Common use of Extension of Time Clause in Contracts

Extension of Time. STATE may extend the time for performance of this contract upon written request from PURCHASER or upon STATE's own motion. Except as provided in Section 29, a request for extension: • shall be accompanied by the written consent to an extension of the security by PURCHASER's surety; • shall state the date to which the extension is desired, the area of the operations to be affected, and the reason(s) for the extension; and • must be received by STATE no later than 30 days prior to the expiration date of this contract unless the need for extension occurred within the 30 days prior to the expiration date, in which case the request must be received prior to the expiration date. Requests for extension may be granted for any reason except changes in timber market conditions. STATE shall grant a request for an extension only when it determines that extension would be in the best interests of STATE. In no event shall an extension exceed one year. When STATE grants a request for extension, it may condition that grant upon any condition it determines is necessary to protect the interests of the STATE. Such conditions may include, but may not be limited to, the following: (a) Payment at time of extension of the full amount of the unpaid balance of the purchase price. In the case of scale or weight sales, such payment shall be an advance deposit, based on remaining volume, as estimated by STATE. (b) If PURCHASER is not otherwise in arrears in required payments, STATE may grant additional time for payment of the unpaid balance on the condition that PURCHASER make installment payments based on removal of designated timber as required by Section 42 of this contract, plus interest on all payments received after the original expiration date. (c) Completion of designated requirements of this contract, such as fire trail construction, snag felling, slash preparation operations on logged portions of the timber sale area, and road construction or maintenance. (d) Payment of an extension fee in an amount determined by STATE (not less than $50). Such fee shall be based upon the loss of production, extra reforestation costs, brush control costs, slash disposal costs, or other costs which may be caused by the extension. (e) Waiver of full payment, or payment of interest on unpaid balance, if STATE determines that extenuating circumstances warrant waiver or waiver is otherwise in the best interests of STATE.

Extension of Time. STATE may extend the time for performance of this contract upon written request from PURCHASER or upon STATE's own motion. Except as provided in Section 29, a request for extension: • shall be accompanied by the written consent to an extension of the security by PURCHASER's surety; • shall state the date to which the extension is desired, the area of the operations to be affected, and the reason(s) for the extension; and • must be received by STATE no later than 30 days prior to the expiration date of this contract unless the need for extension occurred within the 30 days prior to the expiration date, in which case the request must be received prior to the expiration date. Requests for extension may be granted for any reason except changes in timber market conditions. STATE shall grant a request for an extension only when it determines that extension would be in the best interests of STATE and consistent with STATE's fiduciary responsibility to the Common School Fund. In no event shall an extension exceed one year. When STATE grants a request for extension, it may condition that grant upon any condition it determines is necessary to protect the interests of the STATE. Such conditions may include, but may not be limited to, the following: (a) Payment at time of extension of the full amount of the unpaid balance of the purchase price. In the case of scale or weight sales, such payment shall be an advance deposit, based on remaining volume, as estimated by STATE. (b) If PURCHASER is not otherwise in arrears in required payments, STATE may grant additional time for payment of the unpaid balance on the condition that PURCHASER make installment payments based on removal of designated timber as required by Section 42 of this contract, plus interest on all payments received after the original expiration date. (c) Completion of designated requirements of this contract, such as fire trail construction, snag felling, slash preparation operations on logged portions of the timber sale area, and road construction or maintenance. (d) Payment of an extension fee in an amount determined by STATE (not less than $50). Such fee shall be based upon the loss of production, extra reforestation costs, brush control costs, slash disposal costs, or other costs which may be caused by the extension. (e) Waiver of full payment, or payment of interest on unpaid balance, if STATE determines that extenuating circumstances warrant waiver or waiver is otherwise in the best interests of STATE.

Extension of Time. STATE may extend the time for performance of this contract upon written request from PURCHASER or upon STATE's own motion. Except as provided in Section 29, a request for extension: • shall be accompanied by the written consent to an extension of the security by PURCHASER's surety; • shall state the date to which the extension is desired, the area of the operations to be affected, and the reason(s) for the extension; and • must be received by STATE no later than 30 days prior to the expiration date of this contract unless the need for extension occurred within the 30 days prior to the expiration date, in which case the request must be received prior to the expiration date. Requests for extension may be granted for any reason except changes in timber market conditions. STATE shall grant a request for an extension only when it determines that extension would be in the best interests of STATE. In no event shall an extension exceed one year. When STATE grants a request for extension, it may condition that grant upon any condition it determines is necessary to protect the interests of the STATE. Such conditions may include, but may not be limited to, the following: (a) Payment at time of extension of the full amount of the unpaid balance of the purchase price. In the case of scale or weight sales, such payment shall be an advance deposit, based on remaining volume, as estimated by STATE. (b) If PURCHASER is not otherwise in arrears in required payments, STATE may grant additional time for payment of the unpaid balance on the condition that PURCHASER make installment payments based on removal of designated timber as required by Section 42 of this contract, plus interest on all payments received after the original expiration date. (c) Completion of designated requirements of this contract, such as fire trail construction, snag felling, slash preparation operations on logged portions of the timber sale area, and road construction or maintenance. (d) Payment of an extension fee in an amount determined by STATE (not less than $50). Such fee shall be based upon the loss of production, extra reforestation costs, brush control costs, slash disposal costs, or other costs which may be caused by the extension. (e) Waiver of full payment, or payment of interest on unpaid balance, if STATE determines that extenuating circumstances warrant waiver or waiver is otherwise in the best interests of STATE. (f) PURCHASER-funded T&E species surveys by STATE-approved surveyors. STATE may require that operations on the timber sale area be suspended during the survey season until the completion of surveys, in order to ensure a valid survey. The survey season begins March 15 and ends August 31, or upon completion of survey visits, annually.

Extension of Time. STATE may extend It is further understood and agreed that with respect to any obligation, other than the time for performance payment of money, to be performed by a party during the Term of this contract upon written request Agreement, such party shall in no event be liable for failure so to do when prevented by any force majeure cause such as strike, lockout, breakdown, accident, order or regulation of or by any governmental authority, failure of supply or inability, by the exercise of reasonable diligence, to obtain supplies, parts or employees necessary to perform such obligation, or war or other emergency. The time within which such obligation shall be performed shall be extended for a period of time equivalent to the delay from PURCHASER such cause. The parties agree that the Investment Basis for the Hotel as defined in Section 23 of the Management Agreement, as of the effective date of this Amendment shall be as set forth in Exhibit A-4, the same to be revised as of December 31, 2006 first effective for Fiscal Year 2007 to include capital expenditures by Leasehold Owner or upon STATE's own motionSuperior Owner in Fiscal Year 2006 and in that portion of Fiscal Year 2005 following October 28, 2005, and thereafter annually as provided by this Management Agreement. The definition of “Approved Facility” in Section 23 shall be amended to refer to “a borrowing capacity of not less than $25 million” until completion of the Special Capital Plans and Redevelopment Plans set forth herein, after which it shall be reduced to $10 million. The definition of “Investment Basis” in Section 23 shall be amended to read: Investment Basis — As of the date of this Amendment, the amount shown on Exhibit A-4 attached hereto and made a part hereof. The Investment Basis for any Fiscal Year shall be the Investment Basis in the Hotel at the end of the immediately preceding Fiscal Year. Except as provided below, with respect to calculations applicable to Fiscal Years 2006 and 2007, in Section 29determining Investment Basis at the end of any Fiscal Year for each Hotel, a request for extension: • the Investment Basis at the beginning of the prior Fiscal Year shall be accompanied increased annually by a percentage equal to the written consent to percentage increase in the Consumer Price Index during the immediately preceding calendar year, then shall be increased by all expenditures placed in service (and ensuring no amount is double counted) by Leasehold Owner during such Fiscal Year at such Hotel and included in depreciable fixed assets by Leasehold Owner or Superior Owner for financial reporting purposes, and shall be decreased by an extension imputed five percent (5%) of the security by PURCHASER's surety; • prior Fiscal Year’s Adjusted Gross Revenue provided, however, that the cumulative compounded increase in the Investment Basis resulting from such Consumer Price Index increase shall state not exceed 45% at any time during the date Initial Term hereof. No such adjustment to which Investment Basis shall occur at the extension is desiredend of 2005 for calculations applicable to Fiscal Year 2006. For purposes of calculating the Performance Test (if applicable) and the Incentive Management Fee for Fiscal Year 2007, the area calculation at the end of 2006 will be as follows: Start with the operations to be affected, and Investment Basis as set forth on Exhibit A-4. Apply the reason(s) Consumer Price Index increase as set forth above for the extension; period between October 28, 2005 and • must be received by STATE no later than 30 days prior December 31, 2005. Add to this number the expiration date of this contract unless the need for extension occurred within the 30 days prior to the expiration date, in which case the request must be received prior to the expiration date. Requests for extension may be granted for any reason except changes in timber market conditions. STATE shall grant a request for an extension only when it determines that extension would be in the best interests of STATE. In no event shall an extension exceed one year. When STATE grants a request for extension, it may condition that grant upon any condition it determines is necessary to protect the interests of the STATE. Such conditions may include, but may not be limited to, the following: (a) Payment at time of extension pro-rated portion of the full Fiscal Year 2005 capital expenditures by Leasehold Owner or Superior Owner for the period between October 28, 2005 and December 31, 2005 and then subtract five percent (5%) of Adjusted Gross Revenue for the full Fiscal Year 2005 prorated for the same period. Apply the Consumer Price Index increase as set forth above for the period between January 1, 2006 and December 31, 2006. Then add to this number the Fiscal Year 2006 capital expenditures by Leasehold Owner or Superior Owner and then subtract five percent (5%) of Adjusted Gross Revenue for the same Fiscal Year 2006. An example of calculation of the Investment Basis is attached as Exhibit A-5. If a force majeure event excusing an ROI Failure pursuant to Section 7.06 is established by either agreement of the parties or through the arbitration procedures in this Agreement for any Fiscal Year, the annual increase in the Consumer Price Index for the applicable Fiscal Year for purposes of calculating the Investment Basis of the Hotel shall be deemed to be zero. There shall be deleted from the definition of “Gross Revenues” in Section 23 the phrase “Net Proceeds received by Leasehold Owner in connection with the sale of any property pursuant to Section 4.04 hereof.” The definition of Net Proceeds in Section 23 shall be amended to read: Net Proceeds: with respect to the sale of any Managed Hotel or other property, the purchase price paid less usual and customary closing costs, but excluding any fee or commission payable to Leasehold Owner or an Affiliate of Leasehold Owner. With respect to a foreclosure or transfer by virtue of a deed in lieu of foreclosure, the unpaid principal and interest on the relevant loan at the time of such foreclosure or deed in lieu of foreclosure, before giving any effect to the reduction of the loan by the amount of any deposits, escrow balances or other impounds held by lender or otherwise securing the unpaid balance of the purchase priceloan. In the case of scale or weight sales, such payment shall be an advance deposit, based on remaining volume, as estimated by STATE. (b) If PURCHASER is not otherwise in arrears in required payments, STATE may grant additional time for payment of the unpaid balance on the condition that PURCHASER make installment payments based on removal of designated timber as required by Section 42 of this contract, plus interest on all payments received after the original expiration date. (c) Completion of designated requirements of this contract, such as fire trail construction, snag felling, slash preparation operations on logged portions of the timber sale area, and road construction or maintenance. (d) Payment of an extension fee in an amount determined by STATE (not less than $50). Such fee shall be based upon the loss of production, extra reforestation costs, brush control costs, slash disposal costs, or other costs which may be caused by the extension. (e) Waiver of full payment, or payment of interest on unpaid balance, if STATE determines that extenuating circumstances warrant waiver or waiver is otherwise in the best interests of STATE.

Extension of Time. STATE may extend the time for performance of this contract upon written request from PURCHASER or upon STATE's own motion. Except as provided in Section 29, a request for extension: • shall be accompanied by the written consent to an extension of the security by PURCHASER's surety; • shall state the date to which the extension is desired, the area of the operations to be affected, and the reason(s) for the extension; and • must be received by STATE no later than 30 days prior to the expiration date of this contract unless the need for extension occurred within the 30 days prior to the expiration date, in which case the request must be received prior to the expiration date. Requests for extension may be granted for any reason except changes in timber market conditions. STATE shall grant a request for an extension only when it determines that extension would be in the best interests of STATESTATE . In no event shall an extension exceed one year. When STATE grants a request for extension, it may condition that grant upon any condition it determines is necessary to protect the interests of the STATE. Such conditions may include, but may not be limited to, the following: (a) Payment at time of extension of the full amount of the unpaid balance of the purchase price. In the case of scale or weight sales, such payment shall be an advance deposit, based on remaining volume, as estimated by STATE. (b) If PURCHASER is not otherwise in arrears in required payments, STATE may grant additional time for payment of the unpaid balance on the condition that PURCHASER make installment payments based on removal of designated timber as required by Section 42 of this contract, plus interest on all payments received after the original expiration date. (c) Completion of designated requirements of this contract, such as fire trail construction, snag felling, slash preparation operations on logged portions of the timber sale area, and road construction or maintenance. (d) Payment of an extension fee in an amount determined by STATE (not less than $50). Such fee shall be based upon the loss of production, extra reforestation costs, brush control costs, slash disposal costs, or other costs which may be caused by the extension. (e) Waiver of full payment, or payment of interest on unpaid balance, if STATE determines that extenuating circumstances warrant waiver or waiver is otherwise in the best interests of STATE.