Common use of APPRAISALS OF REAL PROPERTY Clause in Contracts

APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property: (a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where the loan was criticized in the most recent 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 (c) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old. (2) Appraisals required by this Article shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering. (3) Within ninety (90) days, the Board shall require and the Bank shall develop and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are: (a) performed in accordance with 12 C.F.R. Part 34; (b) consistent with the guidance in OCC Bulletin 2005-6, "Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005); and (c) consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003). (4) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.

APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property: (a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where the loan was criticized in the most recent XXX or by the Bank's ’s internal or external loan review and the most recent independent appraisal is more than twelve (12) months old; or (c) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old. (2) Appraisals required by this Article shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering. (3) Within ninety (90) days, the Board shall require and the Bank shall develop and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are: (a) performed in accordance with 12 C.F.R. Part 34; (b) consistent with the guidance in OCC Bulletin 2005-6, "“Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" ” (March 22, 2005); and (c) consistent with OCC Advisory Letter 2003-9, "“Independent Appraisal and Evaluation Function" ” (October 28, 2003). (4) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.

APPRAISALS OF REAL PROPERTY. (1) The Board shall immediately require and the Bank shall obtain a current independent appraisal appraisals or updated appraisalconduct independent evaluations, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property: (a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where the loan was criticized in the most recent 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 (cb) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s Bank's analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal or evaluation is more than twelve (12) months old. (2) Appraisals and evaluations required by this Article shall be ordered or completed within sixty (60) days of the date of the Agreement, and going forward, within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering. (3) Within ninety thirty (9030) days, the Board shall require and the Bank shall develop and implement an independent review and analysis process to ensure that appraisals and evaluations conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals or evaluations are: (a) performed in accordance with 12 C.F.R. Part 34;; and (b) consistent with the guidance in OCC Bulletin 20052010-6, "Appraisal Regulations and the 42: Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005)Guidelines; and (c) consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003)adjusted as needed to reflect current market value when the appraiser or evaluator fails to support the final valuation or uses an erroneous methodology to arrive at the valuation. (4) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisalappraisal or evaluation. (5) The Board shall ensure that the Bank has processes, well trained and qualified personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.

APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property: (a) where Where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where Where the loan was criticized in the most recent XXX Report of Examination or by the Bank's internal or external loan review and the most recent independent appraisal is more than twelve (12) months old; or (c) where Where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old. (2) Appraisals required by this Article The Board shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to require and the Bank within sixty shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on each parcel of Other Real Estate Owned (60“OREO”) days where it is needed to bring an existing OREO appraisal into conformity with the provisions of ordering12 C.F.R. Part 34. The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal before any new parcel is transferred to OREO. (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 ten (10) days. (4) Within ninety (90) days, the Board shall require and the Bank shall develop develop, adopt, and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are: (a) performed Performed in accordance with 12 C.F.R. Part 34; (b) consistent Consistent with the guidance in OCC Bulletin 2005-6, "Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005); and (c) consistent Consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003). (45) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.

APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan exceeding two hundred fifty thousand dollars ($250,000) that is secured by real property: (a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where the loan was criticized in the most recent XXX XXX, in any subsequent XXX, or by the Bank's internal or external loan review review, and the most recent independent appraisal is more than twelve (12) months old; or (cb) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s 's analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement agreement, and the most recent independent appraisal is more than twelve (12) months old. (2) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on each parcel of Other Real Estate Owned ("OREO") where it is needed to bring an existing OREO appraisal into conformity with the provisions of 12 C.F.R. Part 34. The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal when any new parcel is transferred to OREO. (3) Appraisals required by this Article shall be ordered within thirty (30) days of the date of this Agreement, and going forward, within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering. (34) Within ninety thirty (9030) days, the Board shall require and the Bank shall develop and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are: (a) performed in accordance with 12 C.F.R. Part 34; (b) consistent with the guidance in OCC Bulletin 2005-6, "Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005); and (c) consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003). (45) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.

APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property: (a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or (b) where the loan was criticized in the most recent 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 (c) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old. (2) Appraisals required by this Article The Board shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to require and the Bank within sixty shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on each parcel of Other Real Estate Owned (60“OREO”) days where it is needed to bring an existing OREO appraisal into conformity with the provisions of ordering12 C.F.R. Part 34. The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal before any new parcel is transferred to OREO. (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 ten (10) days. (4) Within ninety (90) days, the Board shall require and the Bank shall develop develop, adopt, and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are: (a) performed in accordance with 12 C.F.R. Part 34; (b) consistent with the guidance in OCC Bulletin 2005-6, "Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005); and (c) consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003). (45) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.