Common use of Property Valuation Clause in Contracts

Property Valuation. Buyer may elect to retain an independent, third-party valuation consultant to prepare a valuation report (“Valuation Report”) for each of the Premises that comprise the Property. If the value of a Premises (“Total Valuation”) is less than the Purchase Price allocated to such Premises, then at the Closing thereof the Purchase Price for such Premises will be reduced by the amount that the Purchase Price exceeds the Total Valuation thereof; provided that Buyer will have no right to a Purchase Price reduction of such Premises in excess of ten percent (10%) of the original Purchase Price thereof without Seller’s written agreement. If the Purchase Price for a Premises exceeds the Total Valuation thereof by more than ten percent (10%), and if Seller does not agree to reduce the Purchase Price to the Total Valuation, then Buyer may, upon written notice to Seller at least two business days before the then-scheduled Closing Date of such Premises, elect to (i) close on the purchase of such Premises with a ten percent (10%) reduction of the Purchase Price thereof or (ii) terminate this Agreement with respect to such Premises. If Buyer terminates this Agreement with respect to any Premises in accordance with this Section 5(b), then this Agreement will have no further force or effect with respect to such Premises, the parties will have no further obligations to each other related thereto (except for any indemnities or other provisions that expressly survive termination of this Agreement) and Escrow Holder shall refund the Deposit allocated to such Premises to Buyer.

Property Valuation. Buyer may elect to retain an independent, third-party valuation consultant consultant, subject to Seller’s concurrence as to the selection of such consultant, to prepare a valuation report (“Valuation Report”) for each of the Premises properties that comprise the Property. If In the value of a Premises aggregate, if the values determined in such Valuation Report (“Total Property Valuation”) is are less than the Purchase Price allocated Price, Buyer shall notify Seller in writing of such findings and the parties shall then convene discussions not less than ten (10) days prior to Closing, with a view to negotiating an agreed adjustment to the amount of the Purchase Price. During such Premisesdiscussions, then at the Closing thereof parties may also mutually agree in writing upon certain of the properties comprising the Property that will be excluded from the sale contemplated in this Agreement (the “Excluded Properties”). Following such identification of the Excluded Properties, if any, (i) the description of the properties that comprise the Property, as identified on Exhibit A, will be deemed modified to exclude the Excluded Properties; and (ii) the Purchase Price for such Premises will be reduced by the amount product of the number of homes that comprise the Excluded Properties and the value assigned to each home as set forth in Exhibit A (the “Assigned Home Value”). If Seller and Buyer are unable to mutually agree upon a reduction to the Purchase Price exceeds the Total Valuation thereof; provided that Buyer will have no right to a Purchase Price reduction and/or identification of such Premises Excluded Properties in excess of ten percent accordance with this Section 5(b) within two (10%2) of the original Purchase Price thereof without Seller’s written agreement. If the Purchase Price for a Premises exceeds the Total Valuation thereof by more than ten percent (10%), and if Seller does not agree to reduce the Purchase Price business days prior to the Total ValuationClosing Date, then Buyer may, upon written notice to Seller at least two business days on or before the then-scheduled Closing Date of such PremisesDate, elect to (i) close on the purchase of such Premises with a ten percent (10%) reduction of the Purchase Price thereof transaction as contemplated or (ii) terminate this Agreement with respect to such PremisesAgreement. If Buyer terminates this Agreement with respect to any Premises in accordance with this Section 5(b), then this Agreement will have no further force or effect with respect to such Premiseseffect, the parties will have no further obligations to each other related thereto (except for any indemnities or other provisions that expressly survive termination of this Agreement) and Escrow Holder shall refund the Deposit allocated to such Premises to Buyer.