Common use of EARLY LOAN ACCELERATION Clause in Contracts

EARLY LOAN ACCELERATION. Notwithstanding anything to the contrary contained in this Agreement, if at any time (a) the outstanding principal balance of the Loan is less than Fifteen Million Dollars ($15,000,000) and (b) the Cash On Cash Return is less than twelve percent (12.0%), Lender shall have the right to accelerate the Loan, whereupon all amounts due under the Loan Documents shall become due and payable without any penalty or premium on the date which is one hundred twenty (120) days (the "EARLY TERMINATION DATE") after the date that Lender provides Borrower with notice of its intent to accelerate the Loan pursuant to the provisions of this paragraph; provided that Borrower shall have the right to repay the Loan without penalty or premium (including the premium contemplated in Section 2.3(4) above, if payable) on any earlier date after Borrower's receipt of such notice. Borrower shall pay to Lender, in immediately available funds, all outstanding principal, accrued and unpaid interest, and any other amounts due under the Loan Documents as of the Early Termination Date (or as of such earlier date on which Borrower elects to repay the Loan, as permitted in this paragraph).

EARLY LOAN ACCELERATION. Notwithstanding anything to the contrary contained in this Agreement, if at any time (a) the outstanding principal balance of the Loan is less than Fifteen Thirty-Five Million Dollars ($15,000,000) and (b) the Cash On Cash Return is less than twelve percent (12.0%35,000,000), Lender shall have the right to accelerate the Loan, whereupon all amounts due under the Loan Documents shall become due and payable without any penalty or premium on the date which is one hundred twenty ninety (12090) days (the "EARLY TERMINATION DATE") after the date that Lender provides Borrower with notice of its intent to accelerate the Loan pursuant to the provisions of this paragraph; provided that Borrower shall have the right to repay the Loan without penalty or premium (including the premium contemplated in Section 2.3(4) above, if payable) on any earlier date after Borrower's receipt of such notice. Borrower shall pay to Lender, in immediately available funds, all outstanding principal, accrued and unpaid interest, and any other amounts due under the Loan Documents as of the Early Termination Date (or as of such earlier date on which Borrower elects to repay the Loan, as permitted in this paragraph).