Common use of Updated Appraisals Clause in Contracts

Updated Appraisals. In addition, the Agent shall have the right but not the obligation to require annual updated appraisals of any or all the Property and the Facilities, which appraisals shall be prepared by an appraiser or appraisers designated by the Agent and shall be in all respects reasonably acceptable to the Agent which appraisals shall include, if deemed necessary by the 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 Agent in all material respects. The release of such appraisal reports by the Agent to the Borrower shall be at the Agent's sole option if the Borrower has not paid the cost of such appraisal. If the Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower upon its signing of the Agent's standard appraisal release letter. The Borrower shall reimburse the Agent upon demand for all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, if either (i) such appraisal is required by law or banking regulation, (ii) an Event of Default has occurred under the Financing Documents, or (iii) the Agent has a good faith reason to believe a significant change in value has occurred in the Facility being appraised due to a material adverse change in the Facility's occupancy status or operating performance and such appraisal actually reflects such significant change.

Updated Appraisals. In addition, the Administrative Agent shall have the right but not the obligation to require annual updated appraisals of any 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 Borrower Borrowers shall be at the Administrative Agent's sole option if the Borrower has Borrowers have not paid the cost of such appraisal. If the Borrower has Borrowers have paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower Borrowers upon its their signing of the Administrative Agent's standard appraisal release letterletter provided an Event of Default has not occurred and is not continuing. The Borrower Borrowers shall reimburse the Administrative Agent upon demand for all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, if either (i) such appraisal is required by law or banking regulation, (ii) an Event event of Default default has occurred under the Financing Documents, or (iii) the Administrative Agent has a good faith reason to believe a significant change in value has occurred in the Facility being appraised due to a material an adverse change in the Facility's occupancy status or operating performance and such appraisal actually reflects such significant changeperformance.

Updated Appraisals. In additionBorrower agrees that the Required Lenders for any Series Loan, the Administrative Bank or the Collateral Agent shall have the right but not to obtain, at Borrower's expense, an updated appraisal of the obligation to require annual updated appraisals of any or all the Property Project being financed by such Series Loan, prepared in accordance with Section II.5. hereof and the Facilities, which appraisals shall be prepared by an appraiser or appraisers designated approved by the Administrative Bank's internal appraisal group, at least annually or more frequently at any time that (a) an Event of Default shall have occurred hereunder, (b) such Required Lenders, the Administrative Bank or the Collateral Agent and shall be in all respects reasonably acceptable to the Agent which appraisals shall include, if deemed necessary by the Agentdetermines, in its reasonable discretionopinion, updated discounted cash flow analysisthat the security for such Series Loan has been physically or financially impaired in any material manner, 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 Agent in all material respects. The release of such appraisal reports by the Agent to the Borrower shall be at the Agent's sole option if the Borrower has not paid the cost of such appraisal. If the Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower upon its signing of the Agent's standard appraisal release letter. The Borrower shall reimburse the Agent upon demand for all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, if either or (ic) such appraisal is required by law then current banking regulations. In the event that such Required Lenders, the Administrative Bank or banking regulationthe Collateral Agent shall elect to obtain such an appraisal, (ii) the Administrative Bank may immediately commission an appraiser acceptable to such Required Lenders, the Administrative Bank and the Collateral Agent at Borrower's cost and expense, to prepare the appraisal and Borrower shall fully cooperate with the Administrative Bank and the appraiser in obtaining the necessary information to prepare such appraisal. In the event that Borrower fails to cooperate with the Administrative Bank in obtaining such an appraisal or in the event that Borrower shall fail to pay for the cost of such appraisal and the Administrative Bank's internal appraisal fee of immediately upon demand, such event shall constitute an Event of Default has occurred under hereunder and the Financing Documents, or (iii) Administrative Bank shall be entitled to exercise all remedies available to it hereunder. In the Agent has a good faith reason to believe a significant change in value has occurred in the Facility being appraised due to a material adverse change in the Facility's occupancy status or operating performance and event that any such appraisal actually reflects shall determine that the outstanding principal balance of such significant changeSeries Loan is greater than the Maximum Loan Amount and Borrower fails to prepay, within ten (10) days after written notice from the Administrative Bank to Borrower, the outstanding principal balance of such Series Loan to the extent necessary to reduce said principal balance down to no more than the Maximum Loan Amount, such event shall constitute an Event of Default hereunder and Lenders, the Administrative Bank and Collateral Agent shall be entitled to exercise all remedies available to it hereunder. Any such prepayment shall not require the payment of the prepayment premium as described in Section I.8.

Updated Appraisals. In addition, the Agent Borrower agrees that Bank shall have the right but not to obtain, at Borrower’s expense, an updated appraisal of the obligation to require annual updated appraisals Project, prepared in accordance with Section 2.5 hereof, at any time that (a) Borrower gives notice of any election to extend the Maturity Date pursuant to Section 1.10 and Section 1.11 hereof, (b) an Event of Default shall have occurred and be continuing hereunder, or all (c) after the Property and the Facilities, which appraisals shall be prepared by occurrence of an appraiser or appraisers designated by the Agent and shall be in all respects reasonably acceptable to the Agent which appraisals shall include, if deemed necessary by the AgentEvent of Default Bank determines, in its reasonable sole discretion, updated discounted cash flow analysisthat the security for the Loan has been physically or financially impaired in any material manner, 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 Agent in all material respects. The release of such appraisal reports by the Agent to the Borrower shall be at the Agent's sole option if the Borrower has not paid the cost of such appraisal. If the Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower upon its signing of the Agent's standard appraisal release letter. The Borrower shall reimburse the Agent upon demand for all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, if either or (id) such appraisal is required by law then current banking laws or banking regulationregulations, or (e) a Material Adverse Occurrence has occurred as to Borrower or the Project. Without limitation of the foregoing, Bank may, at Bank’s expense, elect to obtain an appraisal from time to time regardless of whether any of the events described in (a) through (e) above have occurred. In the event that Bank shall elect to obtain an appraisal, Bank may immediately commission an appraiser acceptable to Bank, to prepare the appraisal. Borrower shall cooperate with Bank and the appraiser in obtaining the necessary information to prepare such appraisal. Borrower shall pay within fifteen (15) days of Borrower’s receipt of an invoice from Bank (i) the cost of such appraisal in those instances in which it is Borrower’s responsibility to pay for the appraisal, and (ii) Bank’s internal appraisal review fees. In the event that Bank shall determine from an appraisal that the Loan to Value Requirement is not satisfied after the occurrence of an Event of Default has occurred or in connection with the exercise of an extension of the Maturity Date under Section 1.10 and Section 1.11 of this Agreement, Borrower shall prepay the Financing DocumentsLoan, or within fifteen (iii15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the Agent has a good faith reason satisfaction of the Loan to believe a significant change in value has occurred in Value Requirement based on such appraisal. In the Facility being appraised due to a material adverse change in the Facility's occupancy status or operating performance and event such appraisal actually reflects is required by reason of the damage or destruction of a portion of the Project, the fair market value shall be calculated on the Project after restoration of the Improvements, but subject only to then existing Residential Leases, if any, which will remain in full force and effect following such significant changerestoration, and any funds collected from rent loss or from business interruption insurance coverage.

Updated Appraisals. In addition, the Administrative Agent shall have the right but not the obligation to require annual updated appraisals of any 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 Borrower Borrowers shall be at the Administrative Agent's sole option if the Borrower has Borrowers have not paid the cost of such appraisal. If the Borrower has Borrowers have paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower Borrowers upon its their signing of the Administrative Agent's standard appraisal release letterletter provided an Event of Default has not occurred and is not continuing. The Borrower Borrowers shall reimburse the Administrative Agent upon demand for all costs and expenses incurred by any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, if either (i) such appraisal is required by law or banking regulation, (ii) an Event event of Default default has occurred under the Financing Documents, or (iii) the Administrative Agent has a good faith reason to believe a significant change in value has occurred in the Facility being appraised due to a material an adverse change in the Facility's occupancy status or operating performance performance. Section7.29 Notification of Certain Events, Events of Default and such appraisal actually reflects such significant change.Adverse Developments. Promptly give written notice to the Administrative Agent who will forward a copy of the notice to the Lenders upon obtaining knowledge of the occurrence of any of the following:

Updated Appraisals. In addition, the Agent The Lender shall have the right but not the obligation to require annual an updated appraisals appraisal of any or all the Property and the Facilities, which Facility during the term of the Loan. All appraisals shall be prepared by an appraiser or appraisers designated by the Agent Lender and shall be in all respects reasonably acceptable to the Agent Lender which appraisals shall include, if deemed necessary by the AgentLender, in its reasonable sole discretion, updated discounted cash flow analysis, inspections of and commentary on the physical status of the applicable Facility and an engineering review. Each of such appraisals, when reviewed by the Lender, must indicate a value in the Property such that the sum of then current outstanding principal balance of the Loan does not exceed seventy five percent (75%) of the actual appraised value of the Property, as determined by the Lender. The basis of the appraisal calculations shown on such appraisal reports and all other aspects of the appraisal reports must be satisfactory to the Agent Lender in all material respects. The release of such appraisal reports by the Agent Lender to the Borrower shall be at the AgentLender's sole option if the Borrower has not paid the cost of such appraisal. If the Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrower upon its signing of the AgentLender's standard appraisal release letter. The Borrower shall reimburse the Agent Lender upon demand for all costs and expenses incurred by any of the Lenders Lender with respect to the preparation and review of all future appraisals required pursuant to the terms hereof; provided, if either however, the Grantor shall not be obligated to reimburse the Beneficiary for more than one (i1) such appraisal is required by law or banking regulation, (ii) an Event during the initial term of Default has occurred under the Financing Documents, or (iii) the Agent has a good faith reason to believe a significant change in value has occurred in the Facility being appraised due to a material adverse change in the Facility's occupancy status or operating performance and such appraisal actually reflects such significant changeLoan.