Common use of Conditions Precedent to Extension Clause in Contracts

Conditions Precedent to Extension. Borrower shall not be entitled to an Extension of the Loan Maturity Date for any Note unless Borrower and the Borrower-Related Parties have complied in all respects with each of the following to Lender’s satisfaction with respect to the Note for which the Extension is requested: (i) Borrower shall have executed and delivered to Lender a written request for an Extension of such Note describing the reason for the request, the status of the construction of the Home and the status of any sales contract for the Home; (ii) Borrower shall have paid an extension fee to Lender in an amount equal to one quarter of one percent (0.25%) of the principal amount of such Note; (iii) on and as of the date of the Extension, no event constituting an Event of Default (without giving effect to any grace or cure periods for such Event of Default provided herein or in the other Loan Documents), shall have occurred and be continuing, as determined by Lender in its sole discretion; (iv) on and as of the date of the Extension, the Principal Officer shall have executed and delivered to Lender an Officer’s Certificate dated the Extension date, certifying all matters in the Officer’s Certificate to be true and correct in all respects; (v) on and as of the date of the Extension, all of the Loan Documents shall be valid, enforceable and in full force and effect; (vi) on and as of the date of any such Extension, all Loan Expenses and any other fees, charges and expenses owed under any of the Loan Documents shall have been paid in full; (vii) on and as of the date of the Extension, Lender’s security interests in all Collateral must be duly perfected and in the Lien position stated therein; and (viii) Borrower and the Borrower-Related Parties shall have complied with each other reasonable request of Lender made in connection with the Extension.

Conditions Precedent to Extension. Borrower shall not be entitled The obligation of Lender to consent to an Extension of the Loan Maturity Date for any Note unless Borrower and the Borrower-Related Parties have complied in all respects with is subject to Lender’s determination that each of the following to Lender’s satisfaction with respect to the Note for which the Extension is requestedconditions precedent has been satisfied: (ia) Borrower shall have executed and delivered to Lender a written request for an Extension The requirements of such Note describing the reason for the requestSection 1.05 or Section 1.06, the status of the construction of the Home and the status of any sales contract for the Homeas applicable, will be satisfied; (iib) Borrower shall have paid Delivery of a Variable Loan Note or an extension fee amendment to Lender in an amount equal to one quarter of one percent (0.25%) the applicable Note, duly executed by the applicable Collateral Pool Borrower, reflecting all of the principal amount terms of such Notethe Extension; (iiic) on If required by Lender, delivery of executed amendments to each Security Instrument affecting the applicable Collateral Pool required by Lender to reflect the extension of maturity date and as of the date of the Extension, no event constituting an Event of Default (without giving effect to any grace or cure periods for such Event of Default provided herein or be recorded each in the other Loan Documents), shall have occurred and be continuing, as determined by Lender in its sole discretionapplicable land records; (ivd) on and as If required by Lender, delivery by the applicable Collateral Pool Borrower to Lender of the date of Rate Form for the Extension, the Principal Officer shall have executed and delivered to Lender an Officer’s Certificate dated the Extension date, certifying all matters in the Officer’s Certificate to be true and correct in all respectsapplicable Loan; (ve) on and as Receipt by Lender of the date of the Extension, all of the Loan Documents shall be valid, enforceable and in full force and effect; (vi) on and as of the date of any such Extension, all Loan Expenses and any other fees, charges reasonable legal fees and expenses owed under any of payable by the Loan Documents shall have been paid in full; (vii) on and as of the date of the Extension, Lender’s security interests in all applicable Collateral must be duly perfected and in the Lien position stated therein; and (viii) Pool Borrower and the Borrower-Related Parties shall have complied with each other reasonable request of Lender made in connection with the Extension; (f) No Governmental Approval not already obtained or made is required for the execution and delivery of the documents to be delivered in connection with the Extension; (g) The applicable Collateral Pool Borrower, IDOT Guarantor or Guarantor is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents for such Collateral Pool, nor are there any proceedings then in progress or, to its knowledge, contemplated which, if successful, would lead to the issuance of any such order; (h) If required by Lender, receipt by Lender of an endorsement to each Title Insurance Policy for each Mortgaged Property in the applicable Collateral Pool, amending the effective date of the Title Insurance Policy to the Closing Date, showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date (or, if applicable, the last Closing Date with respect to which the Title Insurance Policy was endorsed) and other than Permitted Liens and other exceptions approved by Lender, together with any reinsurance agreements required by Lender.

Conditions Precedent to Extension. Borrower shall not be entitled The extension of all or a portion of a maturing Fixed Advance is subject to an Extension of the Loan Maturity Date for any Note unless Borrower and the Borrower-Related Parties have complied in all respects with each satisfaction of the following to Lender’s satisfaction with respect to the Note for which the Extension is requestedconditions precedent: (ia) To the extent not rate locked or spread locked prior to closing pursuant to an early rate lock certificate, delivery by Lender to Borrower shall have executed and delivered to Lender a written request for an Extension of such Note describing the reason Rate Form for the request, the status of the construction of the Home and the status of any sales contract for the Homeextended Advance; (iib) Borrower shall have paid an extension fee to Lender in an amount equal to one quarter No Event of one percent (0.25%) Default or Potential Event of Default exists on either the principal amount date the Extension Request is given or on the applicable maturity date of such Notematuring Fixed Advance; (iiic) on and as All of the date representations and warranties of the Extension, no event constituting an Event Borrower contained in Article 7 of Default (without giving effect to any grace or cure periods for such Event of Default provided herein or in this Agreement and the other Loan Documents), shall have occurred and be continuing, as determined by Lender in its sole discretion; (iv) on and as of the date of the Extension, the Principal Officer shall have executed and delivered to Lender an Officer’s Certificate dated the Extension date, certifying all matters in the Officer’s Certificate to be Documents are true and correct in all respectsmaterial respects on the date the Extension Request is given and on the applicable maturity date of such maturing Fixed Advance, or any such changes to the truth and accuracy of such representations and warranties shall not have had a Material Adverse Effect on Borrower or any of the Mortgaged Properties; (vd) Borrower is in compliance in all material respects with all of the covenants contained in Article 8 and Article 9 on the date the Extension Request is given and on the applicable maturity date of such maturing Fixed Advance; (e) The re-underwriting as set forth in Section 1.13 shall have been completed and after giving effect to the requested extension, the Coverage and LTV Tests will be satisfied as determined pursuant to Section 1.13; provided that if the Collateral Pool does not satisfy the Coverage and LTV Tests, Borrower may elect to add Mortgaged Properties in accordance with the terms of this Agreement or repay an amount of the maturing Fixed Advance required to cause the Coverage and LTV Tests to be satisfied; (f) If required by Lender, the receipt by Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date of the extension and showing no additional exceptions to coverage other than the exceptions shown on the last Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens and other exceptions approved by Lender; (g) Receipt by Lender of one (1) or more counterparts of each Extension Document, dated as of the date Closing Date, signed by each of the Extension, all of the Loan Documents shall be valid, enforceable and in full force and effect; parties (viother than Lender) on and as of the date of any who is a party to such Extension, all Loan Expenses and any other fees, charges and expenses owed under any of the Loan Documents shall have been paid in full; (vii) on and as of the date of the Extension, Lender’s security interests in all Collateral must be duly perfected and in the Lien position stated thereinExtension Document; and (viiih) Borrower The satisfaction of all conditions set forth in Section 1.07 and the Borrower-Related Parties shall have complied with each other reasonable request of Lender made all applicable General Conditions set forth in connection with the ExtensionSection 6.01.