Updated Appraisal. Agent shall have the right to order new Appraisals of the Property from time to time. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such Appraisals and a fee for Agent’s review of each Appraisal; provided, however, that Borrower’s obligation to pay such cost and expense shall be limited to one Appraisal of the Property every two (2) years, unless the Appraisal is ordered after the occurrence of an Event of Default, is required by any Legal Requirement or is required hereunder in connection with the election of Borrower to extend the term of the Loan for the Extension Period.
Updated Appraisal. Upon reasonable request of Lender, Borrower, at its cost and expense, further agrees to furnish Lender with an updated appraisal of the Mortgaged Property and a certificate from Title setting forth all owners of and encumbrances on the Mortgaged Property, provided that Borrower will not be required to provide such appraisal and such certificate more than once in any twelve (12) month period. Any updated appraisal must be prepared by an appraiser approved by Lender and the appraisal must be prepared in a manner reasonably acceptable to Lender and in accordance with all applicable laws.
Updated Appraisal. Borrower shall comply with its covenants set forth in the Section of the Building Loan Agreement that corresponds to this Section.
Updated Appraisal. In the event of the occurrence of a Default or Event of Default or if at any time an appraisal of the Collateral prepared in compliance with FIRREA is determined to be necessary by Agent Bank or Requisite Lenders, Borrowers agree to pay all reasonable fees, costs and expenses incurred by Agent Bank in connection with the engagement and preparation of such appraisal. Borrowers shall not be obligated to pay for more than one of such appraisals.
Updated Appraisal. That upon the occurrence of a default or at anytime during which a default continues, as and when requested by Mortgagee, Mortgagor shall, at its sole cost and expense, deliver to Mortgagee, a current appraisal of the Mortgaged Premises, in form and substance satisfactory to Mortgagee in its reasonable discretion, prepared by an appraiser satisfactory to Mortgagee in its reasonable discretion. Such appraisal shall be for the benefit of Mortgagee and shall be the exclusive property of Mortgagee.
Updated Appraisal. Agent shall have the right to order new appraisals of the Property from time to time, and Borrower agrees to promptly cooperate with Agent in obtaining such appraisals. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such appraisals and a fee for Agent’s review of each appraisal (such fee not to exceed $1,500 per appraisal); provided, however, that Borrower’s obligation to pay such costs and expenses shall only be applicable if such appraisal (a) is ordered in connection with a Secondary Market Transaction or during the continuance of an Event of Default or (b) is required by any Legal Requirement (including, without limitation, any bank or lender policy promulgated to comply therewith).
Updated Appraisal. Upon the written request of Lender, Borrower shall promptly reimburse Lender for the cost of an updated FIRREA appraisal of the Property as Lender may require, in form and substance and conducted by an appraiser satisfactory to Lender and its internal appraisal staff in all respects; provided, however, that Borrower shall not be required to reimburse Lender for an updated FIRREA appraisal of the Property except in connection with the election of Borrower to extend the term of the Loan in accordance with Section 2.1.13 or if such updated FIRREA appraisal is obtained by Lender in connection with an Event of Default; and provided, further, that Borrower’s obligation to pay for an appraisal hereunder shall not be duplicative of any obligation of Borrower to pay for an appraisal as provided in Section 4.1.12 of the Senior Loan Agreement, Section 4.1.12 of the Building Loan Agreement or as provided in the Mezzanine Loan Documents.
Updated Appraisal. The value of any Facility, as determined by the Agent based on its review of an updated appraisal provided pursuant to Section 7.27, is less than that required pursuant to the terms hereof; provided, however, that the Borrowers shall have three (3) days to cure such Default after notice thereof by the Agent.
Updated Appraisal. The Conservancy’s obligations under this Agreement are contingent upon receipt by the Conservancy of an updated appraisal, no later than ____days prior to closing, that values the Conservation Easement at no less than the Purchase Price and that addresses current market conditions to the satisfaction of the Conservancy. Should the updated appraisal commissioned by the Conservancy establish a fair market value (“Appraised Value”) below the Purchase Price, the Conservancy will disclose that value to the Seller in writing (“Notice of Value”). The Seller will have ten business days from receipt of the Notice of Value to notify the Conservancy in writing whether the Seller wishes to (a) amend this Agreement to change the purchase price to be equal to the Appraised Value as established by the updated appraisal or (b) terminate this Agreement, in which event the Xxxxxxx Money shall be promptly refunded to the Conservancy. If the Seller elects to amend this Agreement, the Seller and the Conservancy agree that other than price, all other terms of the amended Agreement will remain substantially the same, and Seller shall execute such amendment within 10 days of receipt of the amendment from the Conservancy. If the Seller receives a Notice of Value and does not elect to amend or terminate as required in this provision, the Agreement shall automatically terminate without further recourse to the parties and the Xxxxxxx Money shall be promptly refunded to the Conservancy. [optional: If the updated appraisal is not received as required in this provision or if the updated appraisal is not satisfactory to the Conservancy, the Conservancy may also elect, with written notice to the Seller, to terminate the Agreement without further recourse to the parties, in which event the Xxxxxxx Money shall be [retained by the Seller OR promptly refunded to the Conservancy].
Updated Appraisal. The disbursement requested shall not cause the outstanding principal balance of the Loan to exceed the maximum loan-to-value ratio or loan to cost ratio stated in Section 2.2 above. If requested by Lender, Lender shall have received an updated appraisal. If an Event of Default exists, if Lender has reasonable cause to believe that the value of the Real Property has been impaired for any reason whatsoever, if an appraisal is required in order to comply with regulatory requirements, if the appraisal is ordered in connection with an extension of the Maturity Date or a casualty loss to the Improvements, then the cost of such appraisal shall be at Borrower's expense; provided that Borrower shall not be responsible for the cost of more than one appraisal annually. Otherwise, such appraisal shall be conducted at the Lender's expense.
