Common use of Additional Appraisals Clause in Contracts

Additional Appraisals. Notwithstanding anything in this Section 3.16 to the contrary, Lender may order updated Appraisals at Borrower’s sole cost and expense; provided, however, Borrower shall only be required to pay for one Appraisal per Approved Subdivision in any twelve (12) Calendar Month period unless (i) if such Appraisals are required by any laws, rules, regulations, or generally applicable appraisal policies and lending procedures of Lender at any time and from time to time; (ii) if any Material Adverse Change with respect to the Project exists or any Event of Default or Unmatured Event of Default exists; or (iii) more than 5% of the subject Approved Subdivision is subject to condemnation by any Governmental Authorities.

Additional Appraisals. Notwithstanding anything in this Section 3.16 to the contrary, Lender may order updated Appraisals at Borrower’s sole cost and expense; provided, however, Borrower shall only be required to pay for one Appraisal per Approved Subdivision in any twelve (12) Calendar Month period unless (i) if such Appraisals are required by any laws, rules, regulations, or generally applicable appraisal policies and lending procedures of of, or applicable to, Lender at any time and from time to time; (ii) if any Material Adverse Change with respect to the Project exists or any Event of Default or Unmatured Event of Default exists; or (iii) more than 5% of the subject Approved Subdivision is subject to condemnation by any Governmental Authorities.