Appraiser Engagement Clause Samples
The Appraiser Engagement clause defines the process and requirements for appointing an independent appraiser to assess the value of an asset, property, or interest in the context of the agreement. Typically, this clause outlines how the appraiser is selected, the qualifications they must possess, and the scope of their valuation work. For example, it may specify that both parties must agree on the appraiser or that a third party will appoint one if the parties cannot agree. The core function of this clause is to ensure an objective and fair valuation process, thereby reducing disputes and providing a clear mechanism for resolving valuation disagreements.
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Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by Administrative Agent. Borrower will notify Administrative Agent in writing that Borrower desires to include a Qualified Property in Eligible Collateral for which no Appraisal then exists and will provide to Administrative Agent all information necessary to allow an Appraisal to be ordered by Administrative Agent. Administrative Agent will engage an appraiser to perform an Appraisal only when it receives all information reasonably deemed necessary by Administrative Agent and the appraiser for preparation of such Appraisal. Administrative Agent will not have any liability to Borrower or any other Person with respect to delays in the Appraisal process.
Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by Lender. Borrower will notify the Lender in writing that Borrower desires to obtain approval of a Subdivision or include a Unit or a Lot in Eligible Collateral for which no Appraisal then exists and will provide to Lender all information (including Lot premiums and upgrades) necessary to allow an Appraisal to be ordered by Lender. Lender will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender and the appraiser for preparation of such Appraisal. Lender will not have any liability to Borrower or any other Person with respect to delays in the Appraisal process. Borrower and its Affiliates will not employ any appraiser that prepares an Appraisal for any of the Collateral unless specifically requested to do so by Lender. Lender may employ a staff appraiser or a fee appraiser and Borrower will reimburse Lender at Lender’s reasonable cost therefor.
Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by the Lender. Borrower will notify the Lender in writing that Borrower desires to obtain approval of a Subdivision or include a Unit or an Eligible Lot in Eligible Collateral for which no Appraisal then exists and will provide to the Lender all information necessary to allow an Appraisal to be ordered by the Lender. The Lender will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender and the appraiser for preparation of such Appraisal. Lender will have no liability to Borrower or any other Person with respect to delays in the Appraisal
Appraiser Engagement. Each Appraisal must be prepared by either (1) an M.A.I.-certified appraiser selected by Majority Lenders and reasonably approved by Borrower, or (2) by the an M.A.I.- certified appraiser employed in the real property appraisal department of Majority Lenders’ selection of either Ernst & Young, PriceWaterhouse Coopers, KPMG or Deloitte, and which appraiser shall be engaged by Majority Lenders. Upon request by Majority Lenders, Borrower will provide to Majority Lenders all information (including Lot and Unit premiums and upgrades, if applicable) necessary to allow an Appraisal to be ordered by Majority Lenders. Majority Lenders will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Majority Lenders and the appraiser for preparation of such Appraisal. Majority Lenders will not have any liability to Borrower or any other Person with respect to delays in the Appraisal process. Borrower and its Affiliates will not employ any appraiser that prepares an Appraisal for any of the Borrower Real Property unless specifically requested to do so by Majority Lenders. Majority Lenders may employ a staff appraiser or a fee appraiser and Borrower will reimburse Majority Lenders at Majority Lenders’ reasonable cost therefor.
Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by Administrative Agent. Borrower will notify Administrative Agent in writing that Borrower desires to include a Qualified Property in Eligible Collateral for which no Appraisal then exists and will provide to Administrative Agent all information necessary to allow an Appraisal to be ordered by Administrative Agent. Unless otherwise agreed by Administrative Agent in its sole discretion, Administrative Agent will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by Administrative Agent and the appraiser for preparation of such Appraisal. Administrative Agent will not have any liability to Borrower or any other Person with respect to delays in the Appraisal process. Borrower and its Affiliates will not employ any appraiser that prepares an Appraisal for any of the Collateral unless specifically requested to do so by Administrative Agent. Administrative Agent may employ a fee appraiser and Borrower will reimburse Administrative Agent at Administrative Agent’s reasonable cost therefor.
Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by Lender. Borrower will notify Lender in writing that Borrower desires to include a Qualified Property in Eligible Collateral for which no Appraisal then exists and will provide to Lender all information necessary to allow an Appraisal to be ordered by Lender. Lender will engage an appraiser to perform an Appraisal only when it receives all information reasonably deemed necessary by Lender and the appraiser for preparation of such Appraisal. Lender will not have any liability to Borrower or any other Person with respect to delays in the Appraisal process.