Common use of Phase I and Phase III Purchase Prices Clause in Contracts

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) The fair market value of the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the Restrictive Covenants. (2) Borrower and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (3) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04. If the Borrower and the County Manager are unable to agree upon an appraiser, the Borrower and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3) below. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) below. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3) below. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the Borrower. (3) Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) The fair market value of the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the AHIF Restrictive Covenants. (2) Borrower and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (3) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04. If the Borrower and the County Manager are unable to agree upon an appraiser, the Borrower and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3) below. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) below. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3) below. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the Borrower. (3) Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) The fair market value of the Borrower’s interest in the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the Restrictive Covenants. (2) Borrower and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (3) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04. If the Borrower and the County Manager are unable to agree upon an appraiser, the Borrower and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3) below. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) below. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3) below. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the Borrower. (3) Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) a. The fair market value of the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the AHIF Restrictive Covenants. (2) Borrower b. The Owner and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (3c) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04Agreement. If the Borrower Owner and the County Manager are unable to agree upon an appraiser, the Borrower Owner and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3c) below. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) below. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower Owner or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3c) below. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower Owner and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the BorrowerOwner. (3) c. Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) The fair market value of the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the County Restrictive CovenantsCovenants or by other documentation recorded against the Property. (2) Borrower (with the consent of the Investor Limited Partner) and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (3) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04. If the Borrower and the County Manager are unable to agree upon an appraiser, the Borrower (with the consent of the Investor Limited Partner) and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3) below. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) below. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3) below. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the Borrower. (3) Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.

Phase I and Phase III Purchase Prices. The Phase I ROFR Term Purchase Price and the Phase III ROFR Term Purchase Price shall be determined as follows: (1) The fair market value of the Property shall be appraised as an affordable housing project to the extent continuation of such use is required pursuant to the Restrictive Covenants. (2) Borrower and the County Manager shall select a mutually acceptable appraiser who has the qualifications set forth in subparagraph (32) below, who shall determine the fair market value of the Property (the “FMV ROFR Purchase Price”) in accordance with the requirements set forth in this Section 5.04. If the Borrower and the County Manager are unable to agree upon an appraiser, the Borrower and the County Manager shall each select an appraiser who has the qualifications set forth in subparagraph (3) belowappraiser. If the difference between the two appraisals is less than or equal to ten percent (10%) of the lower of the two appraisals, then the FMV ROFR Purchase Price shall be the average of the two appraisals. If the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the two appraisers shall jointly select a third appraiser who has the qualifications set forth in subparagraph (3) belowappraiser. If the two appraisers are unable jointly to select a third appraiser, then either the Borrower or the County Manager may, upon written notice to the other, apply to the Circuit Court of Arlington County to appoint a third appraiser who has the qualifications set forth in subparagraph (3) belowappraiser. If the third appraisal is less than either of the first two, then the FMV ROFR Purchase Price shall be the average of the two lowest appraisals. If the third appraisal is greater than the first two, then the FMV ROFR Purchase Price shall be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the FMV ROFR Purchase Price shall be the value established by the third appraisal. The Borrower and the County Board, subject to appropriation, shall share the cost equally of any appraiser jointly selected or shall pay the costs of the appraiser they each select and shall share the cost equally of any third appraiser. The appraiser(s) shall have access to all books and records, this Agreement and the financial information and valuations reports of the Borrower. (32) Any appraiser selected pursuant to the terms of this Agreement must be a licensed appraiser who has at least five years’ years experience in Arlington County, Virginia, is a member of the Master Appraiser Institute (MAI), and who has substantial experience appraising affordable housing tax credit projects.