First Option to Extend definition

First Option to Extend means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.

First Option to Extend means the option to extend the Mandatory Conversion Date pursuant to Section 3.6.

First Option to Extend shall have the meaning as set forth in Section 2.3.1.

Examples of First Option to Extend in a sentence

• In the event that Borrower exercises the First Option to Extend, from and after the date of the notice of extension under Section 2.9(a) hereof through the First Extended Maturity Date, the Property shall support a Debt Yield of at least 11.25%, based upon Net Operating Income.

• In the event Tenant exercises its First Option to Extend above, Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2026, to 12:01PM on 31st Day of December 2031.

• Exercising the First Option to Extend the Term for One Year and Adding $166,000 for Administration of the City’s Affordable Rental Program [Council Pillar: Promote and Enhance Economic, Housing and Transportation Development]Recommendation:Approve and authorize the City Manager to execute Amendment No. 1 to the Agreement for Services with HouseKeys Inc.

• To the extent the First Option to Extend or Second Option to Extend is approved by Lender pursuant to Section 2.3.1 or Section 2.3.2, as applicable , Borrower shall, in each instance, pay to Servicer an extension fee in the amount of $50,000 (the “Extension Fee”).

• The Initial Term, as it may be extended by the subsequent exercise of the First Option to Extend or the Second Option to Extend as provided herein, is referred to herein as the "Lease Term".

More Definitions of First Option to Extend

First Option to Extend. – means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.

First Option to Extend has the meaning given that term in Section 2.10.

First Option to Extend. The first extension option of Borrower pursuant to the terms and provisions of Section 19.1 herein.

First Option to Extend means the option to extend the Construction Loan as described in Section 2.7.

First Option to Extend has the meaning set forth in Section 10.3(c).

First Option to Extend shall have the meaning given to such term in Section 2.14.

First Option to Extend means the [six (6)] month option to extend the Original Construction Loan Maturity Date pursuant to Section 3.11(a).