Common use of Payment on Maturity Date Clause in Contracts

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. (b) Borrower will have two (2) options to extend the Maturity Date of the Loan for consecutive one (1) year periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2009 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2009, the Maturity Date as theretofore in effect will be extended to November 9, 2010. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2010 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2010, the Maturity Date as theretofore in effect will be extended to November 9, 2011. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower’s notice or at the then-current Maturity Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender.

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date). (b) Borrower will have two one (21) options option to extend the Maturity Date of the Loan for consecutive a period of one (1) year periodsyear. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2009 the day that is thirty (30) days prior to the Maturity Date (the "Election Date") and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2009the date that is five (5) Business Days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to November July 9, 2010. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2010 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2010, the Maturity Date as theretofore in effect will be extended to November 9, 20112009. The Maturity Date shall be extended pursuant to Borrower’s notices 's notice as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower’s 's notice or at the then-current Maturity Date and Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Security Instrument and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date). (b) Borrower will have two five (25) options to extend the Maturity Date of the Loan for consecutive one (1) year periodsperiods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25January 9, 2009 2019 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25February 9, 20092019, the Maturity Date as theretofore in effect will be extended to November February 9, 20102020. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25January 9, 2010 2020 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25February 9, 20102020, the Maturity Date as theretofore in effect will be extended to November February 9, 20112021. In order to exercise the third such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2021 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2021, the Maturity Date as theretofore in effect will be extended to February 9, 2022. In order to exercise the fourth such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2022 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2022, the Maturity Date as theretofore in effect will be extended to February 9, 2023. In order to exercise the fifth such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2023 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2023, the Maturity Date as theretofore in effect will be extended to February 9, 2024. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that that, the following conditions are satisfied: (i) no Event of Default or Cash Sweep Reserve Period (as defined in the Cash Management Agreement) shall be in existence either at the time of Borrower’s notice or at the then-then current Maturity Date and Date, provided, however, that Borrower may effectuate such extension upon making a Debt Yield Paydown (as defined in the Cash Management Agreement) on the then current Maturity Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender.to

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date) and, provided no Event Default exists, such payments shall be applied as follows: (a) first to accrued and unpaid interest on Component A, and (b) second to accrued and unpaid interest on Component B, and (c) third, to the principal balance of the Components on a pro rata basis. (b) Borrower will have two (2) options to extend the Maturity Date of the Loan for consecutive one (1) year periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2009 thirty (30) days prior to the Maturity Date and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2009the Business Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be extended to November June 9, 20102009. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2010 thirty (30) days prior to the then current Maturity Date and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2010the Business Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be extended to November June 9, 20112010. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that the following conditions are satisfied: (i) no monetary Event of Default or material non-monetary Event of Default shall be in existence either at the time of Borrower’s notice or at the then-current Maturity Date and Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto substantially in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay an extension fee to Lender equal to 0.125% of the outstanding principal balance of the Loan and (iv) the Debt Service Coverage Ratio for the Property shall not be less than 1.30:1.0 using an assumed interest rate of 8%.

Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents. (ba) Borrower will have two three (23) options to extend the Maturity Date of the Loan for consecutive one (1) year periodsperiods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2009 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2009the applicable date specified below, the Initial Maturity Date as theretofore in effect will be extended to November 9, 2010the First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2010 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2010the applicable date specified below, the Maturity Date as theretofore in effect will be extended to November 9the Second Extended Date. In order to exercise the third such extension right, 2011Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower’s notice or at on the then-current then‑current Maturity Date and Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Senior Mezzanine Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Senior Mezzanine Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) entered into in connection with the Loan and shall provide with respect to any new Senior Mezzanine Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) with respect to the third extension only, the Debt Yield as determined by Lender based upon each trailing twelve (12) month period ending on the last day of the second (2nd) calendar month immediately preceding the calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, (iv) in the event that any portion of the Mortgage Loan Debt (other than contingent obligations) is then outstanding, Mortgage Borrower shall have exercised and complied with all conditions to the applicable Extension Option (as respectively defined in the Mortgage Loan Agreement) in accordance with the Mortgage Loan Agreement, and (v) in the event that any portion of the Junior Mezzanine Loan Debt (other than contingent obligations) is then outstanding, Junior Mezzanine Borrower shall have exercised and complied with all conditions to the applicable Extension Option (as respectively defined in the Junior Mezzanine Loan Agreement) in accordance with the Junior Mezzanine Loan Agreement.

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. (b) Borrower will have two (2) options to extend the Maturity Date of the Loan for consecutive one (1) year periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September December 25, 2009 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September December 25, 2009, the Maturity Date as theretofore in effect will be extended to November February 9, 20102011. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September December 25, 2010 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September December 25, 2010, the Maturity Date as theretofore in effect will be extended to November February 9, 20112012. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower’s notice or at the then-current Maturity Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender.

Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents. (ba) Borrower will have two three (23) options to extend the Maturity Date of the Loan for consecutive one (1) year periodsperiods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2009 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2009the applicable date specified below, the Initial Maturity Date as theretofore in effect will be extended to November 9, 2010the First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2010 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2010the applicable date specified below, the Maturity Date as theretofore in effect will be extended to November 9the Second Extended Date. In order to exercise the third such extension right, 2011Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower’s notice or at on the then-current then‑current Maturity Date and Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Junior Mezzanine Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Junior Mezzanine Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) entered into in connection with the Loan and shall provide with respect to any new Junior Mezzanine Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) with respect to the third extension only, the Debt Yield as determined by Lender based upon each trailing twelve (12) month period ending on the last day of the second (2nd) calendar month immediately preceding the calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, (iv) in the event that any portion of the Mortgage Loan Debt (other than contingent obligations) is then outstanding, Mortgage Borrower shall have exercised and complied with all conditions to the applicable Extension Option (as respectively defined in the Mortgage Loan Agreement) in accordance with the Mortgage Loan Agreement, and (v) in the event that any portion of the Senior Mezzanine Loan Debt (other than contingent obligations) is then outstanding, Senior Mezzanine Borrower shall have exercised and complied with all conditions to the applicable Extension Option (as respectively defined in the Senior Mezzanine Loan Agreement) in accordance with the Senior Mezzanine Loan Agreement.

Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. (ba) Borrower will have two three (23) options to extend the Maturity Date of the Loan for consecutive one (1) year periodsperiods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2009 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2009the applicable date specified below, the Initial Maturity Date as theretofore in effect will be extended to November 9, 2010the First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25the Payment Date occurring in June, 2010 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before September 25, 2010the applicable date specified below, the Maturity Date as theretofore in effect will be extended to November 9the Second Extended Date. In order to exercise the third such extension right, 2011Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower’s notice or at on the then-current then‑current Maturity Date and Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) entered into in connection with the Loan and shall provide with respect to any new Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) with respect to the third extension only, the Debt Yield as determined by Lender based upon each trailing twelve (12) month period ending on the last day of the second (2nd) calendar month immediately preceding the calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, and (iv) in the event that any portion of any Mezzanine Loan Debt (other than contingent obligations) is then outstanding, Mezzanine Borrower under each applicable Mezzanine Loan shall have exercised and complied with all conditions to the applicable Extension Option (as respectively defined in each applicable Mezzanine Loan Agreement) as of the date Borrower exercises such Extension Option.

Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date). (b) Borrower will have two three (23) options to extend the Maturity Date of the Loan for consecutive one (1) year periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25May 9, 2009 2006 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25June 9, 20092006, the Maturity Date as theretofore in effect will be extended to November June 9, 20102007. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25May 9, 2010 2007 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25June 9, 20102007, the Maturity Date as theretofore in effect will be extended to November June 9, 20112008. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before May 9, 2008 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before June 9, 2008, the Maturity Date as theretofore in effect will be extended to June 9, 2009. The Maturity Date shall be extended pursuant to Borrower’s 's notices as aforesaid, provided that the following conditions are satisfied: : (i) no Event of Default shall be in existence either at the time of Borrower’s 's notice or at the then-current Maturity Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel to the counterparty with respect thereto reasonably acceptable to Lender.