Purchase Price with Seller, (ii) terminate this Agreement, or (iii) proceed to Closing hereunder at the stated Purchase Price. If Buyer terminates this Agreement in accordance with this Section 5(b), then this Agreement will have no further force or effect, the parties will have no further obligations to each other (except for any indemnities or other provisions that expressly survive termination of this Agreement) and Escrow Holder shall refund the Deposit to Buyer.
Property Valuation. Each Asset File for a Mortgage Loan contains a written BPO or appraisal that sets forth an “as is” value prepared by a third-party appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the requirements of Title XI of FIRREA. The appraisal for such Mortgage Loan satisfies, with respect to each Agency Mortgage Loan, the requirements of Xxxxxx Xxx, Xxxxxxx Mac, Xxxxxx Xxx, FHA, or VA, as applicable, and applicable legal and regulatory requirements, and was made and signed prior to the final approval of the Mortgage Loan application. The person performing such property valuation (including an appraiser) received no benefit from, and such person’s compensation or flow of business from the originator from which the related Seller Party purchased the related Mortgage Loan was not affected by, the approval or disapproval of such Mortgage Loan. All improvements which were considered in determining the appraised value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. With respect to Second Lien Mortgage Loans, the related Asset File contains a review appraisal approved by Administrative Agent in its sole discretion was conducted and executed prior to the funding of the Mortgage Loan by a qualified third party appraiser who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan.
Property Valuation. Buyer may elect to retain an independent, third-party valuation consultant to prepare a valuation report (“Valuation Report”) for each of the properties that comprise the Property. If the sum of the values of the properties that comprise the Property (“Total Valuation”) is less than the Purchase Price, then at Closing the Purchase Price will be reduced by the amount that the Purchase Price exceeds the Total Valuation; provided that Buyer will have no right to a Purchase Price reduction in excess of three percent (3%) of the original Purchase Price without Seller’s written agreement. If the Purchase Price exceeds the Total Valuation by more than 3% of the Purchase Price, and Seller does not agree to reduce the Purchase Price to the Total Valuation, then Buyer may, upon written notice to Seller at least two business days before the then-scheduled Closing Date, elect to (i) close the transaction as contemplated with a 3% reduction of the Purchase Price or (ii) terminate this Agreement. If Buyer terminates this Agreement in accordance with this Section 5(b), then this Agreement will have no further force or effect, the parties will have no further obligations to each other (except for any indemnities or other provisions that expressly survive termination of this Agreement) and Escrow Holder shall refund the Deposit to Buyer.
Property Valuation. Each Mortgage Loan with a written appraisal, as indicated on the Mortgage Loan schedule, contains a written appraisal prepared by an appraiser licensed or certified by the applicable governmental body in which the Mortgaged Property is located and in accordance with the requirements of Title XI of the Financial Institutions Reform Recovery and Enforcement Act of 1989 (“FIRREA”) and the Underwriting Guidelines. The appraisal was written in form and substance to USPAP standards and satisfies applicable legal and regulatory requirements. The appraisal was made and signed prior to the final approval of the Mortgage Loan application. The person performing any property valuation (including an appraiser) received no benefit from, and such person’s compensation or flow of business from the Seller was not affected by, the approval or disapproval of the Mortgage Loan.
Property Valuation. (1) Fair market value of property at time of transfer (determined without regard to restrictions that will lapse, including any substantial risk of forfeiture restrictions): .
Property Valuation. The lender’s valuation of the Property being less than 90% of the amount You have offered.
Property Valuation. For an Insured Loan, the Value as represented on the Final File must have been obtained as the result of an appraisal as documented on the Universal Residential Appraisal Report or its equivalent and not as the result of an alternative valuation methodology such as an automated valuation model unless the use of such alternative evaluation methodology is disclosed in the Final File.
Property Valuation. (i) Each Mortgage Loan contains a written appraisal prepared by a Qualified Appraiser and the Appraised Value of the Mortgaged Property was determined in accordance with the Underwriting Standards. Each appraisal was written, in form and substance, to (A) customary Xxxxxx Mae standards for Mortgage Loans of the same type as such Mortgage Loans, (B) FIRREA and the regulations promulgated thereunder, (C) the Interagency Appraisal and Evaluation Guidelines (75 Federal Register 77450) implemented by the federal banking agencies, as amended and (D) USPAP standards, and satisfies applicable legal and regulatory requirements. Each appraisal was made and signed prior to the final approval of the Mortgage Loan application. Each appraisal was determined and written in accordance with current industry practices and satisfies all applicable legal and regulatory requirements, including but not limited to: (A) the valuation independence standards required by truth-in-lending laws, (B) the disclosure and timing requirements for appraisals and other written valuations required by the equal credit opportunity act as the same may be amended from time to time (or any successor statute or regulation), and (C) the substantive requirements required by truth-in-lending laws for each Higher Priced Mortgage Loan. A copy of all Appraisals and other written valuation materials developed in connection with each Mortgage Loan was delivered to the Mortgagor in compliance with the timing requirements of the Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 et seq., as amended, and Regulation B, 12 C.F.R. §§ 1002.1. et seq. its implementing regulation, as amended.
Property Valuation. Buyer may elect to retain an independent, third-party valuation consultant, subject to Seller’s concurrence as to the selection of such consultant, to prepare a valuation report (“Valuation Report”) for each of the properties that comprise the Property. In the aggregate, if the values determined in such Valuation Report (“Property Valuation”) are less than the Purchase Price, Buyer shall notify Seller in writing of such findings and the parties shall then convene discussions not less than ten (10) days prior to Closing, with a view to negotiating an agreed adjustment to the amount of the Purchase Price. During such discussions, the parties may also mutually agree in writing upon certain of the properties comprising the Property that will be excluded from the sale contemplated in this Agreement (the “Excluded Properties”). Following such identification of the Excluded Properties, if any, (i) the description of the properties that comprise the Property, as identified on Exhibit A, will be deemed modified to exclude the Excluded Properties; and (ii) the Purchase Price will be reduced by the product of the number of homes that comprise the Excluded Properties and the value assigned to each home as set forth in Exhibit A (the “Assigned Home Value”). If Seller and Buyer are unable to mutually agree upon a reduction to the Purchase Price and/or identification of Excluded Properties in accordance with this Section 5(b) within two (2) business days prior to the Closing Date, then Buyer may, upon written notice to Seller on or before the then-scheduled Closing Date, elect to (i) close the transaction as contemplated or (ii) terminate this Agreement. If Buyer terminates this Agreement in accordance with this Section 5(b), then this Agreement will have no further force or effect, the parties will have no further obligations to each other (except for any indemnities or other provisions that expressly survive termination of this Agreement) and Escrow Holder shall refund the Deposit to Buyer.
