Common use of Appraisals; Realization Upon Defaulted Mortgage Loans Clause in Contracts

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, or any other term of a Mortgage Loan, (B) extension of the Maturity Date of a Mortgage Loan as described below in Section 3.30(c), or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan, (ii) the occurrence of any Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtained, the Servicer (after consultation with the Special Servicer) shall obtain an Updated Appraisal; provided, however, that the Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal which is less than twelve months old. The Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan. For so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain a new Updated Appraisal with respect to an Updated Appraisal which is more than three years old. The Servicer shall send all such letter updates and Updated Appraisals to the Rating Agencies.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, or any other term of a Mortgage Loan, (B) extension of the Maturity Date of a Mortgage Loan as described below in Section 3.30(c), or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan, (ii) the occurrence of any Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtained, the Servicer (after consultation with the Special Servicer) shall obtain an Updated Appraisal; provided, however, that the Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal which is less than twelve months old. The Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan. For so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain a new Updated Appraisal with respect to an Updated Appraisal which is more than three two years old. The Servicer shall send all such letter updates and Updated Appraisals to the Rating Agencies.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously Other than with respect to the Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.30(c)3.30 or 3.32, as applicable, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of any an Appraisal Reduction Event, (iii) a default in the payment of a Balloon PaymentPayment for which an extension is not granted pursuant to Section 3.26(g), or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtainedValuation, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated AppraisalValuation or Small Loan Appraisal Estimate (or a letter update for an existing appraisal which is less than two years old), the cost of which shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal Appraisal or Small Loan Appraisal Estimate which is less than twelve months oldold unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Appraisal or Small Loan Appraisal Estimate. The For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to each Updated Appraisal Valuation annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. For The Special Servicer will be required to update, on an annual basis, each Small Loan Appraisal Estimate or Updated Appraisal for so long as any the related Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain or Serviced Whole Loan remains a new Updated Appraisal with respect to an Updated Appraisal which is more than three years oldSpecially Serviced Loan. The Special Servicer shall send all such letter updates and Updated Appraisals Valuations to the Master Servicer, the Rating Agencies, the Controlling Class Representative and the Directing Certificateholder. The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer's judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer's judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Sections 3.09(a) and 3.09(b), the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Certificateholder) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided, that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole) on a present value basis (discounting at the related Mortgage Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.30 or 3.32 hereof, as applicable. The Master Servicer shall or, on an emergency basis, in accordance with Section 3.24(b), the Special Servicer may, pay the costs and expenses in any such proceedings as a Property Advance unless the Master Servicer or the Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable Advance; provided, however, if the Special Servicer determines that such payment would be in best interests of the Certificateholders (and, in the case of Serviced Whole Loans, Companion Loan Noteholders (as a collective whole)), the Special Servicer shall direct the Master Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account). The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer that a Property Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted by Section 3.06.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of a Mortgage Interest Rate, principal balance or amortization terms of any Mortgage Loan, or any other term of a Mortgage Loan, (B) extension of the Maturity Date of a Mortgage Loan as described below in Section 3.30(c3.29(c), or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan, (ii) the occurrence of any Appraisal Reduction Collateral Value Adjustment Event, (iii) a default in the payment of a Balloon Payment, or (iv) the date on which the Special Servicer, consistent with the Special Servicing Standard, requests Standard determines that an Updated Appraisal should be obtained, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated Appraisal; providedPROVIDED, howeverHOWEVER, that the Special Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through (iviii) above with respect to any Mortgaged Property for which there exists an appraisal which is less than twelve months old; PROVIDED, FURTHER, that if either the Special Servicer or an Affiliate thereof owns more than 51% of the Most Subordinate Class of Certificates then outstanding, then the Trustee shall obtain such Updated Appraisal. Upon the occurrence of any event giving rise to a subsequent Collateral Value Adjustment (including the Delinquency referred to in the definition of Collateral Value Adjustment Event) more than twelve months after an appraisal was obtained with respect to a previous Collateral Value Adjustment, the Special Servicer will order a new Updated Appraisal as described above, within 30 days of the occurrence of any such event giving rise to a subsequent Collateral Value Adjustment and will adjust the amount of the Collateral Value Adjustment in accordance therewith. The Special Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan. For ; for so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Special Servicer shall obtain a new Updated Appraisal with respect to an Updated Appraisal which is more than three years old. The Servicer shall send all such letter updates and Updated Appraisals to the Rating Agencies.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, or any other term of a Mortgage Loan, (B) extension of the Maturity Date of a Mortgage Loan as described below in Section 3.30(c)3.30, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan, (ii) the occurrence of any Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtained, the Servicer (after consultation with the Special Servicer) shall obtain an Updated Appraisal; provided, however, that the Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal which is less than twelve months old. The Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan. For so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain a new Updated Appraisal with respect to an Updated Appraisal which is more than three two years old. The Servicer shall send all such letter updates and Updated Appraisals to the Rating Agencies.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.30(c)3.30, 3.31, 3.32 or 3.34, as applicable, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of any an Appraisal Reduction Event, (iii) a default in the payment of a Balloon PaymentPayment for which an extension is not granted pursuant to Section 3.26(g), or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtainedValuation, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated AppraisalValuation or Small Loan Appraisal Estimate (or a letter update for an existing appraisal which is less than two years old) for any Mortgaged Property (other than the Mortgaged Property related to the ShopKo Portfolio Mortgage Loan), the cost of which shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal Appraisal or Small Loan Appraisal Estimate which is less than twelve months oldold unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Appraisal or Small Loan Appraisal Estimate. The For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to each Updated Appraisal Valuation annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. For The Special Servicer will be required to update, on an annual basis, each Small Loan Appraisal Estimate or Updated Appraisal for so long as any the related Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain or Serviced Whole Loan remains a new Updated Appraisal with respect to an Updated Appraisal which is more than three years oldSpecially Serviced Loan. The Special Servicer shall send all such letter updates and Updated Appraisals Valuations to the Master Servicer, the Rating Agencies, the Controlling Class Representative, any related Serviced Companion Loan Noteholders and the Directing Certificateholder. The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer's judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer's judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Sections 3.09(a) and 3.09(b), the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Certificateholder) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided, that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole) on a present value basis (discounting at the related Mortgage Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.30, 3.31, 3.32 or 3.34 hereof, as applicable. The Master Servicer or the Special Servicer may, pay the costs and expenses in any such proceedings as a Property Advance unless the Master Servicer or Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable Advance. The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer that a Property Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted by Section 3.06.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.30(c)3.30, 3.31, 3.32 or 3.34, as applicable, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of any an Appraisal Reduction Event, (iii) a default in the payment of a Balloon PaymentPayment for which an extension is not granted pursuant to Section 3.26(g), or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtainedValuation, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated AppraisalValuation or Small Loan Appraisal Estimate (or a letter update for an existing appraisal which is less than two years old), the cost of which shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal Appraisal or Small Loan Appraisal Estimate which is less than twelve months oldold unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Appraisal or Small Loan Appraisal Estimate. The For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to each Updated Appraisal Valuation annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. For The Special Servicer will be required to update, on an annual basis, each Small Loan Appraisal Estimate or Updated Appraisal for so long as any the related Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain or Serviced Whole Loan remains a new Updated Appraisal with respect to an Updated Appraisal which is more than three years oldSpecially Serviced Loan. The Special Servicer shall send all such letter updates and Updated Appraisals Valuations to the applicable Master Servicer, the Rating Agencies, the Controlling Class Representative and the Directing Certificateholder. The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer's judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer's judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Sections 3.09(a) and 3.09(b), the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Certificateholder) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided, that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole) on a present value basis (discounting at the related Mortgage Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.30, 3.31, 3.32 or 3.34 hereof, as applicable. The applicable Master Servicer shall or, on an emergency basis, in accordance with Section 3.24(b), the Special Servicer may, pay the costs and expenses in any such proceedings as a Property Advance unless such Master Servicer or Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable Advance; provided, however, if the Special Servicer determines that such payment would be in best interests of the Certificateholders (and, in the case of Serviced Whole Loans, Companion Loan Noteholders (as a collective whole)), the Special Servicer shall direct such Master Servicer to make such payment from its Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account). The Trustee shall be entitled to conclusively rely upon any determination of the applicable Master Servicer that a Property Advance, if made, would constitute a Nonrecoverable Advance. If the applicable Master Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The applicable Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted by Section 3.06.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan, Loan or Loan Combination or any other term of a Mortgage LoanLoan or Loan Combination, (B) extension of the Maturity Date of a Mortgage Loan or Loan Combination as described below in Section 3.30(c)3.30, 3.31, 3.32, 3.33 or 3.34, as applicable, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage LoanLoan or Loan Combination, (ii) the occurrence of any an Appraisal Reduction Event, (iii) a default in the payment of a Balloon PaymentPayment for which an extension is not granted pursuant to Section 3.26(g), or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that an Updated Appraisal be obtainedValuation, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated AppraisalValuation or Small Loan Appraisal Estimate (or a letter update for an existing appraisal which is less than two years old), the cost of which shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal or Small Loan Appraisal Estimate which is less than twelve months old. The For so long as such Mortgage Loan or Loan Combination is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to each Updated Appraisal Valuation annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage LoanLoan or Loan Combination. For The Special Servicer will be required to update, on an annual basis, each Small Loan Appraisal Estimate or Updated Appraisal for so long as any the related Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Servicer shall obtain or Loan Combination remains a new Updated Appraisal with respect to an Updated Appraisal which is more than three years oldSpecially Serviced Loan. The Special Servicer shall send all such letter updates and Updated Appraisals Valuations to the Master Servicer, the Rating Agencies, the Controlling Class Representative and the Directing Certificateholder. The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer's judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Loan Combination) as are consistent with the Servicing Standard. If, in the Special Servicer's judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Sections 3.09(a) and 3.09(b), the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Certificateholder) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided, that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, [_____] B Loan Noteholder on a present value basis (discounting at the related Mortgage Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.30, 3.31, 3.32, 3.33 or 3.34 hereof, as applicable. The Master Servicer shall or, on an emergency basis, in accordance with Section 3.24(b), the Special Servicer may, pay the costs and expenses in any such proceedings as a Property Advance unless the Master Servicer or Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable Advance; provided, however, if the Special Servicer determines that such payment would be in best interests of the Certificateholders (and, in the case of Loan Combination, [_________] B Loan Noteholder), the Special Servicer shall direct the Master Servicer to make such payment from its Collection Account (or, if applicable, the Loan Combination Collection Account). The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer that a Property Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted by Section 3.06.

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Companion Loan, or any other term of a Mortgage Loan or Companion Loan, (B) extension of the Maturity Date of a Mortgage Loan or Companion Loan as described below in Section 3.30(c)3.30, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Companion Loan, (ii) the occurrence of any Appraisal Reduction Event, (iii) a default in the payment of a Balloon PaymentPayment for which an extension is not granted pursuant to Section 3.26(g), or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests that orders an Updated Appraisal be obtainedValuation, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated AppraisalValuation (or a letter update for an existing appraisal which is less than two years old), the cost of which shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an appraisal or Small Loan Appraisal Estimate which is less than twelve months old. The For so long as such Mortgage Loan or Loan Pair is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to each Updated Appraisal Valuation annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Companion Loan. For so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Special Servicer shall obtain a new Updated Appraisal Valuation with respect to an Updated Appraisal Valuation which is more than three two years old. The Special Servicer shall send all such letter updates and Updated Appraisals Valuations to the Servicer and the Rating Agencies, the Directing Certificateholder and if a Loan Pair is involved, the related Companion Holder (and any Operating Advisor acting on its behalf).

Appraisals; Realization Upon Defaulted Mortgage Loans. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of a Mortgage Interest Rate, principal balance or amortization terms of any Mortgage Loan, or any other term of a Mortgage Loan, (B) extension of the Maturity Date of a Mortgage Loan as described below in Section 3.30(c3.29(c), or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan, (ii) the occurrence of any Appraisal Reduction Collateral Value Adjustment Event, (iii) a default in the payment of a Balloon Payment, or (iv) the date on which the Special Servicer, consistent with the Special Servicing Standard, requests Standard determines that an Updated Appraisal should be obtained, the Special Servicer (after consultation with the Special Servicer) shall obtain an Updated Appraisal; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through (iviii) above with respect to any Mortgaged Property for which there exists an appraisal which is less than twelve months old; provided, further, that if either the Special Servicer or an Affiliate thereof owns more than 51% of the Most Subordinate Class of Certificates then outstanding, then the Trustee shall obtain such Updated Appraisal. Upon the occurrence of any event giving rise to a subsequent Collateral Value Adjustment (including the Delinquency referred to in the definition of Collateral Value Adjustment Event) more than twelve months after an appraisal was obtained with respect to a previous Collateral Value Adjustment, the Special Servicer will order a new Updated Appraisal as described above, within 30 days of the occurrence of any such event giving rise to a subsequent Collateral Value Adjustment and will adjust the amount of the Collateral Value Adjustment in accordance therewith. The Special Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan. For ; for so long as any Mortgage Loan for which an Updated Appraisal has been obtained is included in the Trust Fund, the Special Servicer shall obtain a new Updated Appraisal with respect to an Updated Appraisal which is more than three years old. The Servicer shall send all such letter updates and Updated Appraisals to the Rating Agencies.