Common use of Maturity Date Extended Maturity Date Clause in Contracts

Maturity Date Extended Maturity Date. (a) The outstanding Principal ▇▇▇▇▇▇ and all accrued and unpaid interest thereon shall be due and payable on December 1, 2008 (the "Maturity Date"). (b) Maker shall have the option, provided that the Maker shall have notified the Payee sixty (60) days prior to the Maturity Date (as defined in the Note) or the "Extended Maturity Date" (as hereinafter defined), as the case may be, that the Maker wishes to extend the term of the Note and Mortgage for up to two (2) consecutive one (1) year periods, the first of which extension periods, if exercised in accordance herewith, shall end on December 1, 2009 (the "First Extended Term") and the second of which, if exercised in accordance with this Note, will end on December 1, 2010 (the "Second Extended Term"; the last day of the First Extended Term or, if applicable, the Second Extended Term, the "Extended Maturity Date"), and provided that the Maker shall have paid to the Payee thirty (30) days prior to the Maturity Date or the end of the First Extended Term, as the case may be, the Extension Fee equal to .125% of the outstanding balance of the Note due on the Maturity Date or the end of the First Extended Term, as the case may be, and provided further that the Maker shall have complied with all of the conditions precedent as hereinafter set forth in the next paragraphs with respect to each extension. In the event this Note shall be extended as provided herein, the Principal Amount and interest at the applicable Interest Rate accrued and unpaid herein shall be due and payable on the Extended Maturity Date. During the First Extended Term and the Second Extended Term, if applicable, the Fixed Monthly Payment and interest shall continue to be due and payable as set forth in this Note. Notwithstanding anything to the contrary contained herein, the Payee's obligation to extend the term of the Note and Mortgage to the Extended Maturity Date is conditioned upon the following conditions having been satisfied for each extension: (i) The Payee shall have received a recently dated appraisal of the Mortgaged Property by an independent appraiser selected by the Payee and paid for by the Maker, in form and substance satisfactory to the Payee, which appraisal must indicate a loan to value ratio of not greater than sixty-five (65%) percent based upon the then combined principal balance of this Note and the Original Note. (ii) No default shall have occurred and be continuing under the Loan Documents evidencing, securing, or guaranteeing payment of, the Note or the Original Note. (iii) The "Debt Service Coverage Ratio" must be at least 1.30 to 1. For purposes herein, Debt Service Coverage Ratio shall mean the ratio, as of any date of calculation, for the immediately preceding six (6) month period and the immediately succeeding six (6) month period, calculated by dividing: (a) the Net Operating Income for the preceding six (6) month period and the immediately six (6) month period; by (b) principal and interest payments based on a 25 year self liquidating mortgage amortization schedule, and the 10-year treasury rate plus 2.00% with a floor rate of 8.00%. (iv) All representations and warranties contained herein, or otherwise made in writing in connection herewith or in any of the Loan Documents, by or on behalf of Maker or any other Person to Payee, shall be true and correct, in all material respects, with the same force and effect as if made on and as of the date of the initial date of the Extended Term. (v) The extension of the Original Note.

Maturity Date Extended Maturity Date. (a) The outstanding Principal ▇▇▇▇▇▇ and all accrued and unpaid interest thereon shall be due and payable on December August 1, 2008 2003 (the "Maturity Date"). (b) Maker shall have the option, provided Provided that the Maker shall have notified the Payee sixty (60) days prior to the Maturity Date (as defined in the Note) or the "Extended Maturity Date" (as hereinafter defined), as the case may be, that the Maker wishes to extend the term of the Note and Mortgage for up to an additional two (2) consecutive one year period (1) year periods, the first of which extension periods, if exercised in accordance herewith, shall end on December 1, 2009 (the "First Extended Term") and the second of which, if exercised in accordance with this Note, will end on December 1, 2010 (the "Second Extended Term"; the last day of the First Extended Term or, if applicable, the Second Extended Term, the "Extended Maturity Date"), and provided that the Maker shall have paid to the Payee thirty (30) days prior to the Maturity Date or the end of the First Extended Term, as the case may be, the Extension Fee equal to .125% one quarter of one (.25%) percent of the outstanding balance of the Note due on the Maturity Date or the end of the First Extended Term, as the case may beDate, and provided further that the Maker shall have complied with all of the conditions precedent as hereinafter set forth in the next paragraphs with respect to each extension. In the event paragraphs, this Note shall be extended as provided hereinfor an additional two (2) year period (the "Extended Term") so that this Note shall mature on the Extended Maturity Date, at which time the Principal Amount and interest at the applicable Interest Rate accrued and unpaid herein shall be due and payable on the Extended Maturity Datepayable. During the First Extended Term and the Second Extended Term, if applicable, the Fixed Monthly Payment monthly payments of interest and interest principal shall continue to be due and payable as set forth in this Note. Notwithstanding anything to the contrary contained herein, the Payee's obligation to extend the term of the Note and Mortgage to for the Extended Term so that this Note shall mature on the Extended Maturity Date Date, rather than the Maturity Date, is conditioned upon the following conditions having been satisfied for each extensionfollowing: (i) The Payee shall have received a recently dated appraisal of the Mortgaged Property by an independent appraiser selected by the Payee and paid for by the Maker, in form and substance satisfactory to the Payee, which appraisal and results thereof must indicate a loan to value ratio of not greater than sixty-five (65%) percent based upon the then combined principal balance of this Note and the Original Notepercent. (ii) No default shall have occurred and be continuing under the Loan Documents evidencing, securing, or guaranteeing payment of, the Note or the Original Note. (iii) The "Debt Service Coverage Ratio" must be at least 1.301.50 to 1. For purposes herein, Debt Service Coverage Ratio shall mean the ratio, as of any date of calculation, for the immediately preceding six (6) month period and the immediately succeeding six (6) month period, calculated by dividing: (a) the Net Operating Income for the preceding six (6) month period and the immediately six (6) month period; by (b) principal and interest payments based on a 25 year self liquidating mortgage amortization schedule, and the 10-year treasury rate plus 2.00% with a floor rate of 8.008.50%. (iv) All representations and warranties contained herein, or otherwise made in writing in connection herewith or in any of the Loan Documents, by or on behalf of Maker or any other Person to Payee, shall be true and correct, in all material respects, with the same force and effect as if made on and as of the date of the initial date of the Extended Term. (v) The extension of the Original Note.