Common use of Reappraisal Requirements Clause in Contracts

Reappraisal Requirements. Borrower agrees that Lender shall have the right to obtain, at Borrower’s expense, an Appraisal of the Property prepared by an appraiser selected by and acceptable to Lender and in conformance with governmental regulations applicable to Lender and approved by Lender at any time that: (a) an Event of Default has occurred hereunder; (b) any condemnation, damage or destruction of the Property occurs; (c) Lender determines in its sole reasonable opinion that the security for the Loan has been physically or financially impaired in any material manner, or (d) such Appraisal is required by then current banking laws or regulations. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender, at Borrower’s cost and expense, to prepare the Appraisal and Borrower shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event such appraisal is required by reason of the damage or destruction of a portion of the Property, the fair market value shall be calculated on the Property after restoration of the Improvements, but subject only to then existing leases which will remain in full force and effect following such restoration.

Reappraisal Requirements. Borrower agrees that Lender shall have the right to obtain, at Borrower’s expense, an Appraisal of the Property prepared by an appraiser selected by and acceptable to Lender and in conformance with governmental regulations applicable to Lender and approved by Lender at any time that: (a) an Event of Default has occurred hereunder; (b) any condemnation, damage or destruction of the Property occurs; (c) Lender determines in its sole reasonable opinion that the security for the Loan has been physically or financially impaired in any material manner, or (d) such Appraisal is required by then current banking laws or regulations. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender, at Borrower’s cost and expense, to prepare the Appraisal and Borrower shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event such appraisal is required by reason of the damage or destruction of a portion of the Property, the fair market value shall be calculated on the Property after restoration of the Improvements, but subject only to then existing leases which will remain in full force and effect following such restorationImprovements on an as-stabilized basis.

Reappraisal Requirements. Borrower agrees that Lender shall have the right to obtain, at Borrower’s expense, an Appraisal appraisal of the Property (a “New Appraisal”) prepared by an appraiser selected by and acceptable to Lender and in conformance with governmental regulations applicable to Lender and approved by Lender at any time thatone time during the initial term of the Loan or if: (a) an Event of Default has occurred hereunder; (b) any condemnation, damage or destruction of the Property occurs; (c) Lender determines in its sole reasonable opinion that the security for the Loan has been physically or financially impaired in any material manner, or (d) such Appraisal appraisal is required by then current banking laws or regulations. In the event that Lender shall elect to obtain such an a New Appraisal, Lender may immediately commission an appraiser acceptable to Lender, at Borrower’s cost and expense, to prepare the New Appraisal and Borrower shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such New Appraisal. In the event such appraisal New Appraisal is required by reason of the damage or destruction of a portion of the Property, the fair market value shall be calculated on the Property after restoration of the Improvements, but subject only to then existing leases Leases which will remain in full force and effect following such restoration.