Common use of Updated Appraisals Clause in Contracts

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 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 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 Administrative Agent has reason to believe a change in value has occurred in the Facility being appraised due to 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 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 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 Borrowers Borrower shall be at the Administrative Agent's sole option if the Borrowers have Borrower has not paid the cost of such appraisal. If the Borrowers have Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrowers Borrower upon their its signing of the Administrative Agent's standard appraisal release letter provided an Event of Default has not occurred and is not continuingletter. The Borrowers Borrower 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 an a material adverse change in the Facility's occupancy status or operating performance. Section7.29 Notification of Certain Events, Events of Default performance and 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:such appraisal actually reflects such significant change.

Updated Appraisals. In addition, the Administrative 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 Administrative Agent Lender and shall be in all respects reasonably acceptable to the Administrative Agent Lender which appraisals shall include, if deemed necessary by the Administrative 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 Administrative Agent Lender in all material respects. The release of such appraisal reports by the Administrative Agent Lender to the Borrowers Borrower shall be at the Administrative AgentLender's sole option if the Borrowers have Borrower has not paid the cost of such appraisal. If the Borrowers have Borrower has paid the cost of the appraisal, a copy of the appraisal will be provided to the Borrowers Borrower upon their its signing of the Administrative AgentLender's standard appraisal release letter provided an Event of Default has not occurred and is not continuingletter. The Borrowers Borrower shall reimburse the Administrative 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 of default has occurred under during the Financing Documents, or (iii) the Administrative Agent has reason to believe a change in value has occurred in the Facility being appraised due to 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 Administrative Agent who will forward a copy initial term of the notice to the Lenders upon obtaining knowledge of the occurrence of any of the following:Loan.

Updated Appraisals. In addition, the Administrative 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 or all election to extend the Property Maturity Date pursuant to Section 1.10 and the FacilitiesSection 1.11 hereof, 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 (b) an Event of Default has not shall have occurred and is not continuing. The Borrowers shall reimburse be continuing hereunder, or (c) after the Administrative Agent upon demand occurrence of an Event of Default Bank determines, in its sole discretion, that the security for all costs and expenses incurred by the Loan has been physically or financially impaired in any of the Lenders with respect to the preparation and review of all future appraisals required pursuant to the terms hereofmaterial manner, 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 event of default has occurred under appraisal that the Financing Documents, or (iii) the Administrative Agent has reason Loan to believe a change in value has occurred in the Facility being appraised due to 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 Administrative Agent who will forward a copy of the notice to the Lenders upon obtaining knowledge of Value Requirement is not satisfied after the occurrence of any an Event of Default or in connection with the exercise of an extension of the following: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.