Common use of Value Adjustment Clause in Contracts

Value Adjustment. The Borrower and the Banks have agreed to a one-time market value adjustment to the Asset Value of each parcel of Real Estate as contained in SCHEDULE 3 attached hereto and by this reference incorporated herein, and the financial covenants set forth in Section 9.1, Section 9.4, Section 9.5 and Section 9.6 shall for the term of this Agreement be tested against the market value of each such parcel of Real Estate, based on such one-time market value adjustment. As so adjusted, the Asset Value of the Initial Unencumbered Operating Properties is $197,452,161.00 and the Asset Value of the Real Estate is $350,780,715.00. Within thirty (30) days of the Closing Date, the Borrower shall provide the Agent with a schedule listing the book value of each parcel of Real Estate.

Value Adjustment. The Borrower and the Banks have agreed to a one-time market value adjustment to the Asset Value of each parcel of Real Estate as contained in SCHEDULE 3 4 attached hereto and by this reference incorporated herein, and the financial covenants set forth in Section 9.1, Section 9.4, Section 9.5 and Section 9.6 shall for the term of this Agreement be tested against the market value of each such parcel of Real Estate, based on such one-time market value adjustment. As so adjusted, the Asset Value of the Initial Unencumbered Operating Properties is $197,452,161.00 and the Asset Value of the Real Estate is $350,780,715.00. Within thirty (30) days of the Closing Date, the Borrower shall provide the Agent with a schedule listing the book value of each parcel of Real Estate.