Common use of First Extension Option Clause in Contracts

First Extension Option. Borrower shall have the right (the “First Extension Option”) to extend the Initial Maturity Date for twelve (12) months to March 30, 2024 (the “First Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “First Extension Notice”) of the exercise of the First Extension Option not less than thirty (30) nor more than ninety (90) days prior to the Initial Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the Initial Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.20 to 1.00 as determined by Administrative Agent as of February 28, 2023 based on trailing three (3) month NOI and Applied Debt Service; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent reflecting that the Principal Balance is less than or equal to fifty percent (50.00%) of the “as-is” value of the Property; and (v) On or prior to the Initial Maturity Date, Borrower shall have paid to Administrative Agent an extension fee in the amount set forth in the Fee Letter.

First Extension Option. Borrower shall have the right (the “First Extension Option”) to extend the Initial Maturity Date for twelve (12) months to March 30, 2024 (the “First Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “First Extension Notice”) of the exercise of the First Extension Option not less than thirty sixty (3060) nor more than ninety one hundred twenty (90120) days prior to the Initial Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the Initial Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.20 to 1.00 the Fourth DSCR Requirement as determined by Administrative Agent as of February 28, 2023 based on trailing three (3) month NOI and Applied Debt ServiceAgent; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent Agent, and dated no more than sixty (60) days prior to the Initial Maturity Date, reflecting that the Principal Balance is less than or equal to fifty fifty-five percent (50.0055%) of the “as-isstabilized” value of the Property; and (v) On or prior to the Initial Maturity Date, Borrower shall have paid to Administrative Agent an extension fee in equal to fifteen one-hundredths of one percent (0.15%) of the amount set forth in the Fee LetterPrincipal Balance.

First Extension Option. Borrower shall have the right (the “First Extension Option”) to extend the Initial Maturity Date for twelve (12) months to March 30, 2024 (the “First Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “First Extension Notice”) of the exercise of the First Extension Option not less than thirty sixty (3060) nor more than ninety one hundred twenty (90120) days prior to the Initial Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the Initial Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.20 to 1.00 the Fourth DSCR Requirement as determined by Administrative Agent as of February 28, 2023 based on trailing three (3) month NOI and Applied Debt ServiceAgent; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent Agent, and dated no more than sixty (60) days prior to the Initial Maturity Date, reflecting that the Principal Balance is less than or equal to fifty fifty-five percent (50.0055%) of the “as-is” value of the Property; and (v) On or prior to the Initial Maturity Date, Borrower shall have paid to Administrative Agent an the extension fee in the amount set forth in the Fee Letter.