Common use of Right to Obtain Appraisals Clause in Contracts

Right to Obtain Appraisals. The Agent on behalf of the Banks shall have the right to obtain from time to time, at the Borrower's cost and expense, updated Appraisals of the Project which will be ordered by the Agent, provided that so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall only be obligated to pay for the costs and expenses associated with one such Appraisal during any twenty-four (24) month period. The costs and expenses incurred by the Agent in obtaining such Appraisals shall be paid by the Borrower forthwith upon billing or request by the Agent for reimbursement therefor.