Common use of Second Extension Option Clause in Contracts

Second Extension Option. At the written request of Borrower made at least thirty (30) but not more than one hundred twenty (120) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the first anniversary of the First Extended Maturity Date, provided that the following conditions are satisfied: (i) The Maturity Date has previously been extended to the First Extended Maturity Date pursuant to the provisions of Section 3.13(a) hereof; (ii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal timely obtained by Lender) that, as of the First Extended Maturity Date, the Loan-to-Value Ratio does not exceed 50% and that the Debt Service Coverage Ratio is not less than 1.40:1.0; (iii) On or before the First Extended Maturity Date, Lender shall have received an extension fee in an amount equal to 0.125% of the outstanding principal balance of the Loan; (iv) No Default or Unmatured Default shall have occurred and be continuing on the First Extended Maturity Date; (v) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; and (vi) Lender has received reasonably satisfactory documentation evidencing the extension executed by Borrower and consented to by the Guarantor and Borrower shall have paid all of Lender’s costs and expenses in connection with such extension in accordance with Section 10.03.

Second Extension Option. At the written request of Borrower made at least thirty sixty (3060) but not more than one hundred twenty (120) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the first one-year anniversary of the First Extended Maturity Date (the “Second Extended Maturity Date, ”) provided that the following conditions are satisfied: (i) The Maturity Date Borrower has previously been extended demonstrated to the reasonable satisfaction of Lender that, as of the First Extended Maturity Date pursuant to Date, the provisions of Section 3.13(a) hereofCombined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the First Extended Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal timely obtained by Lender) that, as of the First Extended Maturity Date, the Combined Loan-to-Value Ratio does not exceed 50% and that the Debt Service Coverage Ratio is not less than 1.40:1.0sixty-five percent (65%); (iiiiv) On or before the First Extended Maturity Date, Lender shall have received an extension fee in an amount equal to 0.1250.25% of the outstanding principal balance of the Loan; (ivv) No Default or Unmatured Default shall have occurred and be continuing on the First Extended Maturity Date; (vvi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; and; (vivii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by the Guarantor and Borrower Guarantor; (viii) If requested by Lender, Lender shall have paid received a CLTA 110.5 (or equivalent) endorsement to each Title Policy; and (ix) Lender has received all of Lender’s costs and expenses in connection with such extension in accordance with deposits required under Section 10.033.12(d) below, if any.

Second Extension Option. At the written request of Borrower made at least thirty sixty (3060) but not more than one hundred twenty (120) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the first one-year anniversary of the First Extended Maturity Date (the “Second Extended Maturity Date, ”) provided that the following conditions are satisfied: (i) The Maturity Date Borrower has previously been extended demonstrated to the reasonable satisfaction of Lender that, as of the First Extended Maturity Date pursuant to Date, the provisions of Section 3.13(a) hereofCombined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the First Extended Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal timely obtained by Lender) that, as of the First Extended Maturity Date, the Combined Loan-to-Value Ratio does not exceed 50% and that the Debt Service Coverage Ratio is not less than 1.40:1.0sixty-five percent (65%); (iiiiv) On or before the First Extended Maturity Date, Lender shall have received an extension fee in an amount equal to 0.1250.25% of the outstanding principal balance of the Loan; (ivv) No Default or Unmatured Default shall have occurred and be continuing on the First Extended Maturity Date; (vvi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; and; (vivii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by the Guarantor and Borrower Guarantor; and (viii) If requested by Lender, Lender shall have paid all of Lender’s costs and expenses in connection with such extension in accordance with Section 10.03received a CLTA 110.5 (or equivalent) endorsement to each Title Policy.