Common use of Timing and Procedure of Valuation Clause in Contracts

Timing and Procedure of Valuation. In addition to any other provisions requiring a valuation hereunder, Lender will perform, in accordance with its then current underwriting policies, practices and procedures consistently applied, a valuation (the “Valuation”) to determine the then (i) Market Value and (ii) Net Operating Income of the Collateral Pool Property, which Valuation will be performed on the first date: (a) the Collateral Pool Property is added to the Collateral Pool, and(b) on or about March 1st annually thereafter (“Anniversary Date”) and (c) at such other times as may be specified pursuant to the terms and provisions of this Agreement. On each Anniversary Date, in connection with the Valuation, Borrower must deliver to Servicer by no later than January 1st, a current rent roll (which will be no more than 30 days old) and trailing 12 month operating statement dated no later than the last day of September with respect to the Collateral Pool Property, each trailing 12 month operating statement to be certified by an Authorized Officer. In the event that a 12 month trailing operating statement is not available for the Collateral Pool Property because of when Borrower purchased the Collateral Pool Property, Borrower must deliver to the Servicer no later than January 1st a current rent roll (which will be no more than 30 days old) and no less than a 6 month trailing operating statement certified by an Authorized Officer. Lender may, in Lender’s sole discretion, use rent rolls and annualized operating statements for the purpose of determining the Market Value and/or Net Operating Income of the Collateral Pool Property. In addition to the Valuation conducted above, Borrower may request that Lender determine solely the Property DSCR every 6 months rather than annually, and if so requested by Lender, Borrower shall provide such rent rolls, operating statements and other financial information as requested by Lender. Notwithstanding anything contained in this Section 3.4.1, Borrower shall have the right, within 5 days of Borrower’s receipt of a Valuation Letter, to request that Lender obtain an appraisal of the Collateral Pool Property, at Borrower’s sole cost and expense, which appraisal must be prepared in accordance with Lender’s then applicable standards for appraisals and conducted by an appraiser acceptable to Lender, in Lender’s sole and absolute discretion. Such appraisal must be received by Lender within 30 days after such appraisal is ordered, and upon receipt of such appraisal within such 30 day period, Lender may, in Lender’s sole and absolute discretion, accept or reject the value established by such appraisal for the Collateral Pool Property. If Lender agrees to accept the value established by such appraisal for the Collateral Pool Property, such value shall be used by Lender for the purpose of determining the Valuation for the Collateral Pool Property.

Timing and Procedure of Valuation. In addition to any other provisions requiring a valuation valuations hereunder, Lender will shall perform, in accordance with its then current underwriting policies, practices and procedures consistently appliedapplied (utilizing a capitalization of net operating income to determine value), a and at no cost to Borrower, an annual valuation (the “Valuation”) to determine the then (i) Market Value and (ii) Net Operating Income of each of the Collateral Pool PropertyProperties as of January 1st of such year, which Valuation will shall be performed on or before September 1 of each calendar year during the first date: (a) the Collateral Pool Property is added to the Collateral Poolterm of this Agreement, and(b) commencing on or about March 1st annually thereafter (“Anniversary Date”) and (c) at such other times as may be specified pursuant to the terms and provisions of this AgreementSeptember 1, 2007. On each Anniversary Date, in In connection with the such Valuation, Borrower must shall deliver to Servicer by no later than January 1stwithin the first forty-five (45) days of the applicable calendar year, a current rent roll and a twelve (which will be no more than 30 days old12) and trailing 12 month operating statement dated no later than the last day of September with respect to each Collateral Pool Property and such additional information as Borrower reasonably deems to be relevant to the Market Value of the Collateral Pool PropertyProperties. Any operating statement required hereunder shall relate to the operations of the applicable Collateral Pool Property during the preceding calendar year. In addition to the Valuation, each Lender shall perform a re-valuation of any Collateral Pool Property(ies) upon Borrower’s written request therefore, provided that (i) Borrower may not request that Lender perform a re-valuation of any Collateral Property more often than one (1) time in any calendar year, and (ii) such request shall be accompanied by (a) a fee equal to the greater of (1) the product of Five Hundred and NO/100 Dollars ($500.00) times the number of Collateral Pool Properties with respect to which Borrower has requested such re-valuation or (2) Three Thousand and NO/100 Dollars ($3,000.00), (b) a current rent roll and a trailing 12 twelve (12) month operating statement with respect to each Collateral Pool Property for which Borrower has requested a re-valuation, and (c) such additional information as Borrower reasonably deems to be relevant to the Market Value of each Collateral Pool Property for which Borrower has requested a re-valuation. Each such rent roll and operating statement shall be in such form and contain such detail as Lender may reasonably require; without limiting the foregoing, Lender may require that any such rent rolls and operating statements shall be certified by an Authorized Officer. In the event that a 12 month trailing operating statement is not available for the Collateral Pool Property because of when Borrower purchased the Collateral Pool Property, Borrower must deliver to the Servicer no later than January 1st a current rent roll (which will be no more than 30 days old) and no less than a 6 month trailing operating statement certified Officer and/or audited by an Authorized Officer. Lender may, in Lender’s sole discretion, use rent rolls and annualized operating statements for the purpose of determining the Market Value and/or Net Operating Income of the Collateral Pool Property. In addition to the Valuation conducted above, Borrower may request that Lender determine solely the Property DSCR every 6 months rather than annually, and if so requested by Lender, Borrower shall provide such rent rolls, operating statements and other financial information as requested by Lender. Notwithstanding anything contained in this Section 3.4.1, Borrower shall have the right, within 5 days of Borrower’s receipt of a Valuation Letter, to request that Lender obtain an appraisal of the Collateral Pool Property, at Borrower’s sole cost and expense, which appraisal must be prepared in accordance with Lender’s then applicable standards for appraisals and conducted by an appraiser independent accountant acceptable to Lender, provided, Lender shall not require audited rent rolls or operating statements more than once in Lender’s sole and absolute discretion. Such appraisal must be received by Lender within 30 days after such appraisal is ordered, and upon receipt of such appraisal within such 30 day any twelve (12) month period, Lender may, in Lender’s sole except if an Event of Default or Potential Default has occurred and absolute discretion, accept or reject the value established by such appraisal for the Collateral Pool Property. If Lender agrees to accept the value established by such appraisal for the Collateral Pool Property, such value shall be used by Lender for the purpose of determining the Valuation for the Collateral Pool Propertyis continuing.

Timing and Procedure of Valuation. In addition to any other provisions requiring a valuation valuations hereunder, Lender will shall perform, in accordance with its then current underwriting policies, practices and procedures consistently appliedapplied (utilizing a capitalization of net operating income to determine value), a an annual valuation (the “"Valuation”") to determine the then (i) Market Value and (ii) Net Operating Income of each of the Collateral Pool PropertyProperties, which Valuation will shall be performed on or before August 31st of each calendar year during the first date: (a) the Collateral Pool Property is added to the Collateral Poolterm of this Agreement, and(b) commencing on or about March 1st annually thereafter (“Anniversary Date”) and (c) at such other times as may be specified pursuant to the terms and provisions of this AgreementAugust 31, 2004. On each Anniversary Date, in In connection with the such Valuation, Borrower must shall deliver to Servicer by no later than January 1ston or before May 31st of the applicable calendar year, a current rent roll and a twelve (which will be no more than 30 days old12) and trailing 12 month operating statement dated no later than the last day of September with respect to the each Collateral Pool Property, each trailing 12 month operating statement to be certified by an Authorized Officer. In the event that a 12 month trailing Any operating statement is not available for required hereunder shall relate to the operations of the applicable Collateral Pool Property because of when Borrower purchased during the preceding calendar year. Without limiting the foregoing, each such rent roll and operating statement shall be in such form and contain such detail as Lender may reasonably require and Lender may require that any such rent rolls and operating statements shall be audited by an independent accountant acceptable to Lender. Notwithstanding the foregoing, in addition to an annual Valuation with respect to any particular Collateral Pool Property, Borrower must deliver to the Servicer no later than January 1st may make one (1) request per Collateral Pool Property that Lender re-underwrite one or more of such Collateral Pool Properties in accordance with its then current underwriting policies, practices and procedures consistently applied (utilizing a current rent roll (which will be no more than 30 days old) and no less than a 6 month trailing operating statement certified by an Authorized Officer. Lender may, in Lender’s sole discretion, use rent rolls and annualized operating statements for the purpose capitalization of determining the Market Value and/or Net Operating Income to determine value) (any such re-underwriting, a "Re-Underwriting"), by delivering to Lender a written request therefor, at any time between January 15th and February 1st of the applicable year, which request shall specify the Collateral Pool Property(ies) which are to be subject to a Re-Underwriting and shall be accompanied by (i) a Re-Underwriting fee in the amount of Five Thousand and NO/100 Dollars ($5,000.00) and, if applicable, a Seismic Report Fee for each such Collateral Pool Property and (ii) the Underwriting Materials with respect to each such Collateral Pool Property. In addition , which materials shall be current as of February 1st (if Borrower is unable to the Valuation conducted above, Borrower may request that Lender determine solely the Property DSCR every 6 months rather than annually, and if so requested by Lender, Borrower shall provide such rent rolls, operating statements and other financial information submit all Underwriting Materials current as requested by Lender. Notwithstanding anything contained in this Section 3.4.1of February 1st with its request, Borrower shall have the right, within 5 days of Borrower’s until no later than February 15th to submit all Underwriting Materials which are current through February 1st). Upon receipt of a Valuation Letterthe Underwriting Materials, Servicer shall proceed to request that underwrite the applicable Collateral Pool Property(ies) on or prior to March 15th of such calendar year. Lender obtain an appraisal shall thereafter proceed to perform the Re-Underwriting of the applicable Collateral Pool Property, at Borrower’s sole cost and expense, which appraisal must be prepared in accordance with Lender’s then applicable standards for appraisals and conducted by an appraiser acceptable to Lender, in Lender’s sole and absolute discretion. Such appraisal must be received by Lender within 30 days after such appraisal is ordered, and upon receipt Property(ies) on or before April 30th of such appraisal within such 30 day period, Lender may, in Lender’s sole and absolute discretion, accept or reject the value established by such appraisal for the Collateral Pool Property. If Lender agrees to accept the value established by such appraisal for the Collateral Pool Property, such value shall be used by Lender for the purpose of determining the Valuation for the Collateral Pool Propertyyear.

Timing and Procedure of Valuation. In addition to any other provisions requiring a valuation valuations hereunder, Lender will shall perform, in accordance with its then current underwriting policies, practices and procedures consistently appliedapplied (utilizing a capitalization of net operating income to determine value), a and at no cost to Borrower, an annual valuation (the “"Valuation”") to determine the then (i) Market Value and (ii) Net Operating Income of each of the Collateral Pool PropertyProperties as of January 1st of such year, which Valuation will shall be performed on or before September 1 of each calendar year during the first date: (a) the Collateral Pool Property is added to the Collateral Poolterm of this Agreement, and(b) commencing on or about March 1st annually thereafter (“Anniversary Date”) and (c) at such other times as may be specified pursuant to the terms and provisions of this AgreementSeptember 1, 2005. On each Anniversary Date, in In connection with the such Valuation, Borrower must shall deliver to Servicer by no later than January 1stwithin the first forty-five (45) days of the applicable calendar year, a current rent roll and a twelve (which will be no more than 30 days old12) and trailing 12 month operating statement dated no later than the last day of September with respect to each Collateral Pool Property and such additional information as Borrower reasonably deems to be relevant to the Market Value of the Collateral Pool PropertyProperties. Any operating statement required hereunder shall relate to the operations of the applicable Collateral Pool Property during the preceding calendar year. In addition to the Valuation, each Lender shall perform a re-valuation of any Collateral Pool Property(ies) upon Borrower's written request therefore, provided that (i) Borrower may not request that Lender perform a re-valuation of any Collateral Property more often than one (1) time in any calendar year, and (ii) such request shall be accompanied by (a) a fee equal to the greater of (1) the product of Five Hundred and NO/100 Dollars ($500.00) times the number of Collateral Pool Properties with respect to which Borrower has requested such re-valuation or (2) Three Thousand and NO/100 Dollars ($3,000.00), (b) a current rent roll and a trailing 12 twelve (12) month operating statement with respect to each Collateral Pool Property for which Borrower has requested a re-valuation, and (c) such additional information as Borrower reasonably deems to be relevant to the Market Value of each Collateral Pool Property for which Borrower has requested a re-valuation. Each such rent roll and operating statement shall be in such form and contain such detail as Lender may reasonably require; without limiting the foregoing, Lender may require that any such rent rolls and operating statements shall be certified by an Authorized Officer. In the event that a 12 month trailing operating statement is not available for the Collateral Pool Property because of when Borrower purchased the Collateral Pool Property, Borrower must deliver to the Servicer no later than January 1st a current rent roll (which will be no more than 30 days old) and no less than a 6 month trailing operating statement certified Officer and/or audited by an Authorized Officer. Lender may, in Lender’s sole discretion, use rent rolls and annualized operating statements for the purpose of determining the Market Value and/or Net Operating Income of the Collateral Pool Property. In addition to the Valuation conducted above, Borrower may request that Lender determine solely the Property DSCR every 6 months rather than annually, and if so requested by Lender, Borrower shall provide such rent rolls, operating statements and other financial information as requested by Lender. Notwithstanding anything contained in this Section 3.4.1, Borrower shall have the right, within 5 days of Borrower’s receipt of a Valuation Letter, to request that Lender obtain an appraisal of the Collateral Pool Property, at Borrower’s sole cost and expense, which appraisal must be prepared in accordance with Lender’s then applicable standards for appraisals and conducted by an appraiser independent accountant acceptable to Lender, provided, Lender shall not require audited rent rolls or operating statements more than once in Lender’s sole and absolute discretion. Such appraisal must be received by Lender within 30 days after such appraisal is ordered, and upon receipt of such appraisal within such 30 day any twelve (12) month period, Lender may, in Lender’s sole except if an Event of Default or Potential Default has occurred and absolute discretion, accept or reject the value established by such appraisal for the Collateral Pool Property. If Lender agrees to accept the value established by such appraisal for the Collateral Pool Property, such value shall be used by Lender for the purpose of determining the Valuation for the Collateral Pool Propertyis continuing.

Timing and Procedure of Valuation. In addition to any other provisions requiring a valuation hereunder, Lender will perform, in accordance with its then current underwriting policies, practices and procedures consistently applied, a valuation (the “Valuation”) to determine the then (i) Market Value and (ii) Net Operating Income of the each Collateral Pool Property, which Valuation will be performed (a) on the first date: (a) the date such Collateral Pool Property is added to the Collateral Pool, and(band (b) on or about March August 1st annually thereafter (“Anniversary Date”) and (c) at such other times as may be specified pursuant to the terms and provisions of this Agreement). On each Anniversary Date, in In connection with the Valuation, Borrower must shall deliver to Servicer by no later than January June 1st, a current rent roll (which will be no more than 30 days old) and trailing 12 month operating statement dated no later than the last day of September April with respect to the each Collateral Pool Property, each trailing 12 month operating statement to be certified by an Authorized Officer. In the event that a 12 month trailing operating statement is not available for the a Collateral Pool Property because of when Borrower purchased the such Collateral Pool Property, the Borrower must deliver to the Servicer no later than January June 1st a current rent roll (which will be no more than 30 days old) and no less than a 6 month trailing operating statement certified by an Authorized Officer. Officer in which event Lender may, in Lender’s sole discretion, use rent rolls and annualized annualize such operating statements for the purpose of determining the Market Value and/or Net Operating Income of the such Collateral Pool Property. In addition to the Valuation conducted above, Borrower Lender may request that Lender determine solely the Property DSCR every 6 months rather Borrower deliver additional current rent rolls (which shall be no more than 30 days old) more frequently than annually, and if so requested by Lender, Borrower shall provide deliver to Servicer such additional current rent rolls, operating statements and other financial information as requested by Lender. Notwithstanding anything contained in this Section 3.4.1, Borrower shall have the right, within 5 days of Borrower’s receipt of a Valuation Letter, to request that Lender obtain an appraisal of the Collateral Pool Property, at Borrower’s sole cost and expense, which appraisal must be prepared in accordance with Lender’s then applicable standards for appraisals and conducted each certified by an appraiser acceptable to LenderAuthorized Officer. Lender may elect, in Lender’s sole and absolute discretion. Such appraisal must be received by Lender within 30 days after such appraisal is ordered, and upon receipt of such appraisal within such 30 day period, Lender may, in Lender’s its sole and absolute discretion, accept to use any such additional current rent rolls for Valuation purposes but Lender has no obligation to do so. Without limiting the foregoing, each such rent roll and operating statement will be in such form and contain such detail as Lender may reasonably require and Lender may require that any such rent rolls and operating statements be verified by an independent party acceptable to Lender if Lender in its reasonable discretion believes the information contained therein is inaccurate or reject misleading. Lender will then notify the value established by such appraisal Borrower in writing (the “Valuation Letter”) of the Net Operating Income and Market Value for the Collateral Pool Property. If Lender agrees to accept the value established by such appraisal for the Collateral Pool Property, such value shall be used by Lender for the purpose of determining the Valuation for the each Collateral Pool Property.