Updated Appraisal Sample Clauses
The Updated Appraisal clause establishes the process for obtaining a new or revised valuation of an asset, property, or business interest during the term of an agreement. Typically, this clause outlines when and how an updated appraisal should be conducted, who is responsible for selecting the appraiser, and how the results will be used—such as adjusting purchase prices, rent, or insurance coverage. Its core function is to ensure that all parties have an accurate and current valuation, thereby reducing disputes and ensuring fair treatment based on up-to-date information.
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Updated Appraisal. Agent shall have the right to order new Appraisals of the Property from time to time. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such Appraisals and a fee for Agent’s review of each Appraisal; provided, however, that Borrower’s obligation to pay such cost and expense shall be limited to one Appraisal of the Property every two (2) years, unless the Appraisal is ordered after the occurrence of an Event of Default, is required by any Legal Requirement or is required hereunder in connection with the election of Borrower to extend the term of the Loan for the Extension Period.
Updated Appraisal. In the event of the occurrence of a Default or Event of Default or if at any time an appraisal of the Collateral prepared in compliance with FIRREA is determined to be necessary by Agent Bank or Requisite Lenders, Borrowers agree to pay all reasonable fees, costs and expenses incurred by Agent Bank in connection with the engagement and preparation of such appraisal. Borrowers shall not be obligated to pay for more than one of such appraisals.
Updated Appraisal. Upon reasonable request of Lender, Borrower, at its cost and expense, further agrees to furnish Lender with an updated appraisal of the Mortgaged Property and a certificate from Title setting forth all owners of and encumbrances on the Mortgaged Property, provided that Borrower will not be required to provide such appraisal and such certificate more than once in any twelve (12) month period. Any updated appraisal must be prepared by an appraiser approved by Lender and the appraisal must be prepared in a manner reasonably acceptable to Lender and in accordance with all applicable laws.
Updated Appraisal. Borrower shall comply with its covenants set forth in the Section of the Building Loan Agreement that corresponds to this Section.
Updated Appraisal. That upon the occurrence of a default or at anytime during which a default continues, as and when requested by Mortgagee, Mortgagor shall, at its sole cost and expense, deliver to Mortgagee, a current appraisal of the Mortgaged Premises, in form and substance satisfactory to Mortgagee in its reasonable discretion, prepared by an appraiser satisfactory to Mortgagee in its reasonable discretion. Such appraisal shall be for the benefit of Mortgagee and shall be the exclusive property of Mortgagee.
Updated Appraisal. Agent shall have the right to order new appraisals of the Property from time to time, and Borrower agrees to promptly cooperate with Agent in obtaining such appraisals. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such appraisals and a fee for Agent’s review of each appraisal (such fee not to exceed $1,500 per appraisal); provided, however, that Borrower’s obligation to pay such costs and expenses shall only be applicable if such appraisal (a) is ordered in connection with a Secondary Market Transaction or during the continuance of an Event of Default or (b) is required by any Legal Requirement (including, without limitation, any bank or lender policy promulgated to comply therewith).
Updated Appraisal. A. At the Borrower's request, the Lender has retained Great American Group (the "APPRAISER") to update the most recent appraisal of the Borrowers' Inventory. The Borrowers shall communicate directly with the Appraiser; provide the Appraiser with access to the Borrowers' business locations, books and records, and officers and employees; provide the Appraiser with whatever business, financial, and other information that the Appraiser may reasonably require; and generally cooperate with and assist the Appraiser in the performance of its undertakings. The Lender shall provide the results of the updated appraisal to the Borrowers, upon their request, provided that (x) the Borrowers execute and deliver to the Lender an appropriate acknowledgment, in form and substance reasonably satisfactory to the Lender, and (y) the Appraiser consents to such disclosure to the Borrowers.
B. The cost of obtaining the updated appraisal shall be borne by the Borrowers. The Borrowers shall promptly reimburse the Lender for all costs, expenses, and fees incurred by the Lender in connection therewith. The Lender is hereby authorized to pay the Appraiser's fees and reimbursable expenses by making advances under the Revolving Credit from time to time, whether or not sufficient Availability exists therefor, and whether or not the Lender is otherwise making loans and advances to the
C. The Lender may obtain further appraisals of the Borrowers' Inventory from time to time, as the Lender, in its sole and exclusive discretion, may determine are necessary and/or appropriate. The Lender may immediately implement the results of the updated appraisal referenced above or any new appraisal by restating the Borrowing Base, as provided in Part 2, Section III (A), below.
Updated Appraisal. Upon the written request of Lender, Borrower shall promptly reimburse Lender for the cost of an updated FIRREA appraisal of the Property as Lender may require, in form and substance and conducted by an appraiser satisfactory to Lender and its internal appraisal staff in all respects; provided, however, that Borrower shall not be required to reimburse Lender for an updated FIRREA appraisal of the Property except in connection with the election of Borrower to extend the term of the Loan in accordance with Section 2.1.13 or if such updated FIRREA appraisal is obtained by Lender in connection with an Event of Default; and provided, further, that Borrower’s obligation to pay for an appraisal hereunder shall not be duplicative of any obligation of Borrower to pay for an appraisal as provided in Section 4.1.12 of the Senior Loan Agreement, Section 4.1.12 of the Building Loan Agreement or as provided in the Mezzanine Loan Documents.
Updated Appraisal. The value of any Facility, as determined by the Agent based on its review of an updated appraisal provided pursuant to Section 7.27, is less than that required pursuant to the terms hereof; provided, however, that the Borrowers shall have three (3) days to cure such Default after notice thereof by the Agent.
Updated Appraisal. Agent shall have the right to order new Appraisals of the Property from time to time. Borrower hereby agrees, upon demand, to pay to Agent the cost and expense for such Appraisals and a fee for Agent’s review of each Appraisal; provided, however, that Borrower’s obligation to pay such cost and expense shall be limited to one Appraisal of the Property every two (2) years, unless the Appraisal (a) is ordered after the occurrence and during the continuance of an Event of Default, (b) is ordered at such time as the Loan is being administered by the special credits unit, or (c) is required by any Legal Requirement.