Common use of Updated Appraisals Clause in Contracts

Updated Appraisals. Borrower agrees that Lender shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, an updated Appraisal of any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that (a) an event of default shall have occurred hereunder, (b) Lender determines in its reasonable opinion that the security for the Project Loan for said Project has been physically or financially impaired in any material respect, or (c) such Appraisal is required by then current Governmental Requirements applicable to Lender. 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 an Appraisal. In the event that Borrower fails to cooperate with Lender in obtaining such an Appraisal, or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days following demand, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower agrees that Lender Administrative Agent shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, obtain an updated Appraisal of the Property from an appraiser approved by Administrative Agent at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, (b) Lender an Appraisal is required by the Loan Documents or then current banking regulations applicable to Administrative Agent, or (c) Administrative Agent determines in its reasonable opinion good faith that the security for the Project Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) and any such Appraisals shall be at Borrower’s expense; provided that Borrower shall not be required to pay for more than one Appraisal is required by then current Governmental Requirements applicable to Lenderper calendar year except upon the occurrence an Event of Default. In the event that Lender Administrative Agent shall elect to obtain such an Appraisal, Lender Administrative Agent may immediately commission an appraiser acceptable to Lender, at Borrower's cost and expense, Administrative Agent to prepare the Appraisal, such Appraisal and Borrower shall fully cooperate with Lender Administrative Agent and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails to cooperate with Lender Administrative Agent in obtaining such an Appraisal, Appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days Appraisal promptly following demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender Administrative Agent shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, once during at the term of each Development Project Loan and each Construction Project Loan, at Borrower's ’s expense, an updated Appraisal appraisal of the Plant and Premises from an appraiser approved by Lender at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, hereunder or (b) Lender determines in its reasonable opinion discretion that the security for the Project Loan for said Project Obligations has been physically or financially impaired in any material respect, or (c) such Appraisal is required by then current Governmental Requirements applicable to Lendermanner. In the event that Lender shall elect to obtain such an Appraisalappraisal, Lender may immediately commission an appraiser acceptable to Lender, at Borrower's cost and expense, the Lender to prepare the Appraisalappraisal and the Borrower shall, and Borrower shall after reasonable request therefor, fully cooperate with the Lender and the appraiser in obtaining the necessary information to prepare such an Appraisalappraisal. In the event that the Borrower fails fails, after reasonable request therefor, to cooperate with the Lender in obtaining such an Appraisal, appraisal or in the event that the Borrower shall fail to pay for the cost of such an Appraisalappraisal as soon as practicable, within but in no event later than ten (10) business days following after demand, such event shall constitute an event Event of default hereunder, Default hereunder and the Lender shall be entitled to exercise all remedies therefor available to it hereunder. In The Borrower agrees to deliver an updated appraisal of the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, Plant and Borrower fails to prepay, Premises from an appraiser approved by Lender within thirty (30) 60 days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunderClosing Date occurs.

Updated Appraisals. Borrower agrees that Lender Administrative Agent shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, obtain an updated Appraisal of the Property from an appraiser approved by Administrative Agent at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, (b) Lender an Appraisal is required by the Loan Documents or then current banking regulations applicable to Administrative Agent, or (c) Administrative Agent determines in its reasonable opinion good faith that the security for the Project Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) and any such Appraisals shall be at Borrower’s expense; provided that Borrower shall not be required to pay for more than one Appraisal is required by then current Governmental Requirements applicable to Lenderper Parcel per calendar year except upon the occurrence an Event of Default. In the event that Lender Administrative Agent shall elect to obtain such an Appraisal, Lender Administrative Agent may immediately commission an appraiser acceptable to Lender, at Borrower's cost and expense, Administrative Agent to prepare the Appraisal, such Appraisal and Borrower shall fully cooperate with Lender Administrative Agent and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails to cooperate with Lender Administrative Agent in obtaining such an Appraisal, Appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days Appraisal promptly following demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender Administrative Agent shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower Bxxxxxxx agrees that Lender Administrative Agent shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, obtain an updated Appraisal of the Property from an appraiser approved by Administrative Agent at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, (b) Lender an Appraisal is required by the Loan Documents or then current banking regulations applicable to Administrative Agent, or (c) Administrative Agent determines in its reasonable opinion good faith that the security for the Project Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) and any such Appraisals shall be at Borrower’s expense; provided that Borrower shall not be required to pay for more than one Appraisal is required by then current Governmental Requirements applicable to Lenderper Parcel per calendar year except upon the occurrence an Event of Default. In the event that Lender Administrative Agent shall elect to obtain such an Appraisal, Lender Administrative Agent may immediately commission an appraiser acceptable to Lender, at Borrower's cost and expense, Administrative Agent to prepare the Appraisal, such Appraisal and Borrower shall fully cooperate with Lender Administrative Agent and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower Bxxxxxxx fails to cooperate with Lender Administrative Agent in obtaining such an Appraisal, Appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days Appraisal promptly following demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender Administrative Agent shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower agrees that Lender In addition, the Administrative Agent shall have the right but not the obligation to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, an require annual updated Appraisal appraisals of any Project or all the Property and the Facilities, which appraisals shall be prepared by an appraiser or appraisers designated by the Administrative Agent and shall be in all respects reasonably acceptable to the Administrative Agent which appraisals shall include, if deemed necessary by the Administrative Agent, in its reasonable discretion, updated discounted cash flow analysis, inspections of and commentary on the physical status of the applicable Facility and an engineering review. The basis of the appraisal calculations shown on such appraisal reports and all other aspects of the appraisal reports must be satisfactory to the Administrative Agent in all material respects. The release of such appraisal reports by the Administrative Agent to the Borrowers shall be at the Administrative Agent's sole option if the Borrowers have not paid the cost of such appraisal. If the Borrowers have paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrowers upon their signing of the Administrative Agent's standard appraisal release letter provided an Event of Default has not occurred and is not continuing. The Borrowers shall reimburse the Administrative Agent upon 73 80 demand for which an Appraisal is all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required under pursuant to the terms hereof, acceptable to Lender's internal if either (i) such appraisal groupis required by law or banking regulation, in the event that (aii) an event of default shall have has occurred hereunder, (b) Lender determines in its reasonable opinion that under the security for the Project Loan for said Project has been physically or financially impaired in any material respectFinancing Documents, or (ciii) such Appraisal is required by then current Governmental Requirements applicable the Administrative Agent has reason to Lender. 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 believe a change in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails to cooperate with Lender in obtaining such an Appraisal, or value has occurred in the event that Borrower shall fail Facility being appraised due to pay for an adverse change in the cost of such an Appraisal, within ten (10) days following demand, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunderFacility's occupancy status or operating performance.

Updated Appraisals. Borrower agrees that Lender shall have the right to obtain, once during the term of the Loan as to each Phase of the Development Project Loan and as to each Construction Project Loan, at Borrower's expense, an updated Appraisal of any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that (a) an event of default shall have occurred hereunder, (b) Lender determines in its reasonable opinion that the security for the Project Loan for said Project has been physically or financially impaired in any material respect, or (c) such Appraisal is required by then current Governmental Requirements applicable to Lender. 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 an Appraisal. In the event that Borrower fails to cooperate with Lender in obtaining such an Appraisal, or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days following demand, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's ’s expense, an updated Appraisal of any Project for which an Appraisal is required under the terms hereof, acceptable MAI appraisal (in form and substance reasonably satisfactory to Lender's internal appraisal group, in ) of the event that Project from an appraiser approved by Lender at any time (a) that an event Event of default Default shall have occurred hereunder, or (b) Lender determines in its commercially reasonable opinion discretion that the security for the Project Loan for said Project Obligations has been physically or financially impaired in any material respectmanner, or (c) such Appraisal is required by then current Governmental Requirements applicable to Lenderor Final Completion of the Project. In the event that Lender shall elect to obtain such an Appraisalappraisal, Lender may immediately commission an appraiser acceptable to Lender, at Borrower's cost and expense, Lender to prepare the Appraisal, appraisal and Borrower shall shall, after reasonable request therefor, fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such an Appraisalappraisal. In the event that Borrower fails fails, after reasonable request therefor, to cooperate with Lender in obtaining such an Appraisal, appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisalappraisal as soon as practicable, within but in no event later than ten (10) business days following after demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In Notwithstanding the foregoing, unless otherwise required by applicable law or regulation, in the event that any Lender receives the results of such Appraisal shall conclude that an appraisal in another capacity (such as a lender or participant under the Revolving Loan to Value Ratio for any Project is greater than that required hereunder for a particular ProjectDocuments), and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to not separately exercise all remedies therefor available to it hereunderits rights under this Section.

Updated Appraisals. Borrower agrees that Lender In addition, the Administrative Agent shall have the right but not the obligation to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, an require annual updated Appraisal appraisals of any Project or all the Property and the Facilities, which appraisals shall be prepared by an appraiser or appraisers designated by the Administrative Agent and shall be in all respects reasonably acceptable to the Administrative Agent which appraisals shall include, if deemed necessary by the Administrative Agent, in its reasonable discretion, updated discounted cash flow analysis, inspections of and commentary on the physical status of the applicable Facility and an engineering review. The basis of the appraisal calculations shown on such appraisal reports and all other aspects of the appraisal reports must be satisfactory to the Administrative Agent in all material respects. The release of such appraisal reports by the Administrative Agent to the Borrowers shall be at the Administrative Agent's sole option if the Borrowers have not paid the cost of such appraisal. If the Borrowers have paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrowers upon their signing of the Administrative Agent's standard appraisal release letter provided an Event of Default has not occurred and is not continuing. The Borrowers shall reimburse the Administrative Agent upon demand for which an Appraisal is all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required under pursuant to the terms hereof, acceptable to Lender's internal if either (i) such appraisal groupis required by law or banking regulation, in the event that (aii) an event of default shall have has occurred hereunder, (b) Lender determines in its reasonable opinion that under the security for the Project Loan for said Project has been physically or financially impaired in any material respectFinancing Documents, or (ciii) such Appraisal is required by then current Governmental Requirements applicable the Administrative Agent has reason to Lender. 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 believe a change in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails to cooperate with Lender in obtaining such an Appraisal, or value has occurred in the event that Borrower shall fail Facility being appraised due to pay for an adverse change in the cost of such an Appraisal, within ten (10) days following demand, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunderFacility's occupancy status or operating performance.

Updated Appraisals. Borrower agrees that Lender shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, obtain an updated Appraisal of the Property from an appraiser approved by Lender at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, (b) an Appraisal is required by then current banking regulations applicable to Lender, or (c) Lender determines in its reasonable opinion good faith that the security for the Project Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) and any such Appraisals shall be at Borrower’s expense; provided that Borrower shall not be required to pay for more than one Appraisal is required by then current Governmental Requirements applicable to Lenderper calendar year except upon the occurrence and during the continuance of an Event of Default. 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, Lender to prepare the Appraisal, such Appraisal and Borrower shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails to cooperate with Lender in obtaining such an Appraisal, Appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days following Appraisal immediately upon demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Borrower agrees that Lender the Required Lenders for any Series Loan, the Administrative Bank or the Collateral Agent shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, an updated Appraisal appraisal of any the Project for which an Appraisal is required under being financed by such Series Loan, prepared in accordance with Section II.5. hereof and approved by the terms hereof, acceptable to LenderAdministrative Bank's internal appraisal group, in the event at least annually or more frequently at any time that (a) an event Event of default Default shall have occurred hereunder, (b) Lender determines such Required Lenders, the Administrative Bank or the Collateral Agent determines, in its reasonable opinion opinion, that the security for the Project such Series Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) such Appraisal appraisal is required by then current Governmental Requirements applicable to Lenderbanking regulations. In the event that Lender such Required Lenders, the Administrative Bank or the Collateral Agent shall elect to obtain such an Appraisalappraisal, Lender the Administrative Bank may immediately commission an appraiser acceptable to Lendersuch Required Lenders, the Administrative Bank and the Collateral Agent at Borrower's cost and expense, to prepare the Appraisal, appraisal and Borrower shall fully cooperate with Lender the Administrative Bank and the appraiser in obtaining the necessary information to prepare such an Appraisalappraisal. In the event that Borrower fails to cooperate with Lender the Administrative Bank in obtaining such an Appraisal, appraisal or in the event that Borrower shall fail to pay for the cost of such an Appraisal, within ten (10) days following appraisal and the Administrative Bank's internal appraisal fee of immediately upon demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender the Administrative Bank shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal appraisal shall conclude determine that the outstanding principal balance of such Series Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, the Maximum Loan Amount and Borrower fails to prepay, within thirty ten (3010) days after written notice from Lender the Administrative Bank to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, such Series Loan to the extent necessary to reduce the Loan to Value Ratio said principal balance down to that required hereunderno more than the Maximum Loan Amount, such event shall constitute an event Event of default hereunderDefault hereunder and Lenders, the Administrative Bank and Lender Collateral Agent shall be entitled to exercise all remedies therefor available to it hereunder. Any such prepayment shall not require the payment of the prepayment premium as described in Section I.8.

Updated Appraisals. Each Borrower agrees that Lender shall have the right to obtain, once during the term of each Development Project Loan and each Construction Project Loan, at Borrower's expense, obtain an updated Appraisal of each Hotel Property from an appraiser approved by Lender at any Project for which an Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that time (a) that an event Event of default Default shall have occurred hereunder, (b) an Appraisal is required by then current banking regulations applicable to Lender, or (c) Lender determines in its reasonable opinion good faith that the any security for the Project Loan for said Project has been physically or financially impaired in any material respectmanner, or (c) and any such Appraisals shall be at Borrowers’ expense; provided that Borrowers shall not be required to pay for more than one Appraisal is required by then current Governmental Requirements applicable to Lenderper calendar year except upon the occurrence and during the continuance of an Event of Default. 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, Lender to prepare the Appraisal, such Appraisal and Borrower Borrowers shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails Borrowers fail to cooperate with Lender in obtaining such an Appraisal, Appraisal or in the event that Borrower Borrowers shall fail to pay for the cost of such an Appraisal, within ten (10) days following Appraisal immediately upon demand, such event shall constitute an event Event of default hereunder, Default hereunder and Lender shall be entitled to exercise all remedies therefor available to it hereunder. In the event that any such Appraisal shall conclude that the Loan to Value Ratio for any Project is greater than that required hereunder for a particular Project, and Borrower fails to prepay, within thirty (30) days after written notice from Lender to Borrower, the outstanding principal balance of the Project Loan, including any amounts which Lender is obligated to Fund, to the extent necessary to reduce the Loan to Value Ratio down to that required hereunder, such event shall constitute an event of default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.