First Extension Option. Borrower shall have the option (the “First Extension Option”) to extend the Initial Maturity Date to the First Extended Maturity Date upon satisfaction of the following conditions precedent which must be satisfied prior to the Initial Maturity Date:
Appears in 2 contracts
Sources: Loan and Security Agreement (BlackRock Monticello Debt Real Estate Investment Trust), Construction Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)