Common use of Appraisals and Appraisal Reduction Amounts Clause in Contracts

Appraisals and Appraisal Reduction Amounts. (i) Promptly upon knowledge of the occurrence of an Appraisal Reduction Event (or a longer period so long as the Lead Special Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith proceeding to obtain such), if an Appraisal has not been obtained within the immediately preceding nine (9) months (or if the Lead Special Servicer has determined in accordance with the Servicing Standard such Appraisal to be materially inaccurate), the Lead Special Servicer shall use reasonable efforts to obtain an Appraisal, the costs of which shall be paid by the Lead Special Servicer as a Property Advance (or as an expense of the Lead Trust and paid by the Lead Special Servicer out of the collection account for the Lead Trust if such Property Advance would be a Nonrecoverable Advance). The Lead Master Servicer shall provide (via electronic delivery) the Lead Special Servicer with information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount using reasonable efforts to deliver such information within four (4) Business Days of the Lead Special Servicer’s reasonable written request. None of the Lead Master Servicer, the Lead Trustee or the Lead Certificate Administrator shall calculate or verify Appraisal Reduction Amounts. On the first Master Servicer Remittance Date (or, after the Lead Securitization Date, the “determination date” under the Lead Securitization Servicing Agreement) that is at least five (5) Business Days following the receipt of such Appraisal, the Lead Special Servicer shall calculate or adjust, as applicable, the Appraisal Reduction Amount to take into account such Appraisal and such information, if any, reasonably requested by the Lead Special Servicer from the Lead Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount. With respect to the Mortgage Loan, if an Appraisal Reduction Event has occurred (unless the Mortgage Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan) and has remained current for three consecutive Monthly Payments, and with respect to which no other Appraisal Reduction Event has occurred during the preceding three months), the Lead Special Servicer shall, within 30 days of each anniversary of such Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost of which will be covered by, and reimbursable as, a Property Advance by the Lead Master Servicer or as an expense of the Trust Fund and paid by the Lead Master Servicer out of the collection account for the Lead Trust if such Property Advance would be a Nonrecoverable Advance), provided, however, no new or updated Appraisal will be required if the Serviced Loan or REO Property is under contract to be sold within 90 days of such Appraisal Reduction Event or anniversary thereof and the Lead Special Servicer reasonably believes such sale is likely to close. Based upon such Appraisal or letter updates thereto, the Lead Special Servicer shall determine and report to the Lead Master Servicer and the Lead Certificate Administrator the Appraisal Reduction Amount, if any, with respect to the Mortgage Loan, and each of those parties shall be entitled to rely conclusively on such determination by the Lead Special Servicer. The Lead Special Servicer shall deliver a copy of any such Appraisal or internal valuation to the Lead Master Servicer and the Lead Certificate Administrator, which shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the next Master Servicer Remittance Date (or, after the Lead Securitization Date, the next “distribution date” thereunder) to take into account any subsequent Appraisal and annual letter update, as of the date of each such subsequent Appraisal or letter update.

Appraisals and Appraisal Reduction Amounts. (i) Promptly upon knowledge of the occurrence of an Appraisal Reduction Event (or a longer period so long as the Lead Special Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith proceeding to obtain such), if an Appraisal has not been obtained within the immediately preceding nine (9) months (or if the Lead Special Servicer has determined in accordance with the Servicing Standard such Appraisal to be materially inaccurate), the Lead Special Servicer shall use reasonable efforts to obtain an Appraisal, the costs of which shall be paid by the Lead Special Servicer as a Property Advance (or as an expense of the Lead Trust and paid by the Lead Special Servicer out of the collection account for the Lead Trust if such Property Advance would be a Nonrecoverable Advance). The Lead Master Servicer shall provide (via electronic delivery) the Lead Special Servicer with information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount using reasonable efforts to deliver such information within four (4) Business Days of the Lead Special Servicer’s reasonable written request. None of the Lead Master Servicer, the Lead Trustee or the Lead Certificate Administrator shall calculate or verify Appraisal Reduction Amounts. On the first Master Servicer Remittance Date (or, after the Lead Securitization Date, the “determination date” under the Lead Securitization Servicing Agreement) that is at least five (5) Business Days following the receipt of such Appraisal, the Lead Special Servicer shall calculate or adjust, as applicable, the Appraisal Reduction Amount to take into account such Appraisal and such information, if any, reasonably requested by the Lead Special Servicer from the Lead Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount. With respect to the Mortgage Loan, if an Appraisal Reduction Event has occurred (unless the Mortgage Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan) and has remained current for three consecutive Monthly Payments, and with respect to which no other Appraisal Reduction Event has occurred during the preceding three months), the Lead Special Servicer shall, within 30 days of each anniversary of such Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost of which will be covered by, and reimbursable as, a Property Advance by the Lead Master Servicer or as an expense of the Trust Fund and paid by the Lead Master Servicer out of the collection account for the Lead Trust if such Property Advance would be a Nonrecoverable Advance), provided, however, no new or updated Appraisal will be required if the Serviced Loan or REO Property is under contract to be sold within 90 days of such Appraisal Reduction Event or anniversary thereof and the Lead Special Servicer reasonably believes such sale is likely to close. Based upon such Appraisal or letter updates thereto, the Lead Special Servicer shall determine and report to the Lead Master Servicer and the Lead Certificate Administrator the Appraisal Reduction Amount, if any, with respect to the Mortgage Loan, and each of those parties shall be entitled to rely conclusively on such determination by the Lead Special Servicer. The Lead Special Servicer shall deliver a copy of any such Appraisal or internal valuation to the Lead Master Servicer and the Lead Certificate Administrator, which shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the next Master Servicer Remittance Date (or, after the Lead Securitization Date, the next “distribution date” thereunder) to take into account any subsequent Appraisal and annual letter update, as of the date of each such subsequent Appraisal or letter update.electronic