Updated Appraisal. Agent shall have the right to order new Appraisals of the Property from time to time. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such Appraisals and a fee for Agent’s review of each Appraisal; provided, however, that Borrower’s obligation to pay such cost and expense shall be limited to one Appraisal of the Property every two (2) years, unless the Appraisal is ordered after the occurrence of an Event of Default, is required by any Legal Requirement or is required hereunder in connection with the election of Borrower to extend the term of the Loan for the Extension Period.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Building Associates L.L.C.), Loan Agreement (Empire State Realty Trust, Inc.)
