REAL ESTATE VALUATIONS. (1) Within ninety (90) days, the Board shall obtain a current appraisal or evaluation, as applicable, of the real estate securing each of the commercial loans lacking an appropriate appraisal or evaluation as well as ensuring current appraisals are obtained on all Other Real Estate Owned (OREO).
REAL ESTATE VALUATIONS. Without limiting the provisions of Section 16.1 or any other provisions of the Loan Agreement, Borrower agrees that Agent shall have the right to obtain appraisals and other valuations, and environmental audits and reviews of all real estate with a fair market value of $2,000,000 or more (“Specified Real Estate”) which is listed on the Schedule of Unencumbered Real Estate attached hereto. Within 45 days of the date of this Agreement, except as otherwise agreed in writing by Required Lenders, Agent shall order appraisals on the Specified Real Estate. Borrower shall promptly provide to Agent such information as Agent requests to enable it to obtain such appraisals and other information regarding the Specified Real Estate. Borrower agrees to pay or reimburse Agent on demand for the costs of such appraisals and other valuations, environmental audits and reviews and other costs incurred by Agent in determining the value and condition of the Specified Real Estate.
REAL ESTATE VALUATIONS. (1) Within thirty (30) days, the Board shall revise the Bank’s written policies and procedures governing valuation of real estate collateral to ensure the safety and soundness of the Bank’s real estate lending activities. The Bank’s policies and procedures shall be consistent with the guidelines set forth in the Federal Financial Institutions Examination Council’s “Interagency Appraisal and Evaluation Guidelines,” dated December 10, 2010 (OCC Bulletin 2010-42), and “Uniform Retail Credit Classification and Account Management Policy,” dated June 20, 2000 (OCC Bulletin 2000-20), and at a minimum must include:
