Approved Appraisal

Approved Appraisal. Shall mean an appraisal of the Project (i) ordered by the Lender, (ii) prepared by an appraiser satisfactory to the Lender, (iii) prepared in accordance with the requirements of Section 3.3, (iv) in compliance with all federal and state standards for appraisals, (v) reviewed and approved by the Lender and (vi) in a form and substance satisfactory to the Lender in its sole discretion.