Common use of Initial Appraisal Clause in Contracts

Initial Appraisal. The Property was appraised by __, a Qualified Appraiser (defined below), at Guarantor’s sole cost, (such appraisal being the “Initial Appraisal”) in the amount of $ . A copy of the Initial Appraisal is attached hereto as Exhibit B. The resale value of the Property, as determined by the Initial Appraisal, shall be referred to herein as the “Base Value”.