Base Appraisal definition

Base Appraisal means, with respect to each Home financed hereunder, the lesser of (i) the value of such Home (as it will exist upon the completion of construction thereof) as determined by the Qualified Appraiser (as adjusted by Lender in its reasonable discretion at the time of receipt of said Appraisal) for the model plan type of said Home, which value shall be determined without lot premiums, options or upgrades (unless included by Lender in its sole discretion), or (ii) Borrower’s estimated sales price of such Home.
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Base Appraisal means, with respect to each Home financed by a Loan to be made hereunder, the lesser of (i) the value of such Home as determined by the Appraisal (as adjusted by Lender in its reasonable discretion) for the model plan type of said Home, which value shall be determined without lot premiums, options or upgrades (unless included by Lender in its sole discretion), or (ii) Borrower’s estimated sales price of such Home. For purposes of this Agreement, all such appraisals shall be referred to individually and collectively in the singular. Any and all FNMA appraisals shall establish the retail value of each model plan type to be financed in connection with each Qualified Project.
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Base Appraisal means the value of each Home as determined by a qualified residential appraiser, which appraisal shall be satisfactory to Lender in all respects and shall establish a base appraised value, provided, however, such value may be adjusted upwards by the appraised value of average options and upgrades anticipated per Unit, as determined by the appraiser through comparable sales.
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Examples of Base Appraisal in a sentence

  • APN: 000-000-00 EXHIBIT “A” – Page 1 Construction Loan Agreement EXHIBIT “B” Borrowing Base Certificate Format Submission Date: Category: Lot # Base Appraisal Multiplied by Advance Rate Budgeted Project Costs Multiplied by Advance Rate Maximum Allowed Advance (Lesser of Value or Cost Amount) Amount Permitted in Borrowing Base (Draw Percentage Amount Multiplied by Maximum Allowed Advance) I.


More Definitions of Base Appraisal

Base Appraisal means, with respect to each Home financed by a Loan to be made hereunder, the lesser of (i) the value of such Home as determined by the Appraisal (as adjusted by Lender in its reasonable discretion) for the model plan
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Related to Base Appraisal

  • Acceptable Appraisal means, with respect to an appraisal of Inventory, the most recent appraisal of such property received by Agent (a) from an appraisal company satisfactory to Agent, (b) the scope and methodology (including, to the extent relevant, any sampling procedure employed by such appraisal company) of which are satisfactory to Agent, and (c) the results of which are satisfactory to Agent, in each case, in Agent’s Permitted Discretion.

  • Current Appraisal With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay Foreclosure, an appraisal of the related Mortgaged Property obtained by the Purchaser at its own expense from an independent appraiser (which shall not be an affiliate of the Purchaser) acceptable to the Company as nearly contemporaneously as practicable to the time of the Purchaser's election, prepared based on the Company's customary requirements for such appraisals. Election to Delay Foreclosure: Any election by the Purchaser to delay the Commencement of Foreclosure, made in accordance with Section 2.02(b).

  • Updated Appraisal means an Appraisal of the Mortgaged Property or related REO Property, as the case may be, conducted subsequent to any Appraisal performed on or prior to the date of this Agreement by an Appraiser, selected by the applicable Servicer, in accordance with MAI standards, the costs of which shall be paid as a Property Advance by the Lead Securitization Note Holder or applicable Servicer.

  • Required Appraisal shall have the meaning provided in Section 8.11(g).

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated January 22, 2008 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraiser firm pursuant to Section 9.2(b).

  • Independent Appraiser means a nationally recognized or major regional investment banking firm or firm of independent certified public accountants of recognized standing (which may be the firm that regularly examines the financial statements of the Issuer) that is regularly engaged in the business of appraising the Capital Stock or assets of corporations or other entities as going concerns, and which is not affiliated with either the Issuer or the Holder of any Warrant.

  • Appraisal shall have the meaning assigned to such term in the Servicing Agreement.

  • Appraisal review means the act or process of developing

  • FIRREA The Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

  • Appraisal Well means a Well drilled pursuant to an Appraisal Programme.

  • Approved Appraiser means any of the following: Xxxxx Xxxxxxxx Xxxxxx, Xxxxx, H Xxxxxxxx & Co. Ltd., London, X.X. Xxxxxx Shipbrokers, Norway, or Fearnley AS, Norway.

  • Appraisal report A report setting forth the fair market value of a Mortgaged Property as determined by an appraiser who, at the time the appraisal was conducted, met the minimum qualifications of FNMA and FHLMC for appraisers of conventional residential mortgage loans.

  • Appraised Value The value set forth in an appraisal made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property.

  • Qualified Appraiser An appraiser, duly appointed by the Seller, who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof, and whose compensation was not affected by the approval or disapproval of the Mortgage Loan, and such appraiser and the appraisal made by such appraiser both satisfied the requirements of Title XI of FIRREA and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated.

  • Approved Third-Party Appraiser means each of (a) Xxxxxxxx Xxxxx Xxxxxx & Xxxxx Inc., (b) Lincoln International LLC (formerly known as Lincoln Partners LLC), (c) Duff & Xxxxxx Corporation, (d) Valuation Research Corporation, and (e) any other third party appraiser selected by the Borrower in its reasonable discretion.

  • Appraisal District means the Xxxxxx County Appraisal District.

  • MAI Appraiser With respect to any real property, a member of the American Institute of Real Estate Appraisers with a minimum of 5 years of experience appraising real property of a type similar to the real property being appraised and located in the same geographical area as the real property being appraised.

  • Independent educational evaluation means an evaluation conducted by a qualified examiner who is not employed by the public agency responsible for the education of the child in question.

  • Flood Elevation Determination means a determination by the Administrator of the water surface elevations of the base flood, that is, the flood level that has a one percent or greater chance of occurrence in any given year.

  • Participating Certified Clinical Nurse Specialist means a Certified Clinical Nurse Specialist who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Qualifying Examination means examinations on the basis of which a candidate becomes eligible for admission or its equivalent examination;

  • Independent Evaluator A person empowered, pursuant to Section 23.5 (Failure to Reach Agreement) and Section 23.10 (Dispute) of this Agreement, to resolve disputes due to failure of the Parties to agree on a Performance Standards Revision Document.