Common use of Appraiser Engagement Clause in Contracts

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.

Appears in 2 contracts

Samples: Credit Agreement (William Lyon Homes), Credit Agreement (William Lyon Homes)

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Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by LenderBank. Borrower will notify the Lender Bank 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 Bank all information (including Lot premiums and upgrades) necessary to allow an Appraisal to be ordered by LenderBank. Lender Bank will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender Bank and the appraiser for preparation of such Appraisal. Lender Bank 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 LenderBank. Lender Bank may employ a staff appraiser or a fee appraiser and Borrower will reimburse Lender Bank at LenderBank’s reasonable cost therefor.

Appears in 1 contract

Samples: Credit Agreement (William Lyon Homes)

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 LenderMajority Lenders. Upon request by Majority Lenders, 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 Majority Lenders all information (including Lot and Unit premiums and upgrades, if applicable) necessary to allow an Appraisal to be ordered by LenderMajority Lenders. Lender Majority Lenders will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender Majority Lenders and the appraiser for preparation of such Appraisal. Lender 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 Collateral Borrower Real Property unless specifically requested to do so by LenderMajority Lenders. Lender Majority Lenders may employ a staff appraiser or a fee appraiser and Borrower will reimburse Lender Majority Lenders at Lender’s Majority Lenders’ reasonable cost therefor.

Appears in 1 contract

Samples: Senior Secured Term Loan Agreement (William Lyon Homes)

Appraiser Engagement. Each Appraisal must be prepared by an appraiser appraiser, broker or other valuation consultant selected and engaged by Lender. Borrower will notify Lender prior to Collateral being added to the Lender Borrowing Base Collateral, and as a condition thereof, as further provided 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 Lenderthis Agreement. Lender will engage an appraiser to perform an Appraisal only when it receives from Borrower all information deemed necessary by the Lender and the appraiser for preparation of such Appraisal. Notwithstanding the foregoing, Borrower may elect to engage an appraiser approved by Lender in its sole and absolute discretion provided such appraiser executes an engagement letter in the form attached hereto as Exhibit G. For purposes of this Agreement, Lender shall be deemed to have approved the appraisers set forth on Exhibit H attached hereto. Any Appraisal prepared by an appraiser engaged by Borrower shall be subject to the approval of Lender and a third party reviewer engaged by Lender. 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 Real Property Asset 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.

Appears in 1 contract

Samples: Secured Revolving Credit Loan Agreement (Owens Realty Mortgage, Inc.)

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Appraiser Engagement. Each Appraisal must be prepared by an appraiser selected and engaged by Lenderthe Agent. Borrower will notify the Lender Agent in writing that Borrower desires to obtain approval of a Subdivision or include a Unit or a Lot an A&D Project in Eligible Collateral for which no Appraisal then exists and will provide to Lender the Agent all information (including Lot lot premiums and upgrades, if the Appraisal will be a Unit Appraisal of Grandfathered Collateral) necessary to allow an Appraisal to be ordered by Lenderthe Agent. Lender The Agent will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender Agent and the appraiser for preparation of such Appraisal. Lender Neither the Agent nor any Bank 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 Lenderthe Agent. Lender The Agent may employ a staff appraiser or a fee appraiser and Borrower will reimburse Lender the Agent at Lender’s the Agent's reasonable cost therefor.

Appears in 1 contract

Samples: Loan Agreement (Udc Homes Inc)

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, PricewaterhouseCoopers, KPMG or Deloitte Touche Tohmatsu, and which appraiser shall be engaged by LenderMajority Lenders. Upon request by Majority Lenders, 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 Majority Lenders all information (including Lot and Unit premiums and upgrades, if applicable) necessary to allow an Appraisal to be ordered by LenderMajority Lenders. Lender Majority Lenders will engage an appraiser to perform an Appraisal only when it receives all information deemed necessary by the Lender Majority Lenders and the appraiser for preparation of such Appraisal. Lender 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 Collateral Borrower Real Property unless specifically requested to do so by LenderMajority Lenders. Lender Majority Lenders may employ a staff appraiser or a fee appraiser and Borrower will reimburse Lender Majority Lenders at Lender’s Majority Lenders’ reasonable cost therefor.

Appears in 1 contract

Samples: Senior Secured Term Loan Agreement (William Lyon Homes)

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