Common use of Second Extension Option Clause in Contracts

Second Extension Option. Borrower shall have the right (the “Second Extension Option”) to extend the First Extended Maturity Date for twelve (12) months to March 30, 2025 (the “Second Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “Second Extension Notice”) of the exercise of the Second Extension Option not less than thirty (30) nor more than ninety (90) days prior to the First Extended Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the First Extended Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.25 to 1.00 as determined by Administrative Agent as of February 29, 2024 based on trailing three (3) month NOI and Applied Debt Service; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent reflecting that the Principal Balance is less than or equal to fifty percent (50.00%) of the “as-is” value of the Property; and (v) On or prior to the First Extended Maturity Date, Borrower shall have paid to Administrative Agent an extension fee in the amount set forth in the Fee Letter.

Second Extension Option. Borrower shall have the right (the “Second Extension Option”) to extend the First Extended Maturity Date for twelve (12) months to March 30, 2025 (the “Second Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “Second Extension Notice”) of the exercise of the Second Extension Option not less than thirty sixty (3060) nor more than ninety one hundred twenty (90120) days prior to the First Extended Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the First Extended Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.25 to 1.00 the Sixth DSCR Requirement as determined by Administrative Agent as of February 29, 2024 based on trailing three (3) month NOI and Applied Debt ServiceAgent; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent Agent, and dated no more than sixty (60) days prior to the First Extended Maturity Date, reflecting that the Principal Balance is less than or equal to fifty fifty-five percent (50.0055%) of the “as-isstabilized” value of the Property; and (v) On or prior to the First Extended Maturity Date, Borrower shall have paid to Administrative Agent an extension fee in the amount set forth in equal to fifteen one-hundredths of one percent (0.15%) of the Fee LetterPrincipal Balance.

Second Extension Option. Borrower shall have the right (the “Second Extension Option”) to extend the First Extended Maturity Date for twelve (12) months to March 30, 2025 (the “Second Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “Second Extension Notice”) of the exercise of the Second Extension Option not less than thirty sixty (3060) nor more than ninety one hundred twenty (90120) days prior to the First Extended Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the First Extended Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.25 to 1.00 the Fifth DSCR Requirement as determined by Administrative Agent as of February 29, 2024 based on trailing three (3) month NOI and Applied Debt ServiceAgent; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent Agent, and dated no more than sixty (60) days prior to the First Extended Maturity Date, reflecting that the Principal Balance is less than or equal to fifty fifty-five percent (50.0055%) of the “as-is” value of the Property; and (v) On or prior to the First Extended Maturity Date, Borrower shall have paid to Administrative Agent an the extension fee in the amount set forth in the Fee Letter.