Maturity Date Extended Maturity Date Clause Samples

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 guarante...