Appraisal and Updates Clause Samples

Appraisal and Updates. On a date to be determined by the Lender but no sooner than January 1, 2016, Lender may, at Borrower’s cost, (a) obtain an appraisal of the Project from an appraiser selected by the Lender but reasonably acceptable to the Borrower, and (b) obtain updates of the appraisal described in clause (a) on or after each anniversary of the date of such appraisal. Each such appraisal or update pursuant to this Section 5.01(j) will be utilized solely for the purpose of reporting to Investing Members.