BOV Value definition
BOV Value means, with respect to any Eligible Cherrywood Mortgage Loan or any Eligible CRE Bridge Mortgage Loan, the value of the related Mortgaged Property as set forth in the BOV obtained by or on behalf of such Seller; provided, however, that if such determined value is not acceptable to Buyer, then Buyer may require such Seller to obtain (at such Seller’s cost) an additional BOV from another BOV provider selected by Buyer in its sole discretion, and Buyer may adjust such BOV Value as Buyer reasonably deems appropriate. The BOV Value for any Purchased Asset that is a Cherrywood Mortgage Loan or a CRE Bridge Mortgage Loan shall be deemed to be zero following notice from Buyer to the applicable Seller or knowledge by the applicable Seller that the Asset Value thereof has been reduced to zero in accordance with the definition thereof.
Examples of BOV Value in a sentence
All improvements which were considered in determining the BOV Value of the related Mortgaged Property at the time of the origination of such Mortgage Loan (or when such Mortgaged Property was added to the collateral therefor) lie wholly within the boundaries and building restriction lines of such Mortgaged Property, and no improvements on adjoining properties encroach upon such Mortgaged Property, except in each case for encroachments that are insured against by the applicable title insurance policy.