Common use of REMEDY TO INSURE ACCURACY OF REAL ESTATE APPRAISALS Clause in Contracts

REMEDY TO INSURE ACCURACY OF REAL ESTATE APPRAISALS. Buyer may, at its own expense, in order to verify the accuracy of real property appraisals prepared for Seller, order a reappraisal of the property secured by a Mortgage within 100 days of the applicable Settlement Date. If the reappraisal obtained by Buyer indicates a fair market value of more than twelve (12%) percent less than the original Appraisal Value, then upon receipt by Seller of a signed copy of the reappraisal from Buyer, Seller shall repurchase the Loan at the Repurchase Price and reimburse Buyer for the cost of the appraisal subject to the following: if Seller disputes the validity of the reappraisal prepared by Buyer's appraiser, Seller may at its own expense, request Buyer to obtain a third appraisal, and only if such third appraisal is also more than twelve (12%) percent less than the original Appraisal Value shall the Seller be required to repurchase the Loan at the Repurchase Price and pay for the second appraisal. Buyer shall choose the review appraiser with Seller's approval, which shall not be unreasonably withheld, but such appraiser must possess the minimum qualifications specified in the HFS Seller's Guide. The appraisal must be performed in accordance with the standards of the appraising industry where the property is located, by an independent appraiser unless otherwise agreed to by the parties. In determining the appropriate appraisal value, the review appraiser must determine the appraised value as of the original appraisal date using comparable sales that were available as of the date of the original appraisal.

REMEDY TO INSURE ACCURACY OF REAL ESTATE APPRAISALS. Buyer EquiCredit may, at its own expense, in order to verify the accuracy of real property appraisals prepared for Seller, order a reappraisal re-appraisal of the property secured by a Mortgage within 100 days of the applicable Settlement DateMortgage. If the reappraisal obtained by Buyer EquiCredit indicates a fair market value of which is more than twelve ten (12%10) percent less than the original Appraisal Valueappraisal value, then upon receipt by the Seller from EquiCredit of a signed copy of the reappraisal from Buyerreappraisal, EquiCredit may, at its sole discretion, require Seller shall to repurchase the Loan loan at the Repurchase Price and reimburse Buyer EquiCredit for the cost of the appraisal subject to the following: if If Seller disputes the validity of the reappraisal prepared by BuyerEquiCredit's appraiser, Seller may may, at its own expense, request Buyer EquiCredit to obtain a third appraisal, and only if such third appraisal is also more than twelve ten (12%10) percent less than the original Appraisal Value appraisal value shall the Seller be required to repurchase the Loan at the Repurchase Price and pay for the second appraisalPrice. Buyer EquiCredit shall choose the review appraiser for the third appraisal with the Seller's approval, which shall not be unreasonably withheld, but such appraiser must possess the minimum qualifications specified in the HFS Seller's Guide. The appraisal must be performed in accordance with the industry standards of for the appraising industry where in the area in which the property is located, by an and the appraiser must be independent appraiser with respect to both parties unless otherwise agreed to on by the parties. In determining the appropriate appraisal value, the review appraiser must determine the fair market appraised value as of the original appraisal date using comparable sales that were available as of the date of the original appraisal. The original reappraisal must be ordered within one (1) year of EquiCredit's purchase of the Loan from the Seller.

REMEDY TO INSURE ACCURACY OF REAL ESTATE APPRAISALS. Buyer may, at --------------------------------------------------- its own expense, in order to verify the accuracy of real property appraisals prepared for Seller, order a reappraisal of the property secured by a Mortgage within 100 days of the applicable Settlement DateMortgage. If the reappraisal obtained by Buyer indicates a fair market value of which is more than twelve fifteen (1215%) percent less than the original Appraisal Valueappraisal value, then no later than October 30, 1998, upon receipt by Seller from Buyer of a signed copy of the reappraisal from Buyerreappraisal, Seller shall repurchase the Mortgage Loan at the Mortgage Loan Repurchase Price and reimburse Buyer for the cost of the appraisal subject to the following: if If Seller disputes the validity of the reappraisal prepared by Buyer's appraiser, Seller may may, at its own expense, request Buyer to obtain a third appraisal, and only if such third appraisal is also more than twelve fifteen (1215%) percent less than the original Appraisal Value appraisal value shall the Seller be required to repurchase the Loan at the Mortgage Loan Repurchase Price and pay for the second appraisalPrice. Buyer shall choose the review appraiser for the third appraisal with Seller's approval, which shall not be unreasonably withheld, but such appraiser must possess the minimum qualifications specified in the HFS SellerBuyer's GuideUnderwriting Guidelines. The appraisal must be performed in accordance with the industry standards of for the appraising industry where in the area in which the property is located, by an and the appraiser must be independent appraiser with respect to both parties unless otherwise agreed to by the parties. In determining the appropriate appraisal value, the review appraiser must determine the appraised value as of the original appraisal date using comparable sales that were available as of the date of the original appraisal. However, anything to the contrary notwithstanding, the Buyer reserves the sole right not to request the Seller to repurchase the Mortgage Loan should the reappraisal cause the combined loan-to-value not to exceed the maximum allowable combined loan-to-value of the loan class under which the loan was purchased.

REMEDY TO INSURE ACCURACY OF REAL ESTATE APPRAISALS. Buyer may, --------------------------------------------------- at its own expense, in order to verify the accuracy of real property appraisals prepared for Seller, order a reappraisal of the property secured by a Mortgage within 100 days of the applicable Settlement DateMortgage. If the reappraisal obtained by Buyer indicates indicate a fair market value of which is more than twelve ten (1210%) percent less than the original Appraisal Valueappraisal value, then upon receipt by Seller from Buyer of a signed copy of the reappraisal from Buyerreappraisal, Seller shall repurchase the Loan at the Repurchase Price Buy-Back price (as defined in Article VI(C), above) and reimburse Buyer for the cost of the appraisal subject to the following: if Seller . If seller disputes the validity of the reappraisal prepared by Buyer's appraiser, Seller may at its own expense, request Buyer to obtain a third appraisal, and only if such third appraisal is also more than twelve (1210%) percent less than the original Appraisal Value appraisal value shall the Seller be required to repurchase the Loan at the Repurchase Price and pay for the second appraisalBuy-Back Price. Buyer shall choose the review appraiser for the third appraisal with Seller's approval, which shall not be unreasonably withheld, but such appraiser for the third appraisal with Seller's approval, which shall not be unreasonably withheld, but such appraiser must possess posses the minimum qualifications specified in the HFS SellerBuyer's GuideUnderwriting Guidelines. The appraisal must be performed in accordance with the industry standards of for the appraising industry where in the area in which the property is located, by an and the appraiser must be independent appraiser with respect to both parties unless otherwise agreed to by the parties. In determining the appropriate appraisal value, the review appraiser must determine the appraised value as of the original appraisal date using comparable sales that were available as of the date of the original appraisal. However, anything to the contrary notwithstanding, the Buyer reserves the sole right not to request the Seller to repurchase the Loan should the reappraisal cause the combined loan-to-value not to exceed the maximum allowable combined loan-to-value of the loan class under which the loan was purchased.