Common use of First Extension Clause in Contracts

First Extension. At any time between the 78th and 83rd month of the Initial Term and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.65x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the Initial Term for an additional 12-month extension term (the “First Extension”), subject to the following: the First Extension will on a floating rate basis, priced at 400 basis points over the 1 - month LIBOR rate with a minimum coupon of 7.25% and will be amortized on a 30-year schedule.

First Extension. At any time between the 78th and 83rd month of the Initial Term and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.65x1.50x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the Initial Term for an additional 12-month extension term (the “First Extension”), subject to the following: the First Extension will on a floating rate basis, priced at 400 basis points over the 1 - 1-month LIBOR rate with a minimum coupon of 7.25% and will be amortized on a 30-year schedule.

First Extension. At any time between the 78th and 83rd month of the Initial Term and provided (i) no event of default exists under the Loan, (ii) the Debt Service Coverage at the Property is at least 1.65x1.40x, (iii) the loan to value ratio is not greater than 55%, and (iv) Borrower pays an extension fee in the amount of .50% of the then-current outstanding principal amount of the Loan, Borrower will have the option to extend the Initial Term for an additional 12-month extension term (the “First Extension”), subject to the following: the First Extension will on a floating rate basis, priced at 400 basis points over the 1 - 1-month LIBOR rate with a minimum coupon of 7.25% and will be amortized on a 30-year schedule.