Common use of APPRAISALS OF REAL PROPERTY Clause in Contracts

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's ’s internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty along with your quarterly progress reports. (1204) daysThe Board shall ensure that all appraisals are reviewed to assess compliance with 12 C.F.R. Part 34, as well as any applicable bank policies. Appraisal reviews shall include sufficient narratives to document why the reviewer concurs or does not concur with the appraised value. Written documentation of all such reviews shall be maintained by the bank.

APPRAISALS OF REAL PROPERTY. (1) Within thirty ninety (3090) days, the Board shall engage the services of an independent, independent and professionally certified, certified or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty thirty (12030) daysdays of completion of all such appraisals.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the appraisal is specifically required by the provisions of 12 U.S.C. § 34 Subpart C - Appraisals; (ii) the loan was criticized or classified in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (iiiii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old.; (b) a written appraisal on each parcel of “Other Real Estate Owned Owned” where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety one hundred and twenty (90120) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) daysComptroller.

APPRAISALS OF REAL PROPERTY. (1) Within thirty days (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred thousand fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) daysdays of engagement, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty thirty (12030) days, thereafter. (4) The Board shall immediately take all necessary steps to ensure that Bank management corrects each violation of law, rule or regulation cited in the XXX and in any subsequent Report of Examination. The progress reports required by this Agreement shall include the date and manner in which each correction has been effected during that reporting period. (5) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to specific procedures to prevent future violations as cited in the XXX and shall adopt, implement, and ensure Bank adherence to adequate appraisal review policies and procedures essential for prudent underwriting and risk determination.

APPRAISALS OF REAL PROPERTY. (1) Within thirty sixty (3060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to ensure compliance with the appraisal and evaluation requirements, for loans and other real estate owned, in accordance with 12 C.F.R 34 and OCC Bulletin 2005-6. The requirements for appraisals and evaluations shall be detailed in the Bank’s Credit Policy. (2) Within ten (10) days, the Board shall submit a draft engagement letter to the Assistant Deputy Comptroller for determination of no supervisory objection. Within sixty (60) days following such supervisory non-objection, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand one million dollars ($250,0001,000,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (23) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (34) For transactions that do not require the services of a State certified or licensed appraiser according to 12 C.F.R. 34.43(a)(1), (a)(5) or (a)(7), the Bank shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices. (5) All such appraisals and evaluations shall be completed within ninety sixty (9060) daysdays following the engagement of the appraiser(s), and certification by the Board attesting to the completion of the appraisals and evaluations shall be forwarded to the Assistant Deputy Comptroller within one hundred forty-five (45) days following receipt of the completed appraisals.. (6) Within thirty (30) days of completion of the written program required in paragraph (1) of this Article, the Board shall ensure applicable Bank personnel receive the necessary training and twenty (120) daysinstruction on the requirements of the Appraisal program.

APPRAISALS OF REAL PROPERTY. (1) Within thirty sixty (3060) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized internally, in the ROE XXX or by the Bank's ’s internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000)is supported by an appraisal that was ordered, and reviewed or approved by the most recent independent appraisal is more than twelve (12) months oldloan officer. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty sixty (3060) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve six (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (126) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety one hundred and twenty days (90120) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty thirty (12030) days of completion. (4) Within sixty (60) days, the Board shall adopt, implement, and thereafter, ensure Bank adherence to specific procedures to prevent future violations as cited in the XXX and shall adopt, implement, and ensure ongoing Bank adherence to the requirements of 12 C.F.R. Part 34 – Real Estate Appraisal Process. Additionally, the Board should ensure adherence to adequate appraisal review policies and procedures that are essential for prudent underwriting and risk determination.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit in excess of two hundred fifty thousand dollars ($250,000) where: (i) the loan was criticized in the ROE XXX, any list provided to management by National Bank Examiners, or by the Bank's internal loan review, review and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety one hundred twenty (90120) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the OCC upon request. (3) Within 60 days, the Board shall adopt, implement, and thereafter ensure adherence to a written real estate valuation program designed to ensure that the Bank assesses and maintains current information on the adequacy of collateral securing its real estate loans. The program shall, at a minimum; (a) provide for the independence of the persons ordering, performing, and reviewing appraisals; (b) ensure that appraisals contain sufficient information to support the appraised value; (c) maintain criteria for content and appropriate use of real estate evaluations; (d) implement internal controls that promote compliance with the appraisal regulation, the Interagency Appraisal and Evaluation Guidelines, and industry appraisal standards; and (e) establish criteria for obtaining appraisals or evaluations for transactions that are not otherwise covered by regulatory requirements. (4) Upon adoption, a copy of the program shall be forwarded to the Assistant Deputy Comptroller within one hundred for review and twenty determination of no supervisory objection. (1205) daysThe Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.

APPRAISALS OF REAL PROPERTY. (1) Within thirty sixty (3060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to ensure compliance with the appraisal and evaluation requirements, for loans and other real estate owned, in accordance with 12 C.F.R 34 and OCC Bulletin 2005-6. The requirements for appraisals and evaluations shall be detailed in the Bank’s Credit Policy. (2) Within ten (10) days, the Board shall submit a draft engagement letter to the Assistant Deputy Comptroller for determination of no supervisory objection. Within sixty (60) days following such supervisory non-objection, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE RXX or by the Bank's ’s internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand one million dollars ($250,0001,000,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (23) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (34) For transactions that do not require the services of a State certified or licensed appraiser according to 12 C.F.R. 34.43(a)(1), (a)(5) or (a)(7), the Bank shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices. (5) All such appraisals and evaluations shall be completed within ninety sixty (9060) daysdays following the engagement of the appraiser(s), and certification by the Board attesting to the completion of the appraisals and evaluations shall be forwarded to the Assistant Deputy Comptroller within one hundred forty-five (45) days following receipt of the completed appraisals. (6) Within thirty (30) days of completion of the written program required in paragraph (1) of this Article, the Board shall ensure applicable Bank personnel receive the necessary training and twenty (120) daysinstruction on the requirements of the Appraisal program.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty along with your quarterly progress reports. (1204) daysThe Board shall ensure that all appraisals are reviewed to assess compliance with 12 C.F.R. Part 34, as well as any applicable bank policies. Appraisal reviews shall include sufficient narratives to document why the reviewer concurs or does not concur with the appraised value. Written documentation of all such reviews shall be maintained by the bank.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board Bank shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal or external loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two five hundred fifty thousand dollars ($250,000500,000), has been past due more than thirty (30) days any time within the last six months and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board Bank shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty thirty (12030) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the scope of the appraisal did not provide an “as-is” value on all construction, conversion and rehabilitation loans that are more than six (6) months delayed; or (ii) the loan was criticized in the ROE XXX dated March 31, 2008, or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve nine (129) months old; or (iiiii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve nine (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (129) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty ninety (12090) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty sixty (3060) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. § 160.172 and 12 C.F.R. Part 34164, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's Association’s internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank Association into conformity with the provisions of 12 C.F.R. § 160.172 and 12 C.F.R. Part 34. (2) 164. The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. § 160.172 and 12 C.F.R. Part 34164. The details surrounding any and all other instructions given to the appraiser(s) by the BankAssociation, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (32) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty five (120105) days. (3) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Association adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with OTS Examination Handbook Section 251 (Real Estate Owned and Repossessed Assets), the Interagency Guidance on Accounting for Dispositions of Other Real Estate Owned (July 16, 1993), and 12 C.F.R. Part 160. The policy shall include, but not be limited to, procedures to require timely appraisals pursuant to 12 C.F.R. § 160.172 and 12 C.F.R. Part 164. (4) The Board shall ensure that the Association has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the loan was criticized in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty seventy-five (12075) days.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the appraisal is specifically required by the provisions of 12 U.S.C. ss. 34 Subpart C - Appraisals; (ii) the loan was criticized or classified in the ROE XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or (iiiii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old.; (b) a written appraisal on each parcel of "Other Real Estate Owned Owned" where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety one hundred and twenty (90120) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) daysComptroller.

APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide: (a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where: (i) the scope of the appraisal did not provide an “as-is” value on all construction, conversion and rehabilitation loans that are more than six (6) months delayed; or (ii) the loan was criticized in the ROE XXX dated March 31, 2008, or by the Bank's ’s internal loan review, and the most recent independent appraisal is more than twelve nine (129) months old; or (iiiii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve nine (12) months old; or (iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (129) months old. (b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34. (2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals. (3) All such appraisals shall be completed within ninety sixty (9060) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty ninety (12090) days.