Common use of Exit Fees Clause in Contracts

Exit Fees. Notwithstanding anything contained herein to the contrary, in the event of (a) a sale of the Project to, or refinancing with, a third party, or (b) any other repayment of the Loan, Borrower shall pay to Lender an exit fee equal to the amount required to provide Lender with a fourteen percent (14%) annual rate of return, based on cumulative, non-compounded interest, on the $12,153,000.00 Loan amount (after taking into account previously received interest by Lender) (such fee being referred to herein as the “Exit Fee”). No such Exit Fee will be required to be paid to Lender if Lender or a wholly owned direct or indirect subsidiary of the Lender acquires the Project any time during the term of the Loan.

Exit Fees. Notwithstanding anything contained herein to the contrary, in the event of (a) a sale of the Project to, or refinancing with, a third party, or (b) any other repayment of the Loan, Borrower shall pay to Lender an exit fee equal to the amount required to provide Lender with a fourteen percent (14%) annual rate of return, based on cumulative, non-compounded interest, on the $12,153,000.00 6,103,027.00 Loan amount (after taking into account previously received interest by Lender) ); (such fee being referred to herein as the “Exit Fee”). No such Exit Fee will be required to be paid to Lender if Lender or a wholly owned direct or indirect subsidiary of the Lender acquires the Project any time during the term of the Loan.

Exit Fees. Notwithstanding anything contained herein to the contrary, in the event of (a) a sale of the Project to, or refinancing with, a third party, or (b) any other repayment of the Loan, Borrower shall pay to Lender an exit fee equal to the amount required to provide Lender with a fourteen percent (14%) annual rate of return, based on cumulative, non-compounded interest, on the $12,153,000.00 10,000,000.00 Loan amount (after taking into account previously received interest by Lender) (such fee being referred to herein as the “Exit Fee”). No such Exit Fee will be required to be paid to Lender if Lender or a wholly owned direct or indirect subsidiary of the Lender acquires the Project any time during the term of the Loan.