Appraised FMV definition

Appraised FMV shall have the meaning given to such term in Section 4.6(b) of the Facility Lease.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Appraised FMV means the appraised fair market value of the Leased Property, as determined by a Qualified Appraiser (as defined below), based on the assumption that the Leased Property will continue to be operated as a skilled nursing facility, assisted living facility or independent living facility, as applicable. The term “Qualified Appraiser” means an appraiser certified as an MAI appraiser or with equivalent certification, and mutually acceptable to Lessor and Lessee. In the event that Lessor and Lessee cannot reach agreement as to the Qualified Appraiser, Lessor and Lessee shall each choose a Qualified Appraiser who shall, within ten (10) business days of such selection meet and select a third Qualified Appraiser to determine the Apprised FMV; provided, however, Base Rent during the first Lease Year of the First Extended Term and the first Lease Year of the Second Extended Term shall not: (a) be less than the one hundred two percent (102%) of the Base Rent payable in the immediately preceding Lease Year; nor (b) increase by more than fifteen percent (15%) of the Base Rent payable during the immediately preceding Lease Year. The cost and expenses for each Qualified Appraiser shall be paid by Lessee. On the first anniversary of the First Extended Term, and on each anniversary thereafter during the First Extended Term, the Base Rent shall increase by two percent (2.0%) over the Base Rent in effect for the prior Lease Year. On the first anniversary of the Second Extended Term, and on each anniversary thereafter during the Second Extended Term, the Base Rent shall increase by two percent (2.0%) over the Base Rent in effect for the prior Lease Year.

Appraised FMV has the meaning set forth in Section 9.2(b) hereof.

Examples of Appraised FMV in a sentence

• In the event Membership Interests are being purchased, the valuation of the Membership Interests shall be based on the Appraised FMV and shall be determined as if the Company was being liquidated pursuant to Section 7.4(b).

• The Appraised FMV shall be calculated using the most recent FMV Appraisal provided hereunder for any Mortgaged Vessel or piece of equipment.

• The equipment listed on Schedule 3.25 will be included in Appraised FMV based on its appraised value, or in the case of such equipment that has not been appraised, its invoiced cost.

• Aggregate Exposure of all Lenders is not greater than 80.0% of the Appraised FMV as most recently determined in accordance with the provisions of this Agreement.

• Aggregate Exposure of all Lenders is not greater than 80.0% of the Appraised FMV.

More Definitions of Appraised FMV

Appraised FMV the sum of (i) fair market value “FMV Appraisal” of the Mortgaged Vessels as calculated by a recognized appraisal firm reasonably acceptable to the Administrative Agent plus (ii) the agreed to value of the Scheduled Collateral as set forth in Schedule 3.26.

Appraised FMV means the fair market value of the Project as determined by a qualified reputable appraiser chosen by the non-Failed Venturer provided that any such appraisal shall be approved by a bankruptcy court having proper jurisdiction where such approval is required by the court. The reasonable costs of such appraisal and any other costs incurred in connection with such appraisal and court approval shall be deducted from the price payable for the Failed Venturer's interest.