Common use of Second Extension Clause in Contracts

Second Extension. At any time between the 10th and 11th month of the First Extension and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.40x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the then-existing Term for an additional 12-month extension term (the “Second Extension”) on the same terms and conditions as the First Extension.

Second Extension. At any time between the 10th and 11th month of the First Extension and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.40x1.65x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the then-existing Term for an additional 12-month extension term (the “Second Extension”) on the same terms and conditions as the First Extension.

Second Extension. At any time between the 10th and 11th month of the First Extension and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.40x1.50x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the then-existing Term for an additional 12-month extension term (the “Second Extension”) on the same terms and conditions as the First Extension.