Common use of Updated Appraisals Clause in Contracts

Updated Appraisals. Borrower agrees that Bank shall have the right to obtain, at Borrower’s expense, an updated appraisal of the 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 (c) after the occurrence of an Event of Default Bank determines, in its sole discretion, that the security for the Loan has been physically or financially impaired in any material manner, or (d) such appraisal is required by then current banking laws or regulations, 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 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 Loan, within fifteen (15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the satisfaction of the Loan to Value Requirement based on such appraisal. In the event such appraisal 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 restoration, and any funds collected from rent loss or from business interruption insurance coverage.

Updated Appraisals. Borrower agrees that Bank In addition, the Administrative Agent shall have the right but not the obligation to obtainrequire annual updated appraisals of any or all the Property and the Facilities, at Borrower’s expensewhich 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, an if deemed necessary by the Administrative Agent, in its reasonable discretion, updated appraisal discounted cash flow analysis, inspections of and commentary on the physical status of the Projectapplicable 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, prepared in accordance with Section 2.5 hereof, at any time that (a) Borrower gives notice a copy of any election the appraisal will be provided to extend the Maturity Date pursuant to Section 1.10 and Section 1.11 hereof, (b) Borrowers upon their signing of the Administrative Agent's standard appraisal release letter provided an Event of Default shall have has not occurred and be continuing hereunderis not continuing. The 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, or if either (c) after the occurrence of an Event of Default Bank determines, in its sole discretion, that the security for the Loan has been physically or financially impaired in any material manner, or (di) such appraisal is required by then current law or banking laws or regulationsregulation, (ii) an event of default has occurred under the Financing Documents, or (eiii) the Administrative Agent has reason to believe a Material Adverse Occurrence change in value has occurred as in the Facility being appraised due to Borrower an adverse change in the Facility's occupancy status or operating performance. Section7.29 Notification of Certain Events, Events of Default and Adverse Developments. Promptly give written notice to the Project. Without limitation Administrative Agent who will forward a copy of the foregoing, Bank may, at Bank’s expense, elect notice to obtain an appraisal from time to time regardless the Lenders upon obtaining knowledge of whether the occurrence of 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 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 Loan, within fifteen (15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the satisfaction of the Loan to Value Requirement based on such appraisal. In the event such appraisal 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 restoration, and any funds collected from rent loss or from business interruption insurance coverage.following:

Updated Appraisals. Borrower agrees that Bank In addition, the Agent shall have the right but not the obligation to obtain, at Borrower’s expense, an require annual updated appraisal of the Project, prepared in accordance with Section 2.5 hereof, at any time that (a) Borrower gives notice appraisals of any election 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 extend the Maturity Date pursuant to Section 1.10 and Section 1.11 hereofAgent which appraisals shall include, (b) an Event of Default shall have occurred and be continuing hereunder, or (c) after if deemed necessary by the occurrence of an Event of Default Bank determinesAgent, in its sole reasonable discretion, that updated discounted cash flow analysis, inspections of and commentary on the security 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 Loan has been physically or financially impaired in any material mannerLenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereof, or if either (di) such appraisal is required by then current law or banking laws or regulationsregulation, 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 under the Financing Documents, or (iii) the Agent has a good faith reason to believe a significant change in connection with value has occurred in the exercise of an extension of Facility being appraised due to a material adverse change in the Maturity Date under Section 1.10 Facility's occupancy status or operating performance and Section 1.11 of this Agreement, Borrower shall prepay the Loan, within fifteen (15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the satisfaction of the Loan to Value Requirement based on such appraisal. In the event such appraisal 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 actually reflects such restoration, and any funds collected from rent loss or from business interruption insurance coveragesignificant change.

Updated Appraisals. Borrower agrees that Bank The Lender shall have the right but not the obligation to obtain, at Borrower’s expense, require an updated appraisal of the ProjectProperty and the Facility during the term of the Loan. All appraisals shall be prepared by an appraiser or appraisers designated by the Lender and shall be in all respects acceptable to the Lender which appraisals shall include, prepared in accordance with Section 2.5 hereof, at any time that (a) Borrower gives notice of any election to extend if deemed necessary by 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 (c) after the occurrence of an Event of Default Bank determinesLender, in its sole discretion, updated discounted cash flow analysis, inspections of and commentary on the physical status of the Facility and an engineering review. Each of such appraisals, when reviewed by the Lender, must indicate a value in the Property such that the security for sum of then current outstanding principal balance of the Loan has been physically or financially impaired in any material mannerdoes not exceed seventy five percent (75%) of the actual appraised value of the Property, or (d) as determined by the Lender. The basis of the appraisal calculations shown on such appraisal is required by then current banking laws or regulations, or (e) a Material Adverse Occurrence has occurred as to Borrower or the Project. Without limitation reports and all other aspects of the foregoing, Bank may, at Bank’s expense, elect appraisal reports must be satisfactory to obtain an the Lender in all respects. The release of such appraisal from time reports by the Lender 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 be at the appraiser in obtaining Lender's sole option if the necessary information to prepare such appraisal. Borrower shall pay within fifteen (15) days of Borrower’s receipt of an invoice from Bank (i) has not paid the cost of such appraisal in those instances in which it is Borrower’s responsibility to pay for appraisal. If the Borrower has paid the cost of 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 or in connection with the exercise of an extension a copy of the Maturity Date under Section 1.10 and Section 1.11 appraisal will be provided to the Borrower upon its signing of this Agreement, the Lender's standard appraisal release letter. The Borrower shall prepay reimburse the Lender upon demand for all costs and expenses incurred by the Lender with respect to the preparation and review of all future appraisals required pursuant to the terms hereof; provided, however, the Grantor shall not be obligated to reimburse the Beneficiary for more than one (1) appraisal during the initial term of the Loan, within fifteen (15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the satisfaction of the Loan to Value Requirement based on such appraisal. In the event such appraisal 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 restoration, and any funds collected from rent loss or from business interruption insurance coverage.

Updated Appraisals. Borrower agrees that the Required Lenders for any Series Loan, the Administrative Bank or the Collateral Agent shall have the right to obtain, at Borrower’s 's expense, an updated appraisal of the ProjectProject being financed by such Series Loan, prepared in accordance with Section 2.5 hereofII.5. hereof and approved by the Administrative Bank's internal appraisal group, at least annually or more frequently 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, (b) such Required Lenders, the Administrative Bank or (c) after the occurrence of an Event of Default Bank Collateral Agent determines, in its sole discretionreasonable opinion, that the security for the such Series Loan has been physically or financially impaired in any material manner, or (dc) such appraisal is required by then current banking laws or regulations, 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 such Required Lenders, the Administrative Bank or the Collateral Agent shall elect to obtain such an appraisal, the Administrative Bank may immediately commission an appraiser acceptable to Banksuch 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 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 within fifteen (15) days of Borrower’s receipt of an invoice from Bank (i) for the cost of such appraisal in those instances in which it is Borrower’s responsibility to pay for and the appraisal, and (ii) Administrative Bank’s 's internal appraisal review feesfee of immediately upon demand, such event shall constitute an Event of Default hereunder and the Administrative Bank shall be entitled to exercise all remedies available to it hereunder. In the event that Bank any such appraisal shall determine from an appraisal that the outstanding principal balance of such Series Loan is greater than the Maximum Loan Amount and Borrower fails to Value Requirement is not satisfied after the occurrence of an Event of Default 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 Loanprepay, within fifteen ten (1510) days after written notice from the Administrative Bank to Borrower, in the outstanding principal balance of such amount as is Series Loan to the extent necessary to cause reduce said principal balance down to no more than the satisfaction 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 Loan to Value Requirement based on such appraisal. In the event such appraisal 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 prepayment premium as described in full force and effect following such restoration, and any funds collected from rent loss or from business interruption insurance coverageSection I.8.

Updated Appraisals. Borrower agrees that Bank In addition, the Administrative Agent shall have the right but not the obligation to obtainrequire annual updated appraisals of any or all the Property and the Facilities, at Borrower’s expensewhich 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, an if deemed necessary by the Administrative Agent, in its reasonable discretion, updated appraisal discounted cash flow analysis, inspections of and commentary on the physical status of the Projectapplicable 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, prepared in accordance with Section 2.5 hereof, at any time that (a) Borrower gives notice a copy of any election the appraisal will be provided to extend the Maturity Date pursuant to Section 1.10 and Section 1.11 hereof, (b) Borrowers upon their signing of the Administrative Agent's standard appraisal release letter provided an Event of Default shall have has not occurred and be continuing hereunderis not continuing. The 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, or if either (c) after the occurrence of an Event of Default Bank determines, in its sole discretion, that the security for the Loan has been physically or financially impaired in any material manner, or (di) such appraisal is required by then current law or banking laws or regulationsregulation, (ii) an event of default has occurred under the Financing Documents, or (eiii) the Administrative Agent has reason to believe a Material Adverse Occurrence change in value has occurred as in the Facility being appraised due to Borrower an adverse change in the Facility's occupancy status 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 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 Loan, within fifteen (15) days after written notice from Bank to Borrower, in such amount as is necessary to cause the satisfaction of the Loan to Value Requirement based on such appraisal. In the event such appraisal 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 restoration, and any funds collected from rent loss or from business interruption insurance coverageoperating performance.