Common use of Term Extension Option Clause in Contracts

Term Extension Option. 3.1 The initial term Lease shall be fifteen (15) months (the initial “Term”), starting on the Term Commencement Date and ending on the Term Expiration Date, subject to earlier termination of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option to extend the initial fifteen (15) month Term of this Lease (the “Extension Option”) for one (1) additional period of twelve (12) months (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described in Section 2.3, and (b) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant shall have no further options to extend. The foregoing notwithstanding, Tenant shall not have the right to exercise the Extension Option if: (x) Tenant is in default of any term, condition or covenant contained in this Lease beyond the applicable notice and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Period, (y) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.

Term Extension Option. 3.1 (i) The initial term Lease Borrower shall be fifteen have three options (15each, a “Term Extension Option”) months (the initial “Term”), starting on to extend the Term Commencement Maturity Date and ending on the Term Expiration Date, subject to earlier termination for a period of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option year per extension (each such period, a “Term Extension Period”). Subject to the conditions set forth in clause (ii) below, Borrower may exercise each Term Extension Option by delivering written notice (a “Term Extension Notice”), together with the payment of the first installment of the Term Extension Fee for the account of the Term Lenders (based on their respective Pro Rata Shares for the Term Facility), to the Administrative Agent on or before the date that is at least 30 days, but not more than 180 days, prior to the then applicable Term Maturity Date, stating that Borrower will extend the initial fifteen (15) month Term of this Lease (the “Extension Option”) Maturity Date for one (1) additional period year (or if such date that is one year after the Term Maturity Date is not a Business Day, the next succeeding Business Day). Borrower’s delivery of twelve (12) months (the “a Term Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period Notice shall be payable as described in Section 2.3irrevocable. In no event shall the Term Maturity Date occur later than May 30, and 2019. (bii) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant shall have no further options to extend. The foregoing notwithstanding, Tenant shall not have the Borrower’s right to exercise the each Term Extension Option ifshall be subject to the following terms and conditions: (xA) Tenant is no Potential Event of Default or Event of Default shall have occurred and be continuing either on the date Borrower delivers the applicable Term Extension Notice to the Administrative Agent or on the date that this Agreement would otherwise have terminated, (B) the Borrower shall be in default of any term, condition or covenant contained full compliance with all covenants and conditions set forth in this Lease beyond the applicable notice and cure period, if any, either Agreement as of the date Tenant elects Borrower delivers the applicable Term Extension Notice to exercise the Extension Option as provided below or at any time thereafter preceding Administrative Agent and on the Extension Perioddate that this Agreement would otherwise have terminated, and (yC) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) the Borrower shall have paid the first quarterly installment of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Term Extension Option by delivering a written notice to Landlord not less than four (4) months prior Fee to the expiration Administrative Agent for the account of the initial Term of this Lease. Tenant understandsLenders (based on their respective Pro Rata Shares for the Term Facility). (iii) If the Borrower exercises any Term Extension Option, acknowledges and agrees that time is the Borrower shall pay the quarterly installments of the essence with respect to Tenant’s exercise of its Term Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise Fee on (A) the date of the Extension Option within Notice and (B) on the time periods set forth abovefirst day of the fourth, which time periods are to be strictly enforced, then Tenant’s seventh and tenth months of the applicable Term Extension Option rights shall immediately expire and be of no further force or effectPeriod.

Term Extension Option. 3.1 The initial term Lease outstanding balance of the Loan, together with all accrued and unpaid interest and other amounts accrued and unpaid under the Loan Documents, shall be fifteen payable in full on the earliest to occur of (15i) months February 13, 2008, (ii) the initial acceleration of the Loan pursuant to Section 10.2(a), or (iii) Borrower’s written notice to Lender (pursuant to Section 2.4(a)) of Borrower’s election to prepay all accrued Obligations (said earliest date referred to herein as the “TermMaturity Date”); provided, starting on however, that Borrower shall have the Term Commencement Date and ending on the Term Expiration Date, subject right to earlier termination of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option extension of the date referred to extend in clause (i) above, for an additional sixty (60) day period (i.e., to April 14, 2008), as follows: (i) Borrower shall give Lender written notice of Borrower’s request for an extension of the initial Maturity Date not earlier than forty-five (45 days), nor later than thirty (30) days, prior to the original Maturity Date; (ii) As of the date of such notice, and as of the original Maturity Date, there shall exist no Unmatured Event of Default or Event of Default (provided that Borrower shall have an opportunity to cure such Unmatured Event of Default prior to such Maturity Date to the extent of applicable cure periods under this Agreement or the applicable Loan Document); (iii) At Lender’s request, Borrower shall have caused to be issued to Lender, at Borrower’s sole cost and expense, appropriate endorsements to Lender’s policy of title insurance; (iv) There shall have been no change in the financial condition of Borrower, or in the condition of the Property, from that which existed on the Closing Date which, as determined by Lender in its reasonable discretion, has a Material Adverse Effect; (v) Borrower shall have executed and delivered to Lender such documentation as Lender may reasonably request for the purpose of confirming the existence and priority of Lender’s Liens securing the Obligations in connection with the requested extension; (vi) The Loan Commitment, as determined by Lender in its reasonable discretion based on information available to it at the time, shall not exceed fifty percent (50%) of the Appraised Value of the Property, provided that at Borrower’s election (and expense) Lender shall obtain a new Appraisal of the Property in order to make such determination; (vii) The Property shall have a Loan Constant of not less than fifteen percent (15%); and Borrower shall provide Lender with sufficient information (including, without limitation, a detailed current rent roll and a current historical operating statement) month Term necessary to determine the then Loan Constant; (viii) Borrower shall have caused KBS REIT to deliver to Lender an executed KBS REIT Compliance Certificate confirming that KBS REIT is in compliance with each of this Lease the covenants set forth on Exhibit F. KBS REIT’s compliance with the referenced covenants (the “Extension Option”and delivery of a KBS REIT Compliance Certificate evidencing compliance) for one (1) additional period of twelve (12) months (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described a condition to Borrower’s right to exercise the extension option contained in this Section 2.32.1(c) notwithstanding the fact that the Compliance Ratio may be less than or equal to forty-five percent (45%) (i.e., and whether or not KBS REIT would otherwise be required to comply with such covenants); (bix) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant Borrower shall have no further options delivered to extendLender a fully executed loan application, which application must include the material business terms for a take-out loan with a commitment amount not less than the Loan; and (x) Borrower shall pay to Lender a non-refundable extension fee in an amount equal to 0.1% of the outstanding Loan amount immediately after the extension of the Maturity Date as provided herein. The foregoing notwithstandingNotwithstanding the foregoing, Tenant Borrower shall not have the right to exercise repay principal outstanding under the Extension Option if: (x) Tenant Loan in such amount as may be required to reduce the Loan Commitment, after giving effect to the required reduction, to an amount such that Borrower is in default of any term, condition or covenant contained in this Lease beyond the applicable notice compliance with subsections (vi) and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Period, (yvii) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.

Term Extension Option. 3.1 The A. Subject to and upon the conditions set forth herein, the initial term Lease shall be fifteen (15) months (the initial “Term”), starting on the Term Commencement Date and ending on the Term Expiration Date, subject to earlier termination of this Lease (the "Initial Term") shall commence on May 1, 2007 (the "Commencement Date"), and shall end at midnight on the day before the sixth (6th) anniversary of the Commencement Date (i.e., April 30, 2013) (the "Stated Expiration Date"), unless extended or sooner terminated as provided hereinherein provided. 3.2 Landlord hereby grants Tenant 1. Lessee shall have one (1) option to extend the initial fifteen (15) month Term term of this Lease for a period of five (5) years (the “"Extension Option”) for one (1) additional period "), commencing upon the expiration of twelve (12) months the Initial Term (the “"Extension Period”Term"), all upon in accordance with the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described in provisions of this Section 2.3, and (b) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant shall have no further options to extend. The foregoing notwithstanding, Tenant 2.B. Lessee shall not have the right to exercise the Extension Option if: unless, as of each of (xa) Tenant is the date on which Lessee gives to Lessor written notice of its intention to exercise the Extension Option and (b) the first day of the Extension Term, (i) there then exists no "Event of Default" (as hereinafter defined) hereunder, nor any event or condition that, with the giving of notice and/or the passage of time, would constitute an Event of Default hereunder, (ii) except for a "Permitted Transfer" (as defined in default of any termSection 13 below), condition or covenant contained Lessee named in the Preamble has not assigned this Lease beyond without Lessor's consent, and (iii) there are not then in effect subleases or other occupancy arrangements covering (in the applicable notice and cure period, if any, either as aggregate) thirty (30%) percent or more of the date Tenant elects total Rentable Area of the Leased Premises. 2. If Lessee intends to exercise the Extension Option, Lessee shall give written notice to Lessor of such intention (a "Notice of Intention to Exercise Extension Option") not earlier than twelve (12) months prior to the Stated Expiration Date and not later than nine (9) months prior to the Stated Expiration Date. If Lessee gives a Notice of Intention to Exercise Extension Option in accordance with the provisions of this Section 2.B, then notwithstanding anything to the contrary herein contained, in the event that Lessor determines in good faith that Lessor will require the use of some or all of the Leased Premises for its own business operations after the expiration of the Initial Term, Lessor shall have the right to negate Lessee's intention to exercise the Extension Option as set forth in such Notice of Intention to Exercise Extension Option (and thereby void the Extension Option and cause the Lease Term to expire at the end of the Initial Term) by giving written notice of the same (a "Lessor's Response Notice") to Lessee within thirty (30) days after Lessor receives Lessee's Notice of Intention to Exercise Extension Option. If Lessor does not give a Lessor's Response Notice within such 30-day period, then (a) the Lease Term shall be deemed extended for the Extension Term, and (b) the parties shall proceed to determine Base Rent for the Extension Term in the manner provided below in this Paragraph 2.B. For the purposes of this Lease, the phrase "Lessor will require the use of some or all of the Leased Premises for its own business operations" shall mean that some or all of the Leased Premises will be occupied by Lessor and its employees, and not be leased to or occupied by third parties. 3. For purposes of this Lease, "Fair Market Rent" shall mean the annual Base Rent determined on the basis of then current rentals being charged for newly executed leases for space of a size, quality and location comparable to the Leased Premises in the Nashua, New Hampshire area, taking into account, without limitation, such considerations as the permitted uses, size, location, lease term, and the terms of this Lease (other than the Base Rent), but specifically excluding any incremental value attributable to alterations, additions or changes made by Lessee (whether in preparation for Lessee's initial occupancy of the Leased Premises or at any time thereafter preceding thereafter). Fair Market Rent shall be based on the Extension PeriodLeased Premises in its "as is" condition and shall take into account inducements (such as "free" rent and tenant fitup allowances) then being offered to prospective tenants in the market described above. Notwithstanding the foregoing, (y) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) of in no event shall the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not Base Rent be less than four that for the most recent twelve (412) months prior to month period for the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effectLeased Premises.

Term Extension Option. 3.1 The initial term Lease outstanding balance of the Loan, together with all accrued and unpaid interest and other amounts accrued and unpaid under the Loan Documents, shall be fifteen payable in full on the earliest to occur of (15i) months January 30, 2009, (ii) the initial acceleration of the Loan pursuant to Section 10.2(a), or (iii) Borrower’s written notice to Lender (pursuant to Section 2.4(a)) of Borrower’s election to prepay all accrued Obligations (said earliest date referred to herein as the “TermMaturity Date”); provided, starting on however, that Borrower shall have the Term Commencement Date and ending on the Term Expiration Date, subject right to earlier termination of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option extension of the date referred to extend in clause (i) above, for an additional ninety (90) day period (i.e., to April 30, 2009), as follows: (i) Borrower shall give Lender written notice of Borrower’s request for an extension of the initial Maturity Date not earlier than forty-five (45 days), nor later than thirty (30) days, prior to the original Maturity Date; (ii) As of the date of such notice, and as of the original Maturity Date, there shall exist no Unmatured Event of Default or Event of Default (provided that Borrower shall have an opportunity to cure such Unmatured Event of Default prior to such Maturity Date to the extent of applicable cure periods under this Agreement or the applicable Loan Document); (iii) At Lender’s request, Borrower shall have caused to be issued to Lender, at Borrower’s sole cost and expense, appropriate endorsements to Lender’s policy of title insurance; (iv) There shall have been no change in the financial condition of Borrower, or in the condition of the Property, from that which existed on the Closing Date which, as determined by Lender in its reasonable discretion, has a Material Adverse Effect; (v) Borrower shall have executed and delivered to Lender such documentation as Lender may reasonably request for the purpose of confirming the existence and priority of Lender’s Liens securing the Obligations in connection with the requested extension; (vi) The Loan Commitment, as determined by Lender in its reasonable discretion based on information available to it at the time, shall not exceed forty-five percent (45%) of the Appraised Value of the Property, provided that Lender shall have the right, in its sole and absolute discretion, to obtain a new Appraisal of the Property at Borrower’s expense; (vii) The Property shall have a Loan Constant of not less than fifteen percent (15%); and Borrower shall provide Lender with sufficient information (including, without limitation, a detailed current rent roll and a current historical operating statement) month Term of this Lease necessary to determine the then Loan Constant; (the “Extension Option”viii) for one (1) additional period of twelve (12) months (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described in Section 2.3, and (b) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant Borrower shall have no further options caused KBS REIT II to extenddeliver to Lender an executed KBS REIT II Compliance Certificate confirming that KBS REIT II is in compliance with each of the covenants set forth on Exhibit E; (ix) Borrower shall have delivered to Lender a fully executed loan application, which application must include the material business terms for a take-out loan with a commitment amount not less than the Loan Commitment; and (x) Borrower shall pay to Lender a non-refundable extension fee in an amount equal to 0.125% of the outstanding Loan Commitment, whether disbursed or undisbursed, immediately after the extension of the Maturity Date as provided herein. The foregoing notwithstandingNotwithstanding the foregoing, Tenant Borrower shall not have the right to exercise repay principal outstanding under the Extension Option if: (x) Tenant Loan in such amount as may be required to reduce the Loan Commitment, after giving effect to the required reduction, to an amount such that Borrower is in default of any term, condition or covenant contained in this Lease beyond the applicable notice and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Periodcompliance with subsections (vi), (yvii) Tenant has sublet, with Landlord’s consent, more than twenty-five percent and (25%ix) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.

Term Extension Option. 3.1 The initial term Lease outstanding balance of the Loan, together with all accrued and unpaid interest and other amounts accrued and unpaid under the Loan Documents, shall be fifteen payable in full on the earliest to occur of (15i) months February 28, 2008, (ii) the initial acceleration of the Loan pursuant to Section 10.2(a), or (iii) Borrower’s written notice to Lender (pursuant to Section 2.4(a)) of Borrower’s election to prepay all accrued Obligations (said earliest date referred to herein as the “TermMaturity Date”); provided, starting on however, that Borrower shall have the Term Commencement Date and ending on the Term Expiration Date, subject right to earlier termination of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option extension of the date referred to extend in clause (i) above, for an additional sixty (60) day period (i.e., to April 28, 2008), as follows: (i) Borrower shall give Lender written notice of Borrower’s request for an extension of the initial Maturity Date not earlier than forty-five (45 days), nor later than thirty (30) days, prior to the original Maturity Date; (ii) As of the date of such notice, and as of the original Maturity Date, there shall exist no Unmatured Event of Default or Event of Default (provided that Borrower shall have an opportunity to cure such Unmatured Event of Default prior to such Maturity Date to the extent of applicable cure periods under this Agreement or the applicable Loan Document); (iii) At Lender’s request, Borrower shall have caused to be issued to Lender, at Borrower’s sole cost and expense, appropriate endorsements to Lender’s policy of title insurance; (iv) There shall have been no change in the financial condition of Borrower, or in the condition of the Property, from that which existed on the Closing Date which, as determined by Lender in its reasonable discretion, has a Material Adverse Effect; (v) Borrower shall have executed and delivered to Lender such documentation as Lender may reasonably request for the purpose of confirming the existence and priority of Lender’s Liens securing the Obligations in connection with the requested extension; (vi) The Loan Commitment, as determined by Lender in its reasonable discretion based on information available to it at the time, shall not exceed fifty percent (50%) of the Appraised Value of the Property, provided that at Borrower’s election (and expense) Lender shall obtain a new Appraisal of the Property in order to make such determination; (vii) The Property shall have a Loan Constant of not less than fifteen percent (15%); and Borrower shall provide Lender with sufficient information (including, without limitation, a detailed current rent roll and a current historical operating statement) month Term necessary to determine the then Loan Constant; (viii) Borrower shall have caused KBS REIT to deliver to Lender an executed KBS REIT Compliance Certificate confirming that KBS REIT is in compliance with each of this Lease the covenants set forth on Exhibit F. KBS REIT’s compliance with the referenced covenants (the “Extension Option”and delivery of a KBS REIT Compliance Certificate evidencing compliance) for one (1) additional period of twelve (12) months (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described a condition to Borrower’s right to exercise the extension option contained in this Section 2.32.1(c) notwithstanding the fact that the Compliance Ratio may be less than or equal to forty-five percent (45%) (i.e., and whether or not KBS REIT would otherwise be required to comply with such covenants); (bix) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant Borrower shall have no further options delivered to extendLender a fully executed loan application, which application must include the material business terms for a take-out loan with a commitment amount not less than the Loan; and (x) Borrower shall pay to Lender a non-refundable extension fee in an amount equal to 0.1% of the outstanding Loan amount immediately after the extension of the Maturity Date as provided herein. The foregoing notwithstandingNotwithstanding the foregoing, Tenant Borrower shall not have the right to exercise repay principal outstanding under the Extension Option if: (x) Tenant Loan in such amount as may be required to reduce the Loan Commitment, after giving effect to the required reduction, to an amount such that Borrower is in default of any term, condition or covenant contained in this Lease beyond the applicable notice compliance with subsections (vi) and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Period, (yvii) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.

Term Extension Option. 3.1 The initial term Lease outstanding balance of the Loan, together with all accrued and unpaid interest and other amounts accrued and unpaid under the Loan Documents, shall be fifteen payable in full on the earliest to occur of (15i) months Xxxxx 0, 0000, (xx) the initial acceleration of the Loan pursuant to Section 10.2(a), or (iii) Borrower’s written notice to Lender (pursuant to Section 2.4(a)) of Borrower’s election to prepay all accrued Obligations (said earliest date referred to herein as the “TermMaturity Date”); provided, starting on however, that Borrower shall have the Term Commencement Date and ending on the Term Expiration Date, subject right to earlier termination of this Lease as provided herein. 3.2 Landlord hereby grants Tenant one (1) option extension of the date referred to extend in clause (i) above, for an additional ninety (90) day period (i.e., to June 9, 2009), as follows: (i) Borrower shall give Lender written notice of Borrower’s request for an extension of the initial fifteen Maturity Date not earlier than forty-five (1545 days), nor later than thirty (30) month Term days, prior to the original Maturity Date; (ii) As of the date of such notice, and as of the original Maturity Date, there shall exist no Unmatured Event of Default or Event of Default (provided that Borrower shall have an opportunity to cure such Unmatured Event of Default prior to such Maturity Date to the extent of applicable cure periods under this Lease Agreement or the applicable Loan Document); (iii) At Lender’s request, Borrower shall have caused to be issued to Lender, at Borrower’s sole cost and expense, appropriate endorsements to Lender’s policy of title insurance; (iv) There shall have been no change in the “Extension Option”financial condition of Borrower, or in the condition of the Property, from that which existed on the Closing Date which, as determined by Lender in its reasonable discretion, has a Material Adverse Effect; (v) Borrower shall have executed and delivered to Lender such documentation as Lender may reasonably request for one the purpose of confirming the existence and priority of Lender’s Liens securing the Obligations in connection with the requested extension; (1vi) additional period The Loan Commitment, as determined by Lender in its reasonable discretion based on information available to it at the time, shall not exceed fifty percent (50%) of the Appraised Value of the Property, provided that Lender shall have the right, in its sole and absolute discretion, to obtain a new Appraisal of the Property at Borrower’s expense; (vii) The Property shall have a Loan Constant of not less than twelve percent (12%); and Borrower shall provide Lender with sufficient information (including, without limitation, a detailed current rent roll and a current historical operating statement) months necessary to determine the then Loan Constant; (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (aviii) Base Rent payable during the Extension Period shall be payable as described in Section 2.3, and (b) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant Borrower shall have no further options caused KBS REIT II to extenddeliver to Lender an executed KBS REIT II Compliance Certificate confirming that KBS REIT II is in compliance with each of the covenants set forth on Exhibit E; (ix) Borrower shall have delivered to Lender a fully executed loan application, which application must include the material business terms for a take-out loan with a commitment amount not less than the Loan Commitment; and (x) Borrower shall pay to Lender a non-refundable extension fee in an amount equal to 0.125% of the outstanding Loan Commitment immediately after the extension of the Maturity Date as provided herein. The foregoing notwithstandingNotwithstanding the foregoing, Tenant Borrower shall not have the right to exercise repay principal outstanding under the Extension Option if: (x) Tenant Loan in such amount as may be required to reduce the Loan Commitment, after giving effect to the required reduction, to an amount such that Borrower is in default of any term, condition or covenant contained in this Lease beyond the applicable notice and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Periodcompliance with subsections (vi), (yvii) Tenant has sublet, with Landlord’s consent, more than twenty-five percent and (25%ix) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.