Common use of Periodic Appraisals Clause in Contracts

Periodic Appraisals. Lender may require an Appraisal for any or all of the Sites, or an update to a previously provided Appraisal of any or all of the Sites, indicating the present appraised “as-is” value of such Site: (i) annually as permitted pursuant to Section 4(d)(iii), (ii) if Lender determines in good faith that an appraisal of a particular Site is required as a result of (A) any law, regulation or guideline or any change or interpretation thereof; or (B) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (iii) at any time after the occurrence and during the continuance of an Event of Default; or (iv) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (i) and (iii) shall be at Borrower’s sole cost and expense. In addition, Borrower shall pay for one “desktop update” of each Appraisal ordered pursuant to subsection (i) in each calendar year. Other Appraisals and updates shall be at Lender’s sole cost and expense. As used herein, “Appraisal” means an appraisal (including a “desktop update”) of a Site ordered by Lender (or by Lender’s counsel) and prepared by an appraiser satisfactory to Lender, which appraisal complies with all federal and state standards for appraisals and is otherwise in form and substance satisfactory to Lender. Nothing herein shall require Lender to provide Appraisals or information in the Appraisals to any Credit Party; provided, that Lender shall advise Borrower of any Appraised Value upon request; provided further, however, that Lender shall not be obligated to advise Borrower of such Appraised Value if an Event of Default has occurred and is continuing or if Lender determines in good faith that such disclosure would impair or prejudice the rights and remedies of Lender.

Periodic Appraisals. Lender may require an Appraisal The Manager shall cause all of the Projects to be appraised by a Qualified Appraiser at least once every twenty-four (24) to thirty-six (36) months (each, a “Mandatory Appraisal”). The Manager, on behalf of the Company, shall identify its suggested appraiser to be a Qualified Appraiser in a Notification to MOF, requesting MOF’s approval of such appraiser. If MOF fails to approve such appraiser, the Manager shall suggest another appraiser to be a Qualified Appraiser in a Notification to MOF, requesting MOF’s approval of such appraiser. If MOF fails to approve such appraiser, the appointment and approval of a Qualified Appraiser shall be deemed a Major Decision, and shall be governed by the resolution process set forth in Section 6.3(a). The Manager, on behalf of the Company, shall provide the Qualified Appraiser with information and instructions as needed to obtain the appraisal. The appraisals obtained under this Section 6.10 shall be conclusive as to Fair Market Value of each Project until a new appraisal is obtained under this Section 6.10 but shall only affect the Gross Asset Value of a Project under the circumstances described in the definition of Gross Asset Value. Appraisals shall be performed for any or all of the SitesProjects more often than once every twenty-four (24) to thirty-six (36) months at the request of either Member (each, or an update to a previously provided “Additional Appraisal”). The cost of each Mandatory Appraisal of any or all of the Sites, indicating the present appraised “as-is” value of such Site: (i) annually as permitted obtained pursuant to this Section 4(d)(iii), (ii) if Lender determines in good faith that an appraisal of a particular Site is required as a result of (A) any law, regulation or guideline or any change or interpretation thereof; or (B) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (iii) at any time after the occurrence and during the continuance of an Event of Default; or (iv) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (i) and (iii6.10(a) shall be at Borrower’s sole paid by the Company. The cost and expense. In addition, Borrower shall pay for one “desktop update” of each Additional Appraisal ordered pursuant to subsection (i) in each calendar year. Other Appraisals and updates shall be at Lender’s sole cost paid by the Member who requested such appraisal. The Manager shall give MOF a reasonable opportunity to review and expensecomment on any appraisal before such appraisal becomes final. As used hereinUnless otherwise agreed to by the Members, “Appraisal” means an appraisal (including no Person shall serve as a “desktop update”) Qualified Appraiser of a Site ordered by Lender Project or Projects if such Person completed the last two (2) consecutive appraisals for such Project or by Lender’s counsel) and prepared by an appraiser satisfactory to Lender, which appraisal complies with all federal and state standards for appraisals and is otherwise in form and substance satisfactory to Lender. Nothing herein shall require Lender to provide Appraisals or information in the Appraisals to any Credit Party; provided, that Lender shall advise Borrower of any Appraised Value upon request; provided further, however, that Lender shall not be obligated to advise Borrower of such Appraised Value if an Event of Default has occurred and is continuing or if Lender determines in good faith that such disclosure would impair or prejudice the rights and remedies of LenderProjects.

Periodic Appraisals. Lender may require an Appraisal The Manager shall cause all of the Projects to be appraised by a Qualified Appraiser at least once every twenty-four (24) to thirty-six (36) months (each, a “Mandatory Appraisal”). The Manager, on behalf of the Company, shall identify its suggested appraiser to be a Qualified Appraiser in a Notification to MOF, requesting MOF’s approval of such appraiser. If MOF fails to approve such appraiser, the Manager shall suggest another appraiser to be a Qualified Appraiser in a Notification to MOF, requesting MOF’s approval of such appraiser. If MOF fails to approve such appraiser, the appointment and. approval of a Qualified Appraiser shall be deemed a Major Decision, and shall be governed by the resolution process set forth in Section 6.3(a). The Manager, on behalf of the Company, shall provide the Qualified Appraiser with information and instructions as needed to obtain the appraisal. The appraisals obtained under this Section 6.10 shall be conclusive as to Fair Market Value of each Project until a new appraisal is obtained under this Section 6.10 but shall only affect the Gross Asset Value of a Project under the circumstances described in the definition of Gross Asset Value. Appraisals shall be performed for any or all of the SitesProjects more often than once every twenty-four (24) to thirty-six (36) months at the request of either Member (each, or an update to a previously provided “Additional Appraisal”). The cost of each Mandatory Appraisal of any or all of the Sites, indicating the present appraised “as-is” value of such Site: (i) annually as permitted obtained pursuant to this Section 4(d)(iii), (ii) if Lender determines in good faith that an appraisal of a particular Site is required as a result of (A) any law, regulation or guideline or any change or interpretation thereof; or (B) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (iii) at any time after the occurrence and during the continuance of an Event of Default; or (iv) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (i) and (iii6.10(a) shall be at Borrower’s sole paid by the Company. The cost and expense. In addition, Borrower shall pay for one “desktop update” of each Additional Appraisal ordered pursuant to subsection (i) in each calendar year. Other Appraisals and updates shall be at Lender’s sole cost paid by the Member who requested such appraisal. The Manager shall give MOF a reasonable opportunity to review and expensecomment on any appraisal before such appraisal becomes final. As used hereinUnless otherwise agreed to by the Members, “Appraisal” means an appraisal (including no Person shall serve as a “desktop update”) Qualified Appraiser of a Site ordered by Lender Project or Projects if such Person completed the last two (2) consecutive appraisals for such Project or by Lender’s counsel) and prepared by an appraiser satisfactory to Lender, which appraisal complies with all federal and state standards for appraisals and is otherwise in form and substance satisfactory to Lender. Nothing herein shall require Lender to provide Appraisals or information in the Appraisals to any Credit Party; provided, that Lender shall advise Borrower of any Appraised Value upon request; provided further, however, that Lender shall not be obligated to advise Borrower of such Appraised Value if an Event of Default has occurred and is continuing or if Lender determines in good faith that such disclosure would impair or prejudice the rights and remedies of LenderProjects.