Common use of Second Extension Period Clause in Contracts

Second Extension Period. Provided the following conditions precedent shall have been satisfied, then Borrower shall be entitled (the “Second Extension Option”) to extend the First Extended Maturity Date to the Second Extended Maturity Date, subject to the satisfaction of the terms and conditions set forth in this Section. The Second Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied in each instance: (a) Borrower exercised the First Extension Option in accordance with Section 2.8 above; (b) Written notice of such extension shall be given by Borrower to Lender no sooner than ninety (90) days prior to the First Extended Maturity Date and not later than thirty (30) days prior to the First Extended Maturity Date; and, with such notice, Borrower shall pay to the Lender, the Extension Fee (such Extension Fee being in addition to the Extension Fee paid in conjunction with Borrower’s exercise of the First Extension Option); (c) No Event of Default, or any event, circumstance or action of which Borrower is aware (by notice from Lender or otherwise) and with the passage of time or failure to cure would give rise to an Event of Default, has occurred and is then existing as of the First Extended Maturity Date; (d) No event, claim, liability or circumstance shall have occurred which, in the Lender’s determination, could be expected to have or have had a Material Adverse Effect as of the First Extended Maturity Date; (e) Written evidence shall be provided by Borrower and such evidence shall be reasonably satisfactory to the Lender indicating that the Debt Service Coverage Ratio then equals or exceeds 1.20:1.0 (calculated on the Determination Date immediately preceding the commencement of the Second Extension Period); provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower; (f) Lender shall have received a new Appraisal or an updated Appraisal of the Mortgaged Property, at Borrower’s expense, dated within ninety (90) days of the First Extended Maturity Date, prepared by an appraiser acceptable to Lender and based upon such standards as Lender may require, which Appraisal shall confirm that the fair market value of the Mortgaged Property on an “as is” basis is such that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement based on the value of the Mortgaged Property set forth in the Appraisal of the Mortgaged Property accepted by Lender in connection with the closing of the Loan; provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower. Borrower shall continue to pay a monthly payment of principal equal to the Monthly Principal Installment on the first (1st) day of each month during the Second Extension Period, which installments of principal shall be due and payable in addition to accrued interest due and payable under the Note on each such date. If the Permanent Loan Conversion has occurred, this Section 2.9 shall be of no further force and effect.

Second Extension Period. Provided the following conditions precedent shall have been satisfied, then Borrower shall be entitled (the “Second Extension Option”) to extend the First Extended Maturity Date to the Second Extended Maturity Date, subject to the satisfaction of the terms and conditions set forth in this Section. The Second Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied in each instance: (a) a. Borrower exercised the First Extension Option in accordance with Section 2.8 aboveOption; (b) b. Written notice of such extension shall be given by Borrower to Lender no sooner than ninety (90) days prior to the First Extended Maturity Date and not later than thirty (30) days prior to the First Extended Maturity Date; and, with such notice, Borrower shall pay to the Lender, the Extension Fee (such Extension Fee being in addition to the Extension Fee paid in conjunction with Borrower’s exercise of the First Extension Option); (c) c. The Improvements shall have been completed in substantial accordance with the Plans and Specifications and within the Budget, and a final certificate of occupancy shall have been issued for all of the apartment units which are a part of the Improvements; d. No Event of Default, or any event, circumstance or action of which the Borrower is aware (by notice from Lender or otherwise) and with the passage of time or failure to cure would give rise to an Event of Default, has occurred and is then existing as of the First Extended Maturity Date; (d) ; e. No event, claim, liability or circumstance shall have occurred which, in the Lender’s determination, could be expected to have or have had a Material Adverse Effect as of the First Extended Maturity Date; (e) f. Written evidence shall be provided by Borrower and such evidence shall be reasonably satisfactory to the Lender indicating that the Debt Service Coverage Ratio then equals or exceeds 1.20:1.0 (calculated on the Determination Date immediately preceding the commencement of the Second Extension Period); provided, however that Borrower shall have the rightright to prepay on or before the First Extended Maturity Date, at its optionwithout premium, penalty or fee (other than any LIBOR Costs actually incurred by Lender), the outstanding principal of the Loan in an amount sufficient to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; providedcondition, further, (i) after giving effect to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrowerprepayment; (f) g. Lender shall have received a new Appraisal or an updated Appraisal of the Mortgaged Property, at Borrower’s expense, dated within ninety (90) days of the First Extended Maturity Date, prepared by an appraiser acceptable to Lender and based upon such standards as Lender may require, which Appraisal shall confirm that the fair market value of the Mortgaged Property on an “as is” basis is such that the Loan-to-Value Ratio is not greater less than the Loan-to-Value Ratio in effect as of the date of this Agreement based on the value of the Mortgaged Property set forth in the Appraisal of the Mortgaged Property accepted by Lender in connection with the closing of the Loan; provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower. Borrower shall continue to pay a monthly payment of principal equal to the Monthly Principal Installment on the first (1st) day of each month during the Second Extension Period, which installments of principal shall be due and payable in addition to accrued interest due and payable under the Note on each such date. If the Permanent Loan Conversion has occurred, this Section 2.9 shall be of no further force and effect.

Second Extension Period. Provided the following conditions precedent shall have been satisfied, then Borrower shall be entitled (the “Second Extension Option”) to extend the First Extended Maturity Date to the Second Extended Maturity Date, subject to the satisfaction of the terms and conditions set forth in this Section. The Second Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied in each instance: (a) Borrower exercised the First Extension Option in accordance with Section 2.8 above; (b) Written notice of such extension shall be given by Borrower to Lender no sooner than ninety (90) days prior to the First Extended Maturity Date and not later than thirty sixty (3060) days prior to the First Extended Maturity Date; and, with such notice, Borrower shall pay to the Lender, the Extension Fee (such Extension Fee being in addition to the Extension Fee paid in conjunction with Borrower’s exercise of the First Extension Option); (c) No Event of Default, or any event, circumstance or action of which Borrower is aware (by notice from Lender or otherwise) and with the passage of time or failure to cure would give rise to an Event of Default, has occurred and is then existing as of the First Extended Maturity Date; (d) No event, claim, liability or circumstance shall have occurred which, in the Lender’s determination, could be expected to have or have had a Material Adverse Effect as of the First Extended Maturity Date; (e) Written evidence shall be provided by Borrower and such evidence shall be reasonably satisfactory to the Lender indicating that the Debt Service Coverage Ratio then equals or exceeds 1.20:1.0 (calculated on the Determination Date immediately preceding the commencement of the Second Extension Period); provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower;; and (f) Lender shall have received a new Appraisal or an updated Appraisal of the Mortgaged Property, at Borrower’s expense, dated within ninety (90) days of the First Extended Maturity Date, prepared by an appraiser acceptable to Lender and based upon such standards as Lender may require, which Appraisal shall confirm that the fair market value of the Mortgaged Property on an “as is” basis is such that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement based on the value of the Mortgaged Property set forth in the Appraisal of the Mortgaged Property accepted by Lender in connection with the closing of the Loan65%; provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement 65% (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement 65% (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower. Borrower shall continue to pay a monthly payment of principal equal to the Monthly Principal Installment on the first (1st) day of each month during the Second Extension Period, which installments of principal shall be due and payable in addition to accrued interest due and payable under the Note on each such date. If the Permanent Loan Conversion has occurred, this Section 2.9 shall be of no further force and effect.

Second Extension Period. Provided the following conditions precedent shall have been satisfied, then Borrower shall be entitled (the “Second Extension Option”) to extend the First Extended Maturity Date to the Second Extended Maturity Date, subject to the satisfaction of the terms and conditions set forth in this Section. The Second Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied in each instance: (a) Borrower exercised the First Extension Option in accordance with Section 2.8 above; (b) Written notice of such extension shall be given by Borrower to Lender no sooner than ninety (90) days prior to the First Extended Maturity Date and not later than thirty sixty (3060) days prior to the First Extended Maturity Date; and, with such notice, Borrower shall pay to the Lender, the Extension Fee (such Extension Fee being in addition to the Extension Fee paid in conjunction with Borrower’s exercise of the First Extension Option); (c) No Event of Default, or any event, circumstance or action of which Borrower is aware (by notice from Lender or otherwise) and with the passage of time or failure to cure would give rise to an Event of Default, has occurred and is then existing as of the First Extended Maturity Date; (d) No event, claim, liability or circumstance shall have occurred which, in the Lender’s determination, could be expected to have or have had a Material Adverse Effect as of the First Extended Maturity Date; ; (e) Written evidence shall be provided by Borrower and such evidence shall be reasonably satisfactory to the Lender indicating that the Debt Service Coverage Ratio then equals or exceeds 1.20:1.0 (calculated on the Determination Date immediately preceding the commencement of the Second Extension Period); provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Debt Service Coverage Ratio is equal to or greater than 1.20:1.00 (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower;; and (f) Lender shall have received a new Appraisal or an updated Appraisal of the Mortgaged Property, at Borrower’s expense, dated within ninety (90) days of the First Extended Maturity Date, prepared by an appraiser acceptable to Lender and based upon such standards as Lender may require, which Appraisal shall confirm that the fair market value of the Mortgaged Property on an “as is” basis is such that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement based on the value of the Mortgaged Property set forth in the Appraisal of the Mortgaged Property accepted by Lender in connection with the closing of the Loan65%; provided, however that Borrower shall have the right, at its option, to satisfy the condition set forth in this subsection by satisfying the DSCR/LTV Satisfaction Requirement; provided, further, (i) to the extent funds are deposited in the DSCR/LTV Account to satisfy the DSCR/LTV Satisfaction Requirement, all such funds shall remain in the DSCR/LTV Account until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement 65% (without any credit for the funds held in the DSCR/LTV Account), whereupon the funds will be released to Borrower, and (ii) to the extent the Borrower has delivered Lender a Letter of Credit to satisfy the DSCR/LTV Satisfaction Requirement, the Letter of Credit shall remain outstanding, and Borrower shall cause the same to be renewed no less than thirty (30) days prior to the expiration date thereof, until such time as no Event of Default exists and Borrower has delivered evidence satisfactory to Lender that the Loan-to-Value Ratio is not greater than the Loan-to-Value Ratio in effect as of the date of this Agreement 65% (without any credit for the Letter of Credit), whereupon the Letter of Credit will be released to Borrower. Borrower shall continue to pay a monthly payment of principal equal to the Monthly Principal Installment on the first fifth (1st5th) day of each month during the Second Extension Period, which installments of principal shall be due and payable in addition to accrued interest due and payable under the Note on each such date. If the Permanent Loan Conversion has occurred, this Section 2.9 shall be of no further force and effect.