Common use of Permitted Prepayment Clause in Contracts

Permitted Prepayment. 10.1 Any Prime Rate Loan(s) may be prepaid at any time in whole or in part without charge. 10.2 If no Event of Default exists, Borrower shall have the right at any time and from time to time to prepay any LIBOR Advance on a date other than the last Banking Day of the then current Interest Period in whole (but not in part). If Borrower elects to prepay a LIBOR Advance, of if payment of a LIBOR Advance is required by Bank on a date other than the last Banking Day of the then current Interest Period pursuant to Section 10.3, below, Borrower shall pay to Lender a yield maintenance fee (the “Yield Maintenance Fee”) in an amount computed as follows: The current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds” component of the fixed rate in effect at the time of prepayment. If the result is zero or a negative number, there shall be no Yield Maintenance Fee. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining in the term chosen pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present value calculated by using the number of days remaining in the designated term and using the above referenced United States Treasury security rate and the number of days remaining in the designated term chosen pursuant to the Interest Period as to which the prepayment is made. The resulting amount shall be the Yield Maintenance Fee due to Lender upon prepayment of the fixed rate loan. 10.3 If by reason of any Event of Default Lender elects to declare the Loan to be immediately due and payable, then any Yield Maintenance Fee with respect to the Loan shall become due and payable in the same manner as though ▇▇▇▇▇▇▇▇ had exercised such right of prepayment. Borrower recognizes that Lender will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of a prepayment of the Loan and that the Yield Maintenance Fee compensates Lender for such costs and expenses. ▇▇▇▇▇▇▇▇ acknowledges that the Yield Maintenance Fee is bargained for consideration and not a penalty. 10.4 All such prepayments of LIBOR Advances or Prime Rate Advances shall be applied first to fees and expenses then due hereunder, then to interest on the unpaid principal balance accrued to the date of prepayment and last to the principal balance then due hereunder.

Permitted Prepayment. 10.1 Any Prime Rate Loan(s) A. From and after the Permitted Prepayment Date and subject to the terms and conditions set forth in this Section 2.4.2, the Borrowers may be prepaid prepay the Loan at any time in whole or in part without charge. 10.2 If no Event (hereinafter, a "Prepayment"), provided that (a) the Borrowers shall provide not less than 30 days' and not more than 120 days' prior written notice (a "Prepayment Notice") to Lender specifying the date on which the Prepayment is scheduled to occur and such scheduled payment date shall not be the last day of Default existsan Interest Accrual Period (such scheduled date, Borrower the "Prepayment Date"), which notice shall indicate the principal amount of the Notes to be so prepaid and the specific Property to be released from the Lien of the Loan Documents pursuant to such Prepayment and (b) the Borrowers shall have paid Debt Service (i.e., accrued and unpaid interest on the right at principal amount being repaid) upon making such Prepayment through the end of the Interest Accrual Period in which the Prepayment is to occur (even if such period extends beyond the scheduled prepayment date). It is the intention and agreement of the parties that, subject to the requirements and limitations set forth in the previous sentence, any time Property may, from and from time to time to prepay any LIBOR Advance on after the Permitted Prepayment Date, be the subject of a date Prepayment and simultaneous release of the Liens of the Loan Documents; provided (i) the amount of the Prepayment equals or exceeds the Release Amount for the Property, and (ii) the provisions of Section 2.5.2 (other than clause (a) thereof) are complied with. On the last Banking Day of the then current Interest Period in whole (but not in part). If Borrower elects to prepay a LIBOR AdvancePrepayment Date, of if payment of a LIBOR Advance is required by Bank on a date other than the last Banking Day of the then current Interest Period pursuant to Section 10.3, below, Borrower Borrowers shall pay to Lender a yield maintenance fee (the “Yield Maintenance Fee”) in an amount computed as follows: The current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds” component of the fixed rate in effect at the time of prepayment. If the result is zero or a negative number, there shall be no Yield Maintenance Fee. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the Prepayment specified in the notice, all accrued and unpaid interest on the principal balance of the Notes being prepaidso repaid through and including the date that is the last day of the Interest Accrual Period in which such Prepayment occurs (or, if prohibited by law, through the Prepayment Date), all other sums then due under the Notes, this Agreement, the applicable Mortgage and the other Loan Documents, and all reasonable costs and expenses of Lender incurred in connection with the Prepayment, including reasonable attorneys' fees and disbursements. The resulting amount Lender shall not be divided by 360 and multiplied obligated to accept any Prepayment of the principal balance of the Notes, or any portion thereof, unless it is accompanied by the number of days remaining prepayment consideration due in the term chosen connection therewith pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present value calculated by using the number of days remaining in the designated term and using the above referenced United States Treasury security rate and the number of days remaining in the designated term chosen pursuant to the Interest Period as to which the prepayment is made. The resulting amount shall be the Yield Maintenance Fee due to Lender upon prepayment of the fixed rate loanterms hereof. 10.3 If by reason of any Event of Default Lender elects to declare the Loan to be immediately due and payable, then any Yield Maintenance Fee with respect to the Loan shall become due and payable in the same manner as though ▇▇▇▇▇▇▇▇ had exercised such right of prepayment. Borrower recognizes that Lender will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of a prepayment of the Loan and that the Yield Maintenance Fee compensates Lender for such costs and expenses. ▇▇▇▇▇▇▇▇ acknowledges that the Yield Maintenance Fee is bargained for consideration and not a penalty. 10.4 All such prepayments of LIBOR Advances or Prime Rate Advances shall be applied first to fees and expenses then due hereunder, then to interest on the unpaid principal balance accrued to the date of prepayment and last to the principal balance then due hereunder.

Permitted Prepayment. 10.1 Any Prime Base Rate Loan(s) may be prepaid at any time in whole or in part without charge. 10.2 If no Event of Default exists, Borrower shall have the right at any time and from time to time to prepay any LIBOR Advance on a date other than the last Banking Day of the then current Interest Period in whole (but not in part). If Borrower elects to prepay a LIBOR Advance, of if payment of a LIBOR Advance is required by the Bank on a date other than the last Banking Day of the then current Interest Period pursuant to Section 10.3, below, Borrower shall pay to Lender a yield maintenance fee (the “Yield Maintenance Fee”) in an amount computed as follows: The current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds” component of the fixed rate in effect at the time of prepayment. If the result is zero or a negative number, there shall be no Yield Maintenance Fee. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining in the term chosen pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present value calculated by using the number of days remaining in the designated term and using the above referenced United States Treasury security rate and the number of days remaining in the designated term chosen pursuant to the Interest Period as to which the prepayment is made. The resulting amount shall be the Yield Maintenance Fee due to Lender upon prepayment of the fixed rate loan. 10.3 If by reason of any Event of Default Lender elects to declare the Loan to be immediately due and payable, then any Yield Maintenance Fee with respect to the Loan shall become due and payable in the same manner as though ▇▇▇▇▇▇▇▇ had exercised such right of prepayment. Borrower recognizes that Lender will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of a prepayment of the Loan and that the Yield Maintenance Fee compensates Lender for such costs and expenses. ▇▇▇▇▇▇▇▇ Borrower acknowledges that the Yield Maintenance Fee is bargained for consideration and not a penalty. 10.4 All such prepayments of LIBOR Advances or Prime Fixed Rate Advances shall be applied first to fees and expenses then due hereunder, then to interest on the unpaid principal balance accrued to the date of prepayment and last to the principal balance then due hereunder.

Permitted Prepayment. 10.1 Any Prime Rate Loan(s) A. From and after the Permitted Prepayment Date and subject to the terms and conditions set forth in this Section 2.4.2, the Borrowers may be prepaid prepay the Loan at any time in whole or in part without charge. 10.2 If no Event (hereinafter, a “Prepayment”), provided that (a) the Borrowers shall provide not less than 30 days’ and not more than 120 days’ prior written notice (a “Prepayment Notice”) to Lender specifying the date on which the Prepayment is scheduled to occur and such scheduled payment date shall not be on any date during the two (2) Business Day period prior to the fifteenth (15th) calendar day of Default existssuch month, but not including, the fifteenth (15th) calendar day of such month (such scheduled date, the “Prepayment Date”), which notice shall indicate the principal amount of the Notes to be so prepaid and the specific Property to be released from the Lien of the Loan Documents pursuant to such Prepayment, (b) the Borrowers shall have paid Debt Service (i.e., accrued and unpaid interest on the principal amount being repaid) upon making such Prepayment through the end of the Interest Accrual Period in which the Prepayment is to occur (even if such period extends beyond the scheduled prepayment date), (c) the Borrower shall have pay the right at any time Prepayment Fee upon making such Prepayment and from time to time to prepay any LIBOR Advance on a date other than (d) simultaneously with the last Banking Day Prepayment of the then current Interest Period Loan, each Mezzanine Loan shall be prepaid by the applicable Mezzanine Borrower in whole accordance with Section 2.4.2 of the applicable Mezzanine Loan Agreement in an amount equal to the product of (but not i) the principal amount of the applicable Prepayment of the Loan, times (ii) the ratio of (A) the principal balance of the applicable Mezzanine Loan immediately prior to such Prepayment, to (B) the principal balance of the Loan immediately prior to such Prepayment. It is the intention and agreement of the parties that, subject to the requirements and limitations set forth in part). If Borrower elects to prepay a LIBOR Advancethe previous sentence, of if payment any Property may, from and after the Permitted Prepayment Date, be the subject of a LIBOR Advance is required by Bank on a date other than the last Banking Day Prepayment and simultaneous release of the then current Interest Period pursuant to Liens of the Loan Documents; provided (i) the amount of the Prepayment equals or exceeds the Release Amount for the Property, and (ii) the provisions of Section 10.32.5.2 are complied with. On the Prepayment Date, below, Borrower Borrowers shall pay to Lender a yield maintenance fee (the “Yield Maintenance Fee”) in an amount computed as follows: The current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds” component of the fixed rate in effect at the time of prepayment. If the result is zero or a negative number, there shall be no Yield Maintenance Fee. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the Prepayment specified in the notice, all accrued and unpaid interest on the principal balance of the Notes being prepaidso repaid through and including the date that is the last day of the Interest Accrual Period in which such Prepayment occurs, all other sums then due under the Notes, this Agreement, the applicable Mortgage and the other Loan Documents, and all reasonable costs and expenses of Lender incurred in connection with the Prepayment, including reasonable attorneys’ fees and disbursements. The resulting amount Lender shall not be divided by 360 and multiplied obligated to accept any Prepayment of the principal balance of the Notes, or any portion thereof, unless it is accompanied by the number of days remaining prepayment consideration due in the term chosen connection therewith pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present value calculated by using the number of days remaining in the designated term and using the above referenced United States Treasury security rate and the number of days remaining in the designated term chosen pursuant to the Interest Period as to which the prepayment is made. The resulting amount shall be the Yield Maintenance Fee due to Lender upon prepayment of the fixed rate loanterms hereof. 10.3 If by reason of any Event of Default Lender elects to declare the Loan to be immediately due and payable, then any Yield Maintenance Fee with respect to the Loan shall become due and payable in the same manner as though ▇▇▇▇▇▇▇▇ had exercised such right of prepayment. Borrower recognizes that Lender will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of a prepayment of the Loan and that the Yield Maintenance Fee compensates Lender for such costs and expenses. ▇▇▇▇▇▇▇▇ acknowledges that the Yield Maintenance Fee is bargained for consideration and not a penalty. 10.4 All such prepayments of LIBOR Advances or Prime Rate Advances shall be applied first to fees and expenses then due hereunder, then to interest on the unpaid principal balance accrued to the date of prepayment and last to the principal balance then due hereunder.