APPRAISAL VALUE (AV)/ MORTGAGE VALUE (MOV):

This is obtained in accordance with the criteria set forth in the regulations in force. In particular, for the purposes of the mortgage loan, the AV and MoV are equivalent and are determined, without exceeding the MLV in any case when one exists, in the following manner (except in special cases):

	a) For properties under construction or refurbishment works, the GRV.
	b) For properties constructed and linked with a financial activity, the lesser of the MV, adjusted if applicable, the UV and the GRV.
	c) For properties constructed and leased or intended for lease, the lesser of the MV, adjusted if applicable, and the UV.
	d) For any other properties, the MV, adjusted if applicable.