Examples of Control Appraisal Period in a sentence
The Note B-1 Holder (unless a Control Appraisal Period has occurred and is continuing) shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Loan Documents.
The Note B-1 Holder (unless a Control Appraisal Period has occurred and is continuing) shall have the right, but not the obligation, to cure such Monetary Default after receiving the first Monetary Default Notice and until the period ending (3) Business Days after receiving the second Monetary Default Notice (the “Cure Period”) and at no other times.
So long as the conditions and requirements of this paragraph are satisfied by the Note B Holder (a “Threshold Event Cure”), no Control Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to be in effect with respect to the Note B Holder.
If the Appraised Value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event Collateral then held by the Lead Master Servicer, any or such portion of Threshold Event Collateral held by the Lead Master Servicer shall promptly be returned to the Note B Holder (at its sole direction and expense).
Regardless of whether a Control Appraisal Period is in effect with respect to Note B, each of the Lead Master Servicer and the Lead Special Servicer shall provide to the Note B Holder (provided that it is not a Borrower Party) copies of all notices, reports and information that the Servicing Agreement would require such Lead Master Servicer or Lead Special Servicer, as the case may be, to provide to the Controlling Noteholder during such time as no Control Appraisal Period is in effect.