Appraisal for Sales to Affiliates and Community Builders Sample Clauses

Appraisal for Sales to Affiliates and Community Builders. 17.5.1 If Developer wishes to sell a Lot or series of Lots pursuant to Section 17.3 or 17.4, it shall first initiate a “Lot Appraisal” for the Lot to be performed by a licensed land appraiser selected by Developer and Approved by the Agency Director (the “Land Appraiser”). Developer shall instruct the Land Appraiser to determine the Fair Market Value of the Lot or Lots under an appraisal instruction letter and an appraisal certification form Approved by the Agency Director in accordance with this Section 17.5. Developer’s notice to the Agency Director requesting Approval shall include the actual text of such letter and form, and a statement of any deviation from similar previously Approved letters and forms. The Agency Director shall respond to any notice requesting Approval not less than fifteen (15) days after receipt of Developer’s request; provided that if there are no deviations from the most recent Approved letter or certification form then the Agency Director shall respond not less than five (5) days after receipt of Developer’s request. The Agency Director’s failure to respond within the time periods set forth above shall be deemed an Approval of the request. The Agency Director’s review and Approval of such letter or form shall be limited to determining the accuracy of the facts contained in such letter or form and the conformance of such letter or form with the requirements of this Section 17.5. 17.5.2 Upon such Approval, Developer shall engage the Land Appraiser, using the Approved letter and form, to prepare an appraisal of the Fair Market Value of the subject Lots (on an individual basis and not as a bulk sale) and to deliver each Lot Appraisal to the Agency and Developer within thirty (30) days. The Fair Market Value shall be based on the highest permitted use of the applicable Lots under the Redevelopment Requirements or on such other use anticipated to be contained in the Assignment and Assumption Agreement and Approved by Developer and the Agency Director. The Land Appraiser shall be instructed to determine the cash purchase price (the “Fair Market Value”) that a willing buyer would pay to a willing seller for the subject Lot at the time of sale, neither being under a compulsion to buy or sell and both being fully aware of the relevant facts, including: (a) the Infrastructure serving the Lot upon Completion thereof; (b) the attributes (including views, if any) and the location of the Lot; (c) the status of the Project as, and the Lot as wi...
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