Common use of Updated Appraisals Clause in Contracts

Updated Appraisals. Each Borrower agrees that Lender shall have the right to obtain an updated Appraisal of each Hotel Property from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, (b) an Appraisal is required by then current banking regulations applicable to Lender, or (c) Lender determines in good faith that any security for the Loan has been physically or financially impaired in any material manner, and any such Appraisals shall be at Borrowers’ expense; provided that Borrowers shall not be required to pay for more than one Appraisal per calendar year except upon the occurrence and during the continuance of an Event of Default. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender to prepare such Appraisal and Borrowers shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrowers fail to cooperate with Lender in obtaining such an Appraisal or in the event that Borrowers shall fail to pay for the cost of such Appraisal immediately upon demand, such event shall constitute an Event of Default hereunder and Lender shall be entitled to exercise all remedies available to it hereunder.

Updated Appraisals. Each Borrower agrees that Lender Administrative Agent shall have the right to obtain an updated Appraisal of each Hotel the Property from an appraiser approved by Lender Administrative Agent at any time (a) that an Event of Default shall have occurred hereunder, (b) an Appraisal is required by the Loan Documents or then current banking regulations applicable to LenderAdministrative Agent, or (c) Lender Administrative Agent determines in good faith that any the security for the Loan has been physically or financially impaired in any material manner, and any such Appraisals shall be at Borrowers’ Borrower’s expense; provided that Borrowers Borrower shall not be required to pay for more than one Appraisal per Parcel per calendar year except upon the occurrence and during the continuance of an Event of Default. In the event that Lender Administrative Agent shall elect to obtain such an Appraisal, Lender Administrative Agent may immediately commission an appraiser acceptable to Lender Administrative Agent to prepare such Appraisal and Borrowers Borrower shall fully cooperate with Lender Administrative Agent and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrowers fail Borrower fails to cooperate with Lender Administrative Agent in obtaining such an Appraisal or in the event that Borrowers Borrower shall fail to pay for the cost of such Appraisal immediately upon promptly following demand, such event shall constitute an Event of Default hereunder and Lender Administrative Agent shall be entitled to exercise all remedies available to it hereunder.

Updated Appraisals. Each Borrower agrees that Lender shall have the right to obtain obtain, once during the term of the Loan as to each Phase of the Development Project and as to each Construction Project Loan, at Borrower's expense, an updated Appraisal of each Hotel Property from any Project for which an appraiser approved by Lender at any time Appraisal is required under the terms hereof, acceptable to Lender's internal appraisal group, in the event that (a) that an Event event of Default default shall have occurred hereunder, (b) an Appraisal is required by then current banking regulations applicable to Lender, or (c) Lender determines in good faith its reasonable opinion that any the security for the Project Loan for said Project has been physically or financially impaired in any material mannerrespect, and any or (c) such Appraisals shall be at Borrowers’ expense; provided that Borrowers shall not be Appraisal is required by then current Governmental Requirements applicable to pay for more than one Appraisal per calendar year except upon the occurrence and during the continuance of an Event of DefaultLender. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender Lender, at Borrower's cost and expense, to prepare such Appraisal the Appraisal, and Borrowers Borrower shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrowers fail Borrower fails to cooperate with Lender in obtaining such an Appraisal Appraisal, or in the event that Borrowers Borrower shall fail to pay for the cost of such Appraisal immediately upon an Appraisal, within ten (10) days following demand, such event shall constitute an Event event of Default hereunder default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.

Updated Appraisals. Each Borrower B▇▇▇▇▇▇▇ agrees that Lender Administrative Agent shall have the right to obtain an updated Appraisal of each Hotel the Property from an appraiser approved by Lender Administrative Agent at any time (a) that an Event of Default shall have occurred hereunder, (b) an Appraisal is required by the Loan Documents or then current banking regulations applicable to LenderAdministrative Agent, or (c) Lender Administrative Agent determines in good faith that any the security for the Loan has been physically or financially impaired in any material manner, and any such Appraisals shall be at Borrowers’ Borrower’s expense; provided that Borrowers Borrower shall not be required to pay for more than one Appraisal per Parcel per calendar year except upon the occurrence and during the continuance of an Event of Default. In the event that Lender Administrative Agent shall elect to obtain such an Appraisal, Lender Administrative Agent may immediately commission an appraiser acceptable to Lender Administrative Agent to prepare such Appraisal and Borrowers Borrower shall fully cooperate with Lender Administrative Agent and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrowers fail B▇▇▇▇▇▇▇ fails to cooperate with Lender Administrative Agent in obtaining such an Appraisal or in the event that Borrowers Borrower shall fail to pay for the cost of such Appraisal immediately upon promptly following demand, such event shall constitute an Event of Default hereunder and Lender Administrative Agent shall be entitled to exercise all remedies available to it hereunder.