Common use of Additional Appraisals Clause in Contracts

Additional Appraisals. If the Bank reasonably determines that the value of the Mortgaged Property may have materially diminished since the date of this Agreement or there is an Event of Default, then the Bank shall have the right to obtain an updated appraisal in form and substance satisfactory to the Bank meeting the same requirements as the initial appraisal required by the Commitment. The Borrower shall be required to pay for any such appraisal obtained once during the term of the Loan, as the case may be.