Common use of Modification Fees Clause in Contracts

Modification Fees. Borrower shall pay a modification fee to the Lender in connection with this Modification in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Seventh Loan Modification Fee”), which fee shall be paid in full on the Effective Date hereof by wire transfer. Borrower has previously agreed to pay a modification fee to the Lender in connection with the Sixth Modification in the amount of Four Hundred Ninety-One Thousand Nine Hundred Eighty-Eight and No/100 Dollars ($491,988.00) (the “Sixth Loan Modification Fee”), which fee shall accrue interest at the Stated Rate from the date of the Sixth Modification until paid in full; such repayment terms being hereafter restated in this Modification. The Sixth Loan Modification Fee shall continue to be due and payable as follows: (a) On the First Interest Payment Date, Borrower shall make a payment of all then accrued and unpaid interest on the Sixth Loan Modification Fee. (b) On each and every successive Payment Date thereafter through and including the Maturity Date, Borrower shall make monthly payments of all accrued and unpaid interest on the Sixth Loan Modification Fee. (c) Commencing January 28, 2012 and continuing on each and every successive Payment Date thereafter through November 28, 2018, in addition to monthly payments of interest on the Sixth Loan Modification Fee, Borrower shall make monthly payments of a portion of the Sixth Loan Modification Fee in the amount of Five Thousand Eight Hundred Fifty-Seven and 00/100 Dollars ($5,857.00) each. (d) On the Maturity Date, Borrower shall pay the entire unpaid balance of the Sixth Loan Modification Fee, together with all accrued but unpaid interest thereon at the Stated Rate.

Modification Fees. Borrower shall pay a modification fee to the Lender in connection with this Modification in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Seventh Loan Modification Fee”), which fee shall be paid in full on the Effective Date hereof by wire transfer. Borrower has previously agreed to pay a modification fee to the Lender in connection with the Sixth Modification in the amount of Four Hundred Ninety-One Thousand Nine Hundred Eighty-Eight and No/100 Dollars ($491,988.00) (the “Sixth Loan Modification Fee”), which fee shall accrue interest at the Stated Rate from the date of the Sixth Modification hereof until paid in full; such repayment terms being hereafter restated in this Modification. The Sixth Loan Modification Fee shall continue to be due and payable as follows: (a) On the First Interest Payment Date, Borrower shall make a payment of all then accrued and unpaid interest on the Sixth Loan Modification Fee. (b) On each and every successive Payment Date thereafter through and including the Maturity Date, Borrower shall make monthly payments of all accrued and unpaid interest on the Sixth Loan Modification Fee. (c) Commencing January 28, 2012 and continuing on each and every successive Payment Date thereafter through November 28, 2018, in addition to monthly payments of interest on the Sixth Loan Modification Fee, Borrower shall make monthly payments of a portion of the Sixth Loan Modification Fee in the amount of Five Thousand Eight Hundred Fifty-Seven and 00/100 Dollars ($5,857.00) each. (d) On the Maturity Date, Borrower shall pay the entire unpaid balance of the Sixth Loan Modification Fee, together with all accrued but unpaid interest thereon at the Stated Rate.