Third Modification Fee Clause Samples

Third Modification Fee. A third modification fee in the total amount of 2.0% of the then outstanding principal balance of the Loan as of the Second Performance Date (the “Third Modification Fee”) shall be deemed earned by Lender and due to Lender on the Second Performance Date and payable simultaneously with each Property Release after the Second Performance Date. At the time of each such Property Release, Borrower shall pay a portion of the Third Modification Fee at the amount of 1% of the Net Sale Proceeds. To the extent that the Third Modification Fee has not been paid in full from Property Releases by July 1, 2019 (the “Extended Maturity Date”) and provided there has been no Event of Default after the Second Performance Date, such failure shall not constitute an Event of Default and Borrower shall pay the remaining unpaid balance of the Third Modification Fee simultaneously with payoff of the Indebtedness. Upon any Event of Default after the Second Performance Date, the remaining unpaid balance of the Third Modification Fee shall be payable in full. Borrower acknowledges and agrees that the Third Modification Fee shall be deemed earned by Lender and due to Lender on the Second Performance Date, notwithstanding the date(s) upon which Borrower is to pay the Third Modification Fee and the date upon which Borrower ultimately pays the Indebtedness, and shall not be applied by Lender at any time to reduce the Indebtedness.