Extension of the Initial Maturity Date. Borrower shall have the option to extend the term of the Loan beyond the Initial Maturity Date for a term of twelve (12) months in accordance with the terms of this Section 2.7.
Appears in 1 contract
Sources: Mezzanine Loan Agreement (CNL Income Properties Inc)
Extension of the Initial Maturity Date. As provided in this Section 2.7, Borrower shall have the option to extend the term of the Loan beyond the Initial Maturity Date for a term three successive terms (each, an “Extension Option”) of twelve one (121) months in accordance with the terms of this Section 2.7year each.
Appears in 1 contract
Sources: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)