Examples of Appraisal Reduction Event in a sentence
Based on the appraised value in such appraisal, it may be necessary to calculate an “Appraisal Reduction Amount.” The amount required to be advanced in respect of a Mortgage Loan that has been subject to an Appraisal Reduction Event will be reduced so that the Master Servicer will not be required to advance interest on the Appraisal Reduction Amount (as described below).
Within 30 days after the Special Servicer receives notice or is otherwise aware of the Appraisal Reduction Event, the Special Servicer is required to obtain an updated Valuation if and for so long as there exists a Valuation of the relevant Mortgaged Property which is more than 12 months old as of the time of such notice.
This Memorandum does not become legally binding until and unless Twin Towns and CLC agree on and sign an Amalgamation Deed for the proposed Amalgamation.
The three curves of sooting limit at β=0, 0.02, and 0.05 are nearly overlapped.
If at any time there is no Appraisal Reduction Event continuing, a B Piece Lender may require the replacement of the Special Servicer in respect of the related Specially Serviced Mortgage Loan if the conditions specified in " Servicing of the Mortgage Loans - Termination of the Master Servicer or Special Servicer" are satisfied in respect of the replacement special servicer and the replacement special servicer has experience in servicing mortgages of commercial property located in the United Kingdom.