Common use of Maximum Unsecured Leverage Ratio Clause in Contracts

Maximum Unsecured Leverage Ratio. Subsection 5.04(b)(i) shall be modified so that (x) the Unencumbered Asset Value is deemed to be the Unencumbered Asset Value calculated using the Adjusted NOI for the applicable quarter (calculated on an Annualized Basis); provided, however, that if the Borrower obtains an Appraisal (as defined below) for any Unencumbered Asset the Unencumbered Asset Value of such Unencumbered Asset shall be deemed to be the value of such Unencumbered Asset based on such Appraisal and (y) the reference in the third line of such subsection to “60%” is replaced with “70%”.

Maximum Unsecured Leverage Ratio. Subsection 5.04(b)(i) shall be modified so that (x) the Unencumbered Asset Value is deemed to be the Unencumbered Asset Value calculated using the Adjusted NOI for the applicable quarter (calculated on an Annualized Basis); provided, however, that if the Borrower obtains an Appraisal (as defined below) for any Unencumbered Asset the Unencumbered Asset Value of such Unencumbered Asset shall be deemed to be the value of such Unencumbered Asset based on such Appraisal and (y) the reference in the third second line of such subsection to “60%” is replaced with “70%”.. 8

Maximum Unsecured Leverage Ratio. Subsection 5.04(b)(i) shall be modified so that (x) the Unencumbered Asset Value is deemed to be the Unencumbered Asset Value calculated using the Adjusted NOI for the applicable quarter (calculated on an Annualized Basis); provided, however, that if the Borrower obtains an Appraisal (as defined below) for any Unencumbered Asset the Unencumbered Asset Value of such Unencumbered Asset shall be deemed to be the value of such Unencumbered Asset based on such Appraisal and (y) the reference in the third second line of such subsection to “60%” is replaced with “70%”.