Common use of Appraisals; Evaluations; Adjusted Value Clause in Contracts

Appraisals; Evaluations; Adjusted Value. (a) Agent on behalf of Lenders shall require evaluations of the High Value Timberland performed by MAI appraisers, selected and engaged by Agent, which will be ordered by Agent and reviewed and approved by Agent from time to time, each of said evaluations to cover a minimum of seventy-five percent (75%), by acreage, of the High Value Timberland (as selected by Agent) in order to determine the current High Value Timberland Amount. Such evaluations shall set forth the specific Appraised Value of the High Value Timberland. On an annual basis, Borrower shall cause the value of such properties to be re-evaluated. Borrower agrees to pay to Agent on demand all reasonable out-of-pocket costs of all such evaluations and re-evaluations. Notwithstanding anything to the contrary contained in this paragraph, however, so long as no Event of Default shall have occurred and be continuing and regulatory requirements of any Lender generally applicable to real estate loans of the category made under this Agreement as reasonably interpreted by such Lender shall not require such evaluations more frequently than annually, Borrower shall not be required to pay for such evaluations more often than once in any period of twelve (12) consecutive months.