Second Extended Maturity Date. (i) Borrower shall have delivered written notice to Lender of its election to extend the term of the Loan through the Third Extension Term not more than ninety (90) days and not less than thirty (30) days prior to the Second Extended Maturity Date; (ii) no Default or Event of Default shall have occurred and be continuing as of the Second Extended Maturity Date or as of the date of the extension notice; (iii) Lender shall have determined in its good faith judgment that the Property has achieved a Debt Service Coverage Ratio of at least 1.30:1.00, using a 25-year amortization and based on the Net Operating Income for the most recent trailing twelve (12)-month period before such notice was provided (the “Third Extension Minimum DSCR Extension Requirement”); provided, however, that if the Property’s Net Operating Income does not support the achievement of the Third Extension Minimum DSCR Extension Requirement at the time of giving such notice (based on the trailing twelve (12)-month period), Borrower may prepay a portion of the principal balance of the Loan on or before the Second Extended Maturity Date so as to cause the Property’s Net Operating Income to support the achievement of the Third Extension Minimum DSCR Extension Requirement (and amounts so prepaid shall not be reborrowed); (iv) Borrower shall have paid (A) all accrued interest as of the last day of the Second Extended Maturity Date, and (B) an extension fee in the amount of fifty (50) basis points (i.e. 0.50%) of the principal amount outstanding under the Loan, which extension fee shall be deemed fully earned as of the commencement of the Third Extension Term; (v) there shall have been no Material Adverse Effect to the financial strength of any Guarantor, (vi) if then requested by Xxxxxx, Borrower shall have delivered to Lender, at no cost or expense to Lender, an endorsement to or reissuance of the existing title insurance policy insuring the Mortgage, which endorsement brings the effective date of the policy to the effective date of the extension of the Loan, with no new exceptions or exclusions to the coverage afforded by such policy; (vii) at the time of Borrower’s notice, Borrower must demonstrate to Lender’s satisfaction that the Property is performing relative to its competitive set in the area where it is located, (viii) Borrower and Guarantor shall have executed and delivered to Lender such documentation as Lender might reasonably require to evidence the extension of the Loan through the ...
Second Extended Maturity Date. The defined term “Second Extended Maturity Date” is hereby deleted and replaced in its entirety with the following:
Second Extended Maturity Date. For the extension of the Maturity Date to the Second Extended Maturity Date, the prior extension of the Maturity Date to the First Extended Maturity Date shall have been validly exercised;
Second Extended Maturity Date
