Force Majeure Extension. Borrower shall have one or more options to extend the term of the Loans (but not the term of only the Building Loan or only the Project Loan) if a Force Majeure Event shall have occurred and if the following terms and conditions are satisfied: (i) not more than five (5) Business Days after Borrower becomes aware of the occurrence of a Force Majeure Event, Borrower shall have given Agent notice of the occurrence of such Force Majeure Event and a notice of its election to extend the term of the Loans pursuant to this Section 3.19(b) and Section 3.19(b) of the Project Loan Agreement (the date on which such notice shall be given being hereinafter referred to as the “Force Majeure Extension Option Exercise Date”); (ii) in the reasonable judgment of Agent, such Force Majeure Event will delay Final Completion of the Project beyond the Maturity Date; (iii) in the reasonable judgment of Agent, Borrower shall have taken all steps commercially reasonable to mitigate the effects of such Force Majeure Event; (iv) on the Force Majeure Extension Option Date, no Noticed Default or Event of Default shall exist under any Loan Document; (v) Borrower shall have provided to Agent evidence of the continuation of the Policies and the payment of any premiums then due therefor; (vi) appropriate extensions, to the extent required to keep such document in full force and effect and free from any default, shall have been granted under the Public Project Agreements and for a period of time at least equal to the Force Majeure Extension Period; (vii) Borrower shall have provided to Agent evidence of the continuation of the Initial Advance Interest Rate Cap through the extended Maturity Date on terms and conditions reasonably satisfactory to Agent, to the extent Borrower was required to purchase the Initial Advance Interest Rate Cap in accordance with the terms hereof, or, if no Initial Advance Interest Rate Cap was so required, Borrower and Agent shall have entered into a written agreement reasonably satisfactory to Agent with respect to interest rate protection during the Force Majeure Extension Period (provided that if, in Agent’s discretion, the cost of any interest rate protection required by this clause (vii) is prohibitive, Borrower may deposit with or deliver to Agent other security in lieu thereof satisfactory to Agent); and (viii) each Guarantor shall acknowledge and confirm to Agent, on or prior to the Maturity Date, the exercise of the extension period by Borrower. The period of the extension option under this Section 3.19(b) shall be determined by Agent in its reasonable judgment and shall be equal to the number of days by which Substantial Completion has been or is reasonably expected to be delayed due to such Force Majeure Event, assuming that Borrower and the General Contractor take all steps commercially reasonable to mitigate the effects of such Force Majeure Event; provided, however, that (x) in no event shall all extensions pursuant to this Section 3.19(b) be more than 180 days in the aggregate (the period of such extensions being hereinafter collectively referred to as the “Force Majeure Extension Period”) and (y) any such extension shall in all events end if, and as of the date that, Borrower is not in compliance with the immediately succeeding sentence. If a Force Majeure Event shall have occurred, Borrower shall (1) periodically (at least once every two weeks) advise Agent of the status of such Force Majeure Event and its effect on completion of the Project and (2) take all steps, and cause the General Contractor to take all steps, commercially reasonable to mitigate the effects of such Force Majeure Event. If the Maturity Date is extended in accordance with this Section 3.19(b), all references to the Original Maturity Date, the First Extended Maturity Date, or the Second Extended Maturity Date shall be interpreted so that such references are to such date, as extended by the applicable Force Majeure Extension Period.
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Force Majeure Extension. Borrower shall have one or more options to extend the term of the Loans (but not the term of only the Building Project Loan or only the Project Building Loan) if a Force Majeure Event shall have occurred and if the following terms and conditions are satisfied: (i) not more than five (5) Business Days after Borrower becomes aware of the occurrence of a Force Majeure Event, Borrower shall have given Agent notice of the occurrence of such Force Majeure Event and a notice of its election to extend the term of the Loans pursuant to this Section 3.19(b) and Section 3.19(b) of the Project Building Loan Agreement (the date on which such notice shall be given being hereinafter referred to as the “Force Majeure Extension Option Exercise Date”); (ii) in the reasonable judgment of Agent, such Force Majeure Event will delay Final Completion of the Project beyond the Maturity Date; (iii) in the reasonable judgment of Agent, Borrower shall have taken all steps commercially reasonable to mitigate the effects of such Force Majeure Event; (iv) on the Force Majeure Extension Option Date, no Noticed Default or Event of Default shall exist under any Loan Document; (v) Borrower shall have provided to Agent evidence of the continuation of the Policies and the payment of any premiums then due therefor; (vi) appropriate extensions, to the extent required to keep such document in full force and effect and free from any default, shall have been granted under the Public Project Agreements and for a period of time at least equal to the Force Majeure Extension Period; (vii) Borrower shall have provided to Agent evidence of the continuation of the Initial Advance Interest Rate Cap through the extended Maturity Date on terms and conditions reasonably satisfactory to Agent, to the extent Borrower was required to purchase the Initial Advance Interest Rate Cap in accordance with the terms hereof, or, if no Initial Advance Interest Rate Cap was so required, Borrower and Agent shall have entered into a written agreement reasonably satisfactory to Agent with respect to interest rate protection during the Force Majeure Extension Period (provided that if, in Agent’s discretion, the cost of any interest rate protection required by this clause (vii) is prohibitive, Borrower may deposit with or deliver to Agent other security in lieu thereof satisfactory to Agent); and (viii) each Guarantor shall acknowledge and confirm to Agent, on or prior to the Maturity Date, the exercise of the extension period by Borrower. The period of the extension option under this Section 3.19(b) shall be determined by Agent in its reasonable judgment and shall be equal to the number of days by which Substantial Completion has been or is reasonably expected to be delayed due to such Force Majeure Event, assuming that Borrower and the General Contractor take all steps commercially reasonable to mitigate the effects of such Force Majeure Event; provided, however, that (x) in no event shall all extensions pursuant to this Section 3.19(b) be more than 180 days in the aggregate (the period of such extensions being hereinafter collectively referred to as the “Force Majeure Extension Period”) and (y) any such extension shall in all events end if, and as of the date that, Borrower is not in compliance with the immediately succeeding sentence. If a Force Majeure Event shall have occurred, Borrower shall (1) periodically (at least once every two weeks) advise Agent of the status of such Force Majeure Event and its effect on completion of the Project and (2) take all steps, and cause the General Contractor to take all steps, commercially reasonable to mitigate the effects of such Force Majeure Event. If the Maturity Date is extended in accordance with this Section 3.19(b), all references to the Original Maturity Date, the First Extended Maturity Date, or the Second Extended Maturity Date shall be interpreted so that such references are to such date, as extended by the applicable Force Majeure Extension Period.
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