Common use of First Extension Option Clause in Contracts

First Extension Option. At the written request of Borrower made at least sixty (60) but not more than one hundred twenty (120) days prior to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (65%); (iv) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; (vii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by each Guarantor; and (viii) If requested by Lender, Lender shall have received a CLTA 110.5 (or equivalent) endorsement to the Title Policy.

First Extension Option. At the written request of Borrower made at least sixty thirty (6030) but not more than one hundred twenty (120) days prior to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal timely obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (65%)50% and that the Debt Service Coverage Ratio is not less than 1.40:1.0; (ivii) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to 0.250.125% of the outstanding principal balance of the Loan; (viii) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (viiv) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date;; and (viiv) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by each Guarantor; and (viii) If requested by Lender, Lender the Guarantor and Borrower shall have received a CLTA 110.5 (or equivalent) endorsement to the Title Policypaid all of Lender’s costs and expenses in connection with such extension in accordance with Section 10.03.

First Extension Option. At Borrower shall have the written request of Borrower made at least sixty (60) but not more than one hundred twenty (120) days prior right and option to extend the Original Maturity Date to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial First Extended Maturity Date (the “First Extended Maturity DateExtension Option”) provided that ). Such First Extension Option shall be granted to Borrower only if all of the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, have been simultaneously satisfied as of the Initial Maturity Date, commencement date of the Combined Debt Service Coverage Ratio First Extension Period (unless an earlier date is specified hereinbelow): (1) Receipt by Lender of a written request of Borrower (the "First Extension Request") given to Lender not less than 1.60:1.00forty-five (45) days prior to the Original Maturity Date but not more than ninety (90) days prior to the Original Maturity Date; (ii2) Borrower has demonstrated payment to Lender, in cash, of the reasonable satisfaction Extension Fee with respect to said First Extension Option; (3) no Event of Default shall have occurred and be then existing; (4) no Material Adverse Change shall have occurred; (5) receipt by Lender that, (at Borrower's sole cost and expense) in form and substance reasonably acceptable to Lender as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal obtained by Lender) that, as date of the Initial Maturity Date, the Combined First Extension Request of an appraisal evidencing an Appraised Value resulting in a Loan-to-Value Ratio does not exceed less than or equal to sixty-five percent (65%); (iv6) On or before to the Initial Maturity Date, extent Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under determined that any of the other Loan Documents shall be true and correct Reserves are then currently underfunded in all material respects as of the Initial Maturity DateLender's reasonable discretion, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty then Borrower shall have been true and correct as of effectuated additional deposits into such specified date; (vii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented Reserves to by each Guarantorsatisfy such shortfall; and (viii7) If requested by Lender, Lender Borrower shall have received provided Lender with a CLTA 110.5 (then current Compliance Certificate including written evidence reasonably satisfactory to Lender that the Debt Service Coverage Ratio shall then equal or equivalent) endorsement to the Title Policyexceed 1.35.

First Extension Option. At the written request of Borrower made at least sixty (60) days but not more than one hundred twenty (120) days prior to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) Administrative Agent shall have received evidence indicating whether the Improvements or any part thereof are or will be located within a one hundred year flood plain or other area identified by Administrative Agent as having high or moderate risk of flooding or identified as a special flood hazard area as defined by FEMA, and, if so, a flood notification form signed by Borrower and evidence that the flood insurance required by Article VII of this Agreement is in place for the Improvements and contents, if applicable, all in form, substance and amount satisfactory to Administrative Agent; (ii) Intentionally Omitted; (iii) Borrower has demonstrated to the reasonable satisfaction of Lender Administrative Agent that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.001.20:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iiiiv) Borrower has delivered to Lender Administrative Agent, evidence acceptable to Lender Administrative Agent (which evidence shall be a new Appraisal timely obtained by LenderAdministrative Agent) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (6565.0%); (ivv) On or before the Initial Maturity Date, Lender Administrative Agent shall have received received, on behalf of the Lenders, an extension fee in an amount equal to 0.250.125% of the outstanding principal balance of the LoanAggregate Commitment; (vvi) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vivii) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; (viiviii) Lender Administrative Agent has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by each Guarantor, and Borrower shall have paid all of Administrative Agent’s costs and expenses in connection with such extension in accordance with Section 11.03; and (viii) If requested by Lender, Lender shall have received a CLTA 110.5 (or equivalent) endorsement to the Title Policy.

First Extension Option. At Borrower shall have the right and option to extend the Original Maturity Date to the First Extended Maturity Date. Such First Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied as of the commencement date of the First Extension Period (unless an earlier date is specified hereinbelow): (1) Receipt by Lender of a written request of Borrower made at least sixty (60the "First Extension Request") but given to Lender not more less than one hundred twenty forty-five (12045) days prior to the Initial Original Maturity Date but not more than ninety (90) days prior to the Original Maturity Date; (2) Borrower's satisfaction of all those requirements contained in Section 3.4 hereof and Lender's determination that Completion has occurred; (3) payment to Lender, the Maturity Date shall be extended to the one-year anniversary in cash, of the Initial Maturity Date (the “Extension Fee with respect to said First Extended Maturity Date”) provided that the following conditions are satisfied:Extension Option; (i4) Borrower has demonstrated no Event of Default shall have occurred and be then existing; (5) no Material Adverse Change shall have occurred; (6) receipt by Lender (at Borrower's sole cost and expense) in form and substance reasonably acceptable to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as date of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be First Extension Request of an appraisal evidencing an Appraised Value resulting in a new Appraisal obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five less than or equal to sixty percent (6560%); (iv7) On or before to the Initial Maturity Date, extent Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under determined that any of the other Loan Documents shall be true and correct Reserves are then currently underfunded in all material respects as of the Initial Maturity DateLender's reasonable discretion, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty then Borrower shall have been true effectuated additional deposits into such Reserves to satisfy such concern; and correct as of such specified date;CONSTRUCTION LOAN AGREEMENT - Page 14 641926; Miami-Dade County – Florida (vii) 8) Borrower shall have provided Lender has received with a then current Compliance Certificate including written evidence reasonably satisfactory documentation evidencing to Lender that the extension executed by the Borrower and consented to by each Guarantor; and (viii) If requested by Lender, Lender Debt Service Coverage Ratio shall have received a CLTA 110.5 (then equal or equivalent) endorsement to the Title Policy.exceed 1.25

First Extension Option. At the written request notice of Borrower made at least sixty the Borrowers delivered to the Administrative Agent not less than forty-five days (6045) but and not more than one hundred twenty ninety (12090) days prior to in advance of the Initial Term Maturity Date, the Term Maturity Date shall be extended to the one-year anniversary of the Initial Term Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (65%); (iv) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Term Maturity Date, except to the extent such representation and warranty (x) is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date, (y) may not be correct due solely to the passage of time, but such untrue representation or warranty does not constitute a violation of this Agreement and does not arise out of the failure of Borrowers to perform their obligations hereunder or (z) subsequent to the date hereof become untrue, but such untrue representation or warranty does not constitute a violation of this Agreement and does not arise out of the failure of Borrowers to perform their obligations hereunder; (viiii) Lender has received reasonably satisfactory documentation evidencing As of the extension executed by date the Borrower Borrowers deliver notice of their intent to exercise the Extension Option, and consented as of the Term Maturity Date, no Event of Default shall have occurred and be continuing and the Borrowers shall so certify in writing; (iii) As of the date the Borrowers deliver notice of their intent to by each Guarantorexercise the Extension Option, and as of the Term Maturity Date, Borrowers have demonstrated to the reasonable satisfaction of the Administrative Agent, that the Debt Yield for the Mall is greater than or equal to ten and a half percent (10.5%); and (viiiiv) If requested by Lender, Lender shall have received a CLTA 110.5 (On or equivalent) endorsement prior to the Title Policyfirst day of the first extension period, Borrowers shall pay to Agent for the ratable benefit of the then-current Lenders a fee equal to twelve and a half hundredths of one percent (0.125%) of the then-current outstanding Term Loans.

First Extension Option. At the written request notice of Borrower made at least sixty the Borrowers delivered to the Administrative Agent not less than forty-five days (6045) but and not more than one hundred twenty ninety (12090) days prior to in advance of the Initial Term Maturity Date, the Term Maturity Date shall be extended to the one-year anniversary of the Initial Term Maturity Date (the “”First Extended Maturity Date”") provided that the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (65%); (iv) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Term Maturity Date, except to the extent such representation and warranty (x) is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date, (y) may not be correct due solely to the passage of time, but such untrue representation or warranty does not constitute a violation of this Agreement and does not arise out of the failure of Borrowers to perform their obligations hereunder or (z) subsequent to the date hereof become untrue, but such untrue representation or warranty does not constitute a violation of this Agreement and does not arise out of the failure of Borrowers to perform their obligations hereunder; (viiii) Lender has received reasonably satisfactory documentation evidencing As of the extension executed by date the Borrower Borrowers deliver notice of their intent to exercise the Extension Option, and consented as of the Term Maturity Date, no Event of Default shall have occurred and be continuing and the Borrowers shall so certify in writing; (iii) As of the date the Borrowers deliver notice of their intent to by each Guarantorexercise the Extension Option, and as of the Term Maturity Date, Borrowers have demonstrated to the reasonable satisfaction of the Administrative Agent, that the Debt Yield for the Mall is greater than or equal to ten and a half percent (10.5%); and (viiiiv) If requested by Lender, Lender shall have received a CLTA 110.5 (On or equivalent) endorsement prior to the Title Policyfirst day of the first extension period, Borrowers shall pay to Agent for the ratable benefit of the then-current Lenders a fee equal to twelve and a half hundredths of one percent (0.125%) of the then-current outstanding Term Loans.

First Extension Option. At the written request of Borrower made at least sixty thirty (6030) but not more than one hundred twenty sixty (12060) days prior to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) The Improvements are Substantially Complete on or before the Initial Maturity Date and Borrower has delivered to Lender a copy of the certificate of occupancy on or before the Initial Maturity Date; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%)1.25:1.00; (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal timely obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (6565.0%); (iv) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to one quarter of one percent (0.25% %) of the outstanding principal balance of the LoanLoan as of the Initial Maturity Date plus all unfunded amounts of the Commitment which Lender is still obligated to fund hereunder; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date;; and (vii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by each Guarantor; and (viii) If requested by Lender, Lender the Guarantor and Borrower shall have received a CLTA 110.5 (or equivalent) endorsement to the Title Policypaid all of Lender’s costs and expenses in connection with such extension in accordance with Section 10.03.