Common use of First Extension Option Clause in Contracts

First Extension Option. Borrower shall have the right to extend the Initial Maturity Date to July 9, 2007 (the period commencing on the first (1st) day following the Initial Maturity Date and ending on July 9, 2007 being referred to herein as the “First Extension Term”), provided, that: (a) Borrower shall have given Lender its written notice of such extension (an “Extension Notice”) not less than two (2) months nor more than six (6) months prior to the Initial Maturity Date; (b) the Interest Rate Cap shall be in effect as of the date of the commencement of the First Extension Term (the “First Extension Commencement Date”) for the term of the Loan as extended and assigned to Lender; (c) no Event of Default shall have occurred and be continuing at the time of the delivery of the Extension Notice with respect to the First Extension Term or on the First Extension Commencement Date; and (d) Borrower shall have delivered to Lender an Officer’s Certificate in form reasonably acceptable to Lender certifying whether or not an Event of Default has occurred and is continuing, and if so, describing such Event of Default.

First Extension Option. Borrower shall have the right to extend the Initial Scheduled Maturity Date to July 9June 1, 2007 1999 (the period commencing on the first (1st) day following the Initial original Scheduled Maturity Date and ending on July 9June 1, 2007 1999 being referred to herein as the “"First Extension Term”"), provided, provided that: (ai) Borrower shall have given Lender its written notice of such extension (an “"Extension Notice”") not less than two thirty (230) months days nor more than six ninety (690) months days prior to the Initial original Scheduled Maturity Date; (bii) the Interest Rate Cap shall be in effect as of on or before the date of the commencement of the First Extension Term (the “"First Extension Commencement Date”"), Borrower shall have paid or caused to be paid to Lender a non-refundable extension fee equal to one percent (1.00%) for the term of the Loan as extended Amount; and assigned to Lender; (ciii) no Event of Default shall have occurred and be continuing at the time of the delivery of the Extension Notice with respect to the First Extension Term or on the First Extension Commencement Date; . In the event the original Scheduled Maturity Date is extended by the First Extension Term in accordance with the terms hereof, thereafter, all references herein and in any of the other Loan Documents (d) Borrower except any such references in this Section 2.2.2 to the "Scheduled Maturity Date" shall have delivered be deemed to Lender an Officer’s Certificate in form reasonably acceptable refer to Lender certifying whether or not an Event the last day of Default has occurred and is continuing, and if so, describing such Event of Default.the First Extension Term. 2.2.3

First Extension Option. Borrower shall have the right to extend the Initial Maturity Date to July 9, 2007 (the period commencing on the first (1st) day following the Initial Maturity Date and ending on July 9, 2007 being referred to herein as the “First Extension Term”), provided, that: : (a) Borrower shall have given Lender its written notice of such extension (an “Extension Notice”) not less than two (2) months nor more than six (6) months prior to the Initial Maturity Date; (b) the Interest Rate Cap shall be in effect as of the date of the commencement of the First Extension Term (the “First Extension Commencement Date”) for the term of the Loan as extended and assigned to Lender; (c) no Event of Default shall have occurred and be continuing at the time of the delivery of the Extension Notice with respect to the First Extension Term or on the First Extension Commencement Date; and (d) Borrower shall have delivered to Lender an Officer’s Certificate in form reasonably acceptable to Lender certifying whether or not an Event of Default has occurred and is continuing, and if so, describing such Event of Default.