Common use of Additional Appraisals Clause in Contracts

Additional Appraisals. Notwithstanding anything in this SECTION 3.6 to the contrary, the Lender may order updated Appraisals at the sole cost and expense of Borrower (i) if such Appraisals are required by any laws, rules, regulations, or generally applicable lending procedures; (ii) if the Lender determines in its reasonable discretion that there has occurred or is occurring a general deterioration in market conditions affecting any Approved Subdivision; (iii) upon the failure of Borrower to meet any absorption assumptions in an existing Appraisal; or (iv) with respect to Eligible Collateral, annually after receipt of the original Appraisal, in the sole and absolute discretion of the Lender. Any required adjustments to the Unit Collateral Value or the Eligible Lot Collateral Value as a result of such updated Appraisals will be made effective upon 30 days written notice from the Lender to Borrower setting forth the adjusted Unit Appraised Values or Eligible Lot Appraised Values based on the Lender's review of such reappraisals or valuations.