Common use of Principal Amortization Clause in Contracts

Principal Amortization. During the initial Term, the Loan shall be an interest-only loan and Borrower shall not be required to make any regularly scheduled principal amortization payments. If the Term is extended for one or both of the 12-month periods contemplated by Section 2.3(3) below (each, an "EXTENSION PERIOD"), then commencing on March 1, 2003, and continuing on each Interest Payment Date thereafter until all Obligations are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. For each Extension Period, Lender shall calculate the total amount of principal payments payable for such Extension Period based upon a 25-year amortization schedule, an amortization period which begins on February 1, 2003, a fixed interest rate equal to the Contract Rate in effect as of February 1 of such Extension Period, and the outstanding principal balance of the Loan as of February 1 of such Extension Period. The amount of the monthly principal amortization payment for a given Extension Period shall be the amount determined by dividing the aggregate amount of all monthly principal amortization payments payable for such Extension Period (calculated as set forth above) by twelve (12). The foregoing notwithstanding, upon application of any Release Payment or any other permitted or required prepayment of the Loan (other than the amortization payments required by this Section 2.3(2)) to the Loan balance, Lender shall recalculate the amount of the monthly principal amortization payments owing for the remainder of the then current Extension Period, based upon the new Loan balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first Interest Payment Date occurring after the date the Release Payment (or such other permitted or required prepayment) is made.

Principal Amortization. During the initial Term, the The Loan initially shall be an interest-interest only loan Loan and Borrower shall not be required to make any regularly scheduled principal amortization payments, for the first two (2) Loan Years. If the Term is extended for one or both of the 12-month periods contemplated by Section 2.3(3) below (eachThereafter, an "EXTENSION PERIOD"), then commencing on March May 1, 2003, 2016 and continuing on the first day of each Interest Payment Date month thereafter until all Obligations amounts due under the Loan Documents are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. For each Extension Period, Lender shall calculate the total amount of principal payments payable for such Extension Period from May 1, 2016 to the Maturity Date based upon a 2530-year amortization schedule, an amortization period which begins on February April 1, 20032016, a fixed interest rate equal to the blend Contract Rate in effect as of February 1 of such Extension PeriodApril 1, 2016 and the outstanding principal balance of the Loan as of February 1 of such Extension PeriodApril 1, 2016. The monthly amortization payment shall equal the total amount of the monthly principal amortization payment for a given Extension Period shall be the amount determined by dividing the aggregate amount of all monthly principal amortization payments payable for such Extension Period period (calculated as set forth above) divided by twelve (12)the number of monthly payments during such period. The foregoing notwithstanding, upon application of any Release Payment or any other permitted or required prepayment of the Loan (other than the amortization payments required by this Section 2.3(2)) to the Loan balanceSubsequent Advance thereafter occurring, Lender shall recalculate the amount of the monthly principal amortization payments payment owing for the remainder of the then current Extension PeriodLoan term, based upon the then remaining portion of the 30-year amortization schedule, the new Loan outstanding principal balance and the blended Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first Interest Payment Date occurring after day of the date month immediately following the Release Payment (or month in which such other permitted or required prepayment) Subsequent Advance is made. In addition, if the term of the Loan is extended in accordance with Section 2.3(3), then Lender shall, as of the first day of the extension period, recalculate the amount of the monthly principal amortization payment owing during such extension period, based upon the then-remaining portion of the 30- year amortization schedule, the outstanding principal balance of the Loan and the Contract Rate in effect as of the first day of such period. Lender’s determination of the amount of the monthly amortization payments to be made by Borrower under this Agreement shall be conclusive absent manifest error.

Principal Amortization. During the initial Term, the Loan shall be an interest-only loan and Borrower shall not Except as may be required pursuant to make any regularly scheduled Sections 10.2 and 14, no principal amortization paymentswill be required prior to the Amortization Commencement Date. If the Term is extended for one or both of the 12-month periods contemplated by Thereafter, in addition to any principal payments that may be required pursuant to Section 2.3(3) below (each10.2, an "EXTENSION PERIOD"), then commencing on March 1the first Interest Payment Date immediately following the Amortization Commencement Date (provided that the Amortization Commencement Date has not been extended to Maturity, 2003, in accordance with the terms and conditions set forth in the definition of “Amortization Commencement Date”) and continuing on each Interest Payment Date thereafter until all Obligations are paid in fullincluding, if the Maturity Date is extended pursuant to Section 2.2 and Section 2.3, during any Extended Term, Borrower shall make a principal payment to Agent, for the pro rata benefit of each Lender, in an amount equal to the hereinafter defined “Monthly Principal Payment Amount”. The Monthly Principal Payment Amount is defined as an amount equal to Thirty Five Thousand and no/100 Dollars ($35,000.00) per month. Monthly installments of interest on the Loan shall be payable in full concurrently with such monthly principal amortization payments in accordance with this Section 2.3(2)payments. In any event, which payments shall be applied to if not sooner paid, the entire outstanding principal balance of the Loan. For each Extension Period, Lender shall calculate the total amount of principal payments together with all accrued and unpaid interest and all fees, expenses and other amounts that are payable for such Extension Period based upon a 25-year amortization schedule, an amortization period which begins on February 1, 2003, a fixed interest rate equal pursuant to the Contract Rate in effect as of February 1 of such Extension Period, and the outstanding principal balance terms of the Loan as of February 1 of such Extension Period. The amount of the monthly principal amortization payment for a given Extension Period Documents, shall be due and payable in full at Maturity. Notwithstanding the amount determined by dividing the aggregate amount of all monthly principal amortization payments payable for such Extension Period (calculated as set forth above) by twelve (12). The foregoing notwithstandingforegoing, upon application of and following any Release Payment or any other permitted or required prepayment of the Loan in accordance with the terms and conditions of Section 2.5.3 hereof, in an amount sufficient to reduce the LTV Ratio (other than based on the amortization payments required by this Section 2.3(2)Approved Appraised Value of the Property as of the date hereof) to equal or less than fifty-five percent (55%), as set forth in the Loan balancedefinition of “Amortization Commencement Date”, Lender shall recalculate the amount of the monthly principal amortization payments owing for the remainder of the then current Extension Period, based upon the new Loan balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first Interest Payment Date occurring after immediately following the date of such prepayment, Borrower’s monthly payments hereunder and/or under any Note shall revert to payments of interest only, and no further principal amortization will be required hereunder and/or under any Note until the Release Payment Maturity Date (or such other permitted or required prepayment) is madeor, if the Maturity Date has been extended pursuant to the provisions of this Agreement, the then applicable Extended Maturity Date).

Principal Amortization. During the initial Term, the Loan shall be an interest-only loan and Borrower shall not be required to make any regularly scheduled principal amortization payments. If the Term is extended for one or both of the 12-month periods contemplated by Section 2.3(3) below (each, an "EXTENSION PERIOD"), then commencing on March August 1, 20032004, and continuing on each Interest Payment Date thereafter until all Obligations are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. For each Extension Period, Lender shall calculate the total amount of principal payments payable for such Extension Period based upon a 25-year amortization schedule, an amortization period which begins on February July 1, 20032004, a fixed interest rate equal to the Contract Rate in effect as of February July 1 of such Extension Period, and the outstanding principal balance of the Loan as of February July 1 of such Extension Period. The amount of the monthly principal amortization payment for a given Extension Period shall be the amount determined by dividing the aggregate amount of all monthly principal amortization payments payable for such Extension Period (calculated as set forth above) by twelve (12). The foregoing notwithstanding, upon application of any Release Payment to the Loan balance or any other permitted or required prepayment of the Loan (other than the amortization payments required by this Section 2.3(2)) to the Loan balance), Lender shall recalculate the amount of the monthly principal amortization payments owing for the remainder of the then current Extension Period, based upon the new Loan balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first Interest Payment Date occurring after the date the Release Payment (or such other permitted or required prepayment) is made.