As-Built Appraisal Sample Clauses

As-Built Appraisal. With respect to the first Construction Advance for each Property, each of the Administrative Agent and the Lessor shall have received, at least five (5) Business Days prior to such Construction Advance, an As-Built Appraisal of the applicable Property, in form and substance satisfactory to the Administrative Agent and the Lessor, which As-Built Appraisal shall show that (i) in the case of Property to be acquired by the Lessor in fee simple, as of the Completion Date and as of the last day of the Basic Term, with respect to such Property, the Fair Market Sales Value of such Property, including all Improvements thereon and to be constructed thereon in accordance with the Plans and Specifications for such Property, shall not be less than 100% of the sum of the Land Acquisition Cost and Existing Improvement Costs and 85% of the Estimated Improvement Costs for such Property and (ii) in the case of Property covered by a Ground Lease, as of the Completion Date and as of the last day of the Basic Term with respect to such Property, the Fair Market Sales Value of the Improvements to be constructed thereon in accordance with the Plans and Specifications for such Property shall not be less than 85% of the Estimated Improvement Costs for such Property. With respect to the As-Built Appraisal, it is agreed that any material handling equipment will be valued at its installed cost, as opposed to its salvage value.
Sample 1
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As-Built Appraisal. At least ten (10) Business Days prior to (i) the Initial Construction Date, the Agent Certificate Holder and the Administrative Agent shall have received an As-Built Appraisal of the Property, in form and substance satisfactory to the Administrative Agent and the Agent Certificate Holder, which As-Built Appraisal shall show that as of each of the Completion Date, the last day of the Basic Lease Term and the last day of any Renewal Term for the Property, the Fair Market Sales Value of the Land and the Improvements to be constructed thereon in accordance with the Plans and Specifications shall not be less than 100% of the sum of the Land Acquisition Cost and Estimated Improvement Costs and (ii) the Funding Date in the event the Property Balance, after giving effect to such Advance, would be greater than the Fair Market Sales Value for any date indicated in the As-Built Appraisal delivered under clause (i) and subject to Section 3.1 of the Construction Agency Agreement, a subsequent As-Built Appraisal which shall show that as of each of the Completion Date, the last day of the Basic Lease Term and the last day of any Renewal Term, the Fair Market Sales Value shall not be less than the Property Balance after giving effect to such Advance. In the event such subsequent As-Built Appraisal shall show that the Fair Market Sales Value as of any of the Completion Date, the last day of the Basic Lease Term or the last day of any Renewal Term shall be less than the Property Balance after giving effect to such Advance, the Lessee shall promptly remit to the Administrative Agent the difference between the Property Balance as of the Funding Date and the smallest of the Fair Market Sales Value of the Property as of the Completion Date, the last day of the Basic Lease Term and the last day of any Renewal Term as determined in such subsequent As-Built Appraisal. The Administrative Agent shall apply such remitted amounts pursuant to Section 7.7(a) hereof.
Sample 1
As-Built Appraisal. (i) On the earlier of (x) three (3) Business Days prior to the Initial Construction Date for each Property that is not an Improved Property and (y) ninety (90) days following the Acquisition Date for such Property, the Agent Lessor and the Administrative Agent shall have
Sample 1
As-Built Appraisal. The estimated value of a Property (with Improvements) upon completion of the Construction Project for that Property. The As-Built Appraisal shall be prepared by an MAI appraiser. As-Built Appraised Value is the value of the Property reflected in the As-Built Appraisal. Notwithstanding the foregoing, TMCC may adjust the As-Built Appraisal for a Construction Project in its sole and absolute discretion to establish an adjusted appraised value for a Property (the “Adjusted As-Built Appraised Value”). The Adjusted As-Built Appraised Value of a Property may be used by TMCC to calculate the Construction Loan Limit, which TMCC may, in its discretion, consider during the approval and funding process for such Construction Project.
Sample 1

Related to As-Built Appraisal

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Real Estate Appraisals Company shall, and shall cause each of its Subsidiaries to, permit an independent real estate appraiser reasonably satisfactory to Administrative Agent, upon reasonable notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged Property satisfying the requirements of any applicable laws and regulations (in each case to the extent required under such laws and regulations as determined by Administrative Agent in its discretion).

  • Appraisal The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Cut-off Date. The appraisal is signed by an appraiser that (i) was engaged directly by the originator of the Mortgage Loan or the Mortgage Loan Seller, or a correspondent or agent of the originator of the Mortgage Loan or the Mortgage Loan Seller, and (ii) to the Mortgage Loan Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • Inspections; Appraisals (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any Borrower. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them.

  • Independent Appraiser A Person with no material current or prior business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company or of other Assets as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification as to Real Property.

  • Updated Appraisals For so long as the Loan remains outstanding, if any Event of Default shall occur hereunder, or if, in Lender’s judgment, a material depreciation in the value of the Land and/or the Improvements shall have occurred, then in any such event, Lender, may cause the Land and Improvements to be appraised by an appraiser selected by Lender, and in accordance with Lender’s appraisal guidelines and procedures then in effect, and Borrower agrees to cooperate in all respects with such appraisals and furnish to the appraisers all requested information regarding the Land and Improvements and the Facility. Borrower agrees to pay all reasonable costs incurred by Lender in connection with such appraisal which costs shall be secured by the Mortgage and shall accrue interest at the Default Rate until paid.

  • Inspections and Appraisals At all times during normal business hours, Laurus, and/or any agent of Laurus shall have the right to (a) have access to, visit, inspect, review, evaluate and make physical verification and appraisals of each Company’s properties and the Collateral, (b) inspect, audit and copy (or take originals if necessary) and make extracts from each Company’s Books and Records, including management letters prepared by the Accountants, and (c) discuss with each Company’s directors, principal officers, and independent accountants, each Company’s business, assets, liabilities, financial condition, results of operations and business prospects. Each Company will deliver to Laurus any instrument necessary for Laurus to obtain records from any service bureau maintaining records for such Company. If any internally prepared financial information, including that required under this Section is unsatisfactory in any manner to Laurus, Laurus may request that the Accountants review the same.

  • Financial Examination and Appraisal Fees Bank's customary fees and out-of-pocket expenses for Bank's audits of Borrower's Accounts, and for each appraisal of Collateral and financial analysis and examination of Borrower performed from time to time by Bank or its agents;

  • Appraisals An appraisal of the related Mortgaged Property was conducted in connection with the origination of the Mortgage Loan, which appraisal is signed by an appraiser, who, to the Mortgage Loan Seller's knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Borrower or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan; in connection with the origination of the Mortgage Loan, each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • Waiver of Appraisal Rights Each Stockholder hereby waives any rights of appraisal or rights to dissent from the Merger.

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