Common use of Term of the Loan Clause in Contracts

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. (b) Borrowers shall have the right to extend the Original Maturity Date through the Extended Maturity Date (“Extension Option”) provided that Borrowers satisfy the following conditions precedent: (i) The delivery by Borrowers to Agent not less than thirty (30) days prior to the Original Maturity Date (but not more than ninety (90) days prior to such Original Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As of the Original Maturity Date, there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit of the Lenders, of an extension fee in an amount equal to the product of twenty-five basis points (0.25%) times the Loan Amount; (iv) Each Project other than the Mesa Vista Project must maintain a minimum occupancy of 85% determined on a quarterly basis for each quarter during the period from the Original Maturity Date through the Extended Maturity Date; and (v) Borrowers shall pay all reasonable expenses not to exceed $5,000.00, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred by Agent in connection with determining whether the conditions set forth in this Agreement are fully satisfied and the resulting granting of or refusal to grant the Extension Option by the Lenders (and in connection with the preparation and execution of any documentation therefor).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all All principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date. All references herein to the Maturity Date shall mean Initial Maturity Date, provided that, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. clauses (b) Borrowers and (c) below, Borrower shall have the right to extend the Original Maturity Date through for an additional 364-day term, on no more than two (2) occasions (the “First Extension Option” and the “Second Extension Option”), thereby extending the Maturity Date to the First Extended Maturity Date and Second Extended Maturity Date, respectively. (“b) Borrower may only exercise the First Extension Option”) provided that Borrowers satisfy Option upon satisfying the following conditions precedentconditions: (i) The delivery by Borrowers Borrower shall have delivered to Agent not less Lender written notice of such election no earlier than thirty one hundred and twenty (30120) days and no later than sixty (60) prior to the Original Maturity Date (but not more than ninety (90) days prior to such Original Initial Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As Lender shall have received Borrower’s current financial statements and a Borrowing Base Report, each certified as correct by Borrower. There must be no Material Adverse Change in Borrower’s financial condition and the outstanding principal amount of the Original Maturity DateLoan shall not exceed the Borrowing Base (provided that Borrower may, there shall exist no uncured Event of Default or any event whichat Borrower’s discretion, make a principal payment to establish compliance with the passage of time or the giving of notice, would constitute an Event of DefaultBorrowing Base requirement); (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit of the Lenders, of Such notice is accompanied by an extension fee in an the amount equal to the product of twenty-five twenty basis points (0.250.2%) times of the Loan Amount;Amount as of such date; and (iv) Each Project the representations and warranties of the Borrower contained in the Agreement or in any other than Loan Document shall be true and correct in all - 32 - material respects on and as of the Mesa Vista Project must maintain a minimum occupancy of 85% determined date on a quarterly basis for each quarter during the period from the Original Maturity Date through the Extended Maturity Datewhich notice is given in accordance with this subsection - 33 - (b); and (v) Borrowers No Default or Event of Default exists under the Loan Documents. (c) Borrower may only exercise the Second Extension Option upon satisfying the following conditions: (i) Borrower shall pay all reasonable expenses not have delivered to exceed $5,000.00Lender written notice of such election no earlier than one hundred and twenty (120) days and no later than sixty (60) prior to the First Extended Maturity Date; (ii) Lender shall have received Borrower’s current financial statements and a Borrowing Base Report, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred each certified as correct by Agent Borrower. There must be no Material Adverse Change in connection with determining whether the conditions set forth in this Agreement are fully satisfied Borrower’s financial condition and the resulting granting outstanding principal amount of or refusal the Loan shall not exceed the Borrowing Base (provided that Borrower may, at Borrower’s discretion, make a principal payment to grant the Extension Option by the Lenders (and in connection establish compliance with the preparation Borrowing Base requirement); (iii) Such notice is accompanied by an extension fee in the amount of twenty basis points (0.2%) of the Loan Amount as of such date; and (iv) the representations and execution warranties of the Borrower contained in the Agreement or in any documentation thereforother Loan Document shall be true and correct in all material respects on and as of the date on which notice is given in accordance with this subsection (b); and (v) No Default or Event of Default exists under the Loan Documents.

Term of the Loan. (a) Unless the Loan is otherwise earlier prepaid or accelerated as permitted or required herein or under any other Loan Document, all principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Initial Maturity Date, subject to the Extension Option. Lender shall not, however, be obligated to grant the Extension Option until the conditions precedent thereto are fully satisfied. The terms and provisions of this Section 4.3 (and any extension of the Original Initial Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the other Loan Documents shall require the express written approval of AgentLender, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option extension option expressly in accordance therewith. (b) Borrowers shall have the right to extend the Original Initial Maturity Date through for six (6) months (the Extended Maturity Date (“Extension Option”) provided that Borrowers satisfy the following conditions precedent: (i) The delivery by Borrowers Borrower to Agent Lender not less than thirty sixty (3060) days prior to the Original Initial Maturity Date (but not more than ninety (90) days prior to such Original Initial Maturity Date) of (a) written notice of Borrower’s Borrowers’ election to exercise the extension of the Original Initial Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist exists, no uncured Default or Event of Default and that the Loan Parties are in compliance with their respective financial covenants set forth in Sections 10.1(w), (x) and (y) and in Paragraph 6 of the Parent Guaranty, tested as of the last day of the most recently ended calendar quarter or any event whichfor the appropriate trailing period then ended, with as the passage case may be) and (b) payment by Borrower to Lender of time or an extension fee in an amount equal to the giving product of notice, would constitute an Event of Defaultthirty-five basis points (0.35%) times the Loan Amount; (ii) As of the Original Initial Maturity Date, there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (iii) Borrowers shallAn endorsement of any existing Title Insurance issued in connection herewith shall be obtained and delivered by Borrower to Lender, on stating that the Original Maturity Datecoverage afforded thereby, pay or the agreements thereunder, shall not be affected because of such extension, and the obtainment of an abstractor’s certificate or other title evidence showing no liens, encumbrances or other exceptions to Agent, for the benefit title of the Lenders, of an extension fee Projects other than those previously approved in an amount equal to the product of twenty-five basis points (0.25%) times the Loan Amountwriting by Lender; (iv) Each Project other than As of the Mesa Vista Project must maintain Initial Maturity Date, no Material Adverse Effect has occurred since the acquisition of the Projects by PropCo’s; (v) In the event Lender chooses to obtain a minimum occupancy current appraisal of 85% determined on a quarterly basis for each quarter during the period from Projects after receiving Borrowers’ notice of extension pursuant to Section 4.3(b)(i), then the Original outstanding principal amount of the Loan as of the Initial Maturity Date through shall not exceed seventy percent (70%) of the Extended “as-stabilized” value of the Projects as established pursuant to the Extension Appraisal and, to the extent the outstanding principal amount of the Loan exceeds seventy percent (70%) of such “as-stabilized” value of the Projects, Borrower shall repay an amount of principal of the Loan equal to such excess on or before the Initial Maturity Date, together with all accrued and unpaid interest on the amount of the Loan so repaid, plus any applicable Breakage Costs, and reasonable attorneys’ fees and disbursements incurred by Lender as a result of such repayment; (vi) Execution of an extension agreement and such other documentation as Lender may reasonably require in connection therewith, all of which shall be in form and substance reasonably acceptable to Lender; (vii) The delivery by each Borrower to Lender of written consent, in form and substance reasonably acceptable to Lender, to the Extension Option from each Borrower and each Guarantor; and (vviii) Borrowers Borrower shall pay all reasonable expenses not to exceed $5,000.00expenses, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred by Agent Lender in connection with determining whether the conditions set forth in this Agreement are fully satisfied and the resulting granting of or refusal to grant the Extension Option by the Lenders Lender (and in connection with the preparation and execution of any documentation therefor).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. (b) Borrowers shall have the right to extend the Original Maturity Date through the Extended Maturity Date (“Extension Option”) provided that Borrowers satisfy the following conditions precedent: (i) The delivery by Borrowers to Agent not less than thirty (30) days prior to the Original Maturity Date (but not more than ninety (90) days prior to such Original Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As of the Original Maturity Date, there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit of the Lenders, of an extension fee in an amount equal to the product of twenty-five basis points (0.25%) times the Loan Amount; (iv) Each Project other Borrowers shall have delivered to Agent evidence satisfactory to Agent that (A) that the fair market value for the Projects on an “as is” basis as shown in a current Appraisal is not less than an amount such that the Mesa Vista Project must maintain a minimum occupancy Loan Amount as of 85% determined on a quarterly basis for each quarter during the period from the Original Maturity Date through is equal to or less than sixty percent (60%) of such value, and (B) each Project has achieved a Debt Service Coverage of at least (1) 1.40 to 1.00 calculated based upon the Extended Maturity Date“as-stabilized” NOI for Sumter Place Project for the most recently ended quarter, and (2) 1.35 to 1.00 calculated based upon the “as-stabilized” NOI for Sumter Grand Project for the most recently ended quarter; and (v) Borrowers shall pay all reasonable expenses not to exceed $5,000.00, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred by Agent in connection with determining whether the conditions set forth in this Agreement are fully satisfied and the resulting granting of or refusal to grant the Extension Option by the Lenders (and in connection with the preparation and execution of any documentation therefor).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all All principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date. All references herein to the Maturity Date shall mean the Initial Maturity Date, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement provided that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. (b) Borrowers Borrower shall have the right to extend the Original Maturity Date through for one (1) additional twelve (12) month term (the Extended Maturity Date (“Extension Option”), thereby extending the Maturity Date to the twelve (12) provided that Borrowers satisfy month anniversary of the Initial Maturity Date (the “Extended Maturity Date”). (b) Borrower may only exercise the Extension Option upon satisfying the following conditions precedentconditions: (i) The delivery by Borrowers Borrower shall have delivered to Agent not less than thirty (30) days prior to the Original Maturity Date (but not more written notice of such election no earlier than ninety (90) days and no later than thirty (30) prior to such Original the Initial Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As of the Original Maturity Date, there shall exist There must be no uncured Event of Default material adverse change in Borrower’s or any event which, with the passage of time or the giving of notice, would constitute an Event of DefaultGuarantor’s financial condition; (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit Construction of the LendersImprovements has been completed in accordance with all requirements of this Loan Agreement including, without limitation, the Completion Conditions, and a final certificate of occupancy has been issued (it being acknowledged that with respect to any portion of the Project to be occupied by a Tenant which has not been leased, Borrower shall deliver a shell certificate of occupancy); (iv) Such notice is accompanied by an extension fee in an the amount equal to the product of twenty-five 15 basis points (0.250.15%) times of the Loan Amount; (ivv) Each Project other No Event of Default and no Default shall exist; (vi) The Debt Service Coverage is not less than 1.25: 1.00 (and Borrower shall have delivered to the Mesa Vista Project must maintain Agent a minimum occupancy Certificate of 85% determined on a quarterly basis for each quarter during the period from the Original Maturity Date through the Extended Maturity DateCompliance so certifying); and (vvii) Borrowers shall pay all reasonable expenses not to exceed $5,000.00, including (without limitation) reasonable attorneys’ fees The representations and legal expenses, incurred warranties made by Agent the Borrower and the Guarantors in the Loan Documents or otherwise made by on behalf of the Borrower and the Guarantors in connection therewith or after the date thereof as deemed modified in accordance with determining whether the conditions disclosures made and approved as set forth in this Agreement are fully satisfied Section 3.2 above shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the resulting granting date Borrower gives notice of or refusal its desire to grant exercise the Extension Option by and on the Lenders Initial Maturity Date. Any unfunded portion of the Loan which is to be used to fund Tenant Work, tenant allowances or leasing commissions after the initial Maturity Date shall be included in the Loan Amount for the purposes of Section 4.3(b)(iv) and (and in connection with the preparation and execution of any documentation thereforvi).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. (b) Borrowers shall have the right to extend the Original Maturity Date through the Extended Maturity Date (“Extension Option”) provided that Borrowers satisfy the following conditions precedent: (i) The delivery by Borrowers to Agent not less than thirty (30) days prior to the Original Maturity Date (but not more than ninety (90) days prior to such Original Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) The delivery by Borrowers to Agent of evidence satisfactory to Agent that, as of the three month period ending on the last day of the most recently ended month, the Debt Service Coverage is at least 1.70 to 1.00, provided, however, that Borrowers shall have the right to prepay to Agent a portion of the Loan in an amount sufficient to cause such Debt Service Coverage requirement to be satisfied; (iii) As of the Original Maturity Date, there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (iiiiv) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit of the Lenders, of an extension fee in an amount equal to the product of twenty-five basis points (0.25%) times the Loan Amount; (iv) Each Project other than the Mesa Vista Project must maintain a minimum occupancy of 85% determined on a quarterly basis for each quarter during the period from the Original Maturity Date through the Extended Maturity Date; and (v) Borrowers shall pay all reasonable expenses not to exceed $5,000.00, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred by Agent in connection with determining whether the conditions set forth in this Agreement are fully satisfied and the resulting granting of or refusal to grant the Extension Option by the Lenders (and in connection with the preparation and execution of any documentation therefor).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein due and payable sooner pursuant to Section 2.6, Section 2.9, Section 2.10, or under any other Loan DocumentArticle 8, all principal, interest and other sums due under the Loan Documents shall be due and payable in full on July 31, 2009 (the Original “Initial Maturity Date”), subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement provided that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. (b) Borrowers Borrower shall have the right to extend the Original Maturity Date through the Extended Maturity Date (each an “Extension Option”) provided that Borrowers satisfy for two (2) additional twelve (12) month terms (each such twelve (12) month period is hereinafter referred to as an “Extension Term”), thereby extending the Maturity Date (i) if the first Extension Option is properly exercised, to the twelve (12) month anniversary of the Initial Maturity Date and (ii) if each of the first Extension Option and the second Extension Option is properly exercised, to the twenty-four (24) month anniversary of the Initial Maturity Date (the "Extended Maturity Date”). (b) Borrower may only exercise an Extension Option upon satisfying the following conditions precedentconditions: (i) The delivery by Borrowers Borrower shall have delivered to Administrative Agent not less written notice of such election no earlier than thirty one hundred twenty (30120) days prior to the Original Maturity Date (but not more and no later than ninety (90) days prior to such Original (A) with respect to the first Extension Option, the Initial Maturity Date and (B) with respect to the second Extension Option, the twelve (12) month anniversary of the Initial Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As Administrative Agent shall have received Borrower’s and Principal’s most recent financial statements in the form and when required by the provisions of the Original Maturity DateSection 3.1. There shall have been no Material Adverse Change with respect to Borrower, there shall exist no uncured Event of Default or any event whichPrincipal, with the passage of time or the giving of notice, would constitute an Event of DefaultProject; (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit Construction of the Lenders, Improvements has been completed in accordance with all requirements of an extension fee in an amount equal to the product of twenty-five basis points (0.25%) times the this Loan AmountAgreement; (iv) Each Project other than Such notice is accompanied by a non-refundable extension fee equal to one quarter of one percent (.25%) of the Mesa Vista Project must maintain a minimum occupancy then outstanding Loan principal; (v) No Event of 85% determined on a quarterly basis for each quarter during Default previously occurred or exists under the period from Loan Documents, nor any event exists which would be an Event of Default if not cured within the Original Maturity Date through the Extended Maturity Datetime allowed; and (vvi) Borrowers shall pay all reasonable expenses not Net Operating Income must be equal to exceed or greater than Ten Million and NO/100ths Dollars ($5,000.00, including 10,000,000.00) for the most recent Rolling Period for which Borrower had provided financial statements as required pursuant to the provisions of Section 3.1(a). (without limitationvii) reasonable attorneys’ fees and legal expenses, incurred by Agent in connection with determining whether With respect to the conditions set forth in this Agreement are fully satisfied and the resulting granting of or refusal to grant the second Extension Option by only, Net Operating Income for the Lenders most recent Rolling Period for which Borrower had provided financial statements as required pursuant to the provisions of Section 3.1(a) must be greater than ninety percent (and in connection with 90%) of the preparation and execution of any documentation thereforNet Operating Income for the Rolling Period preceding such Rolling Period (e.g., May, 2010 – April, 2011 vs. May, 2009 – April, 2010). (viii) Borrower shall have acquired the Interest Rate Protection required for the applicable Extension Term pursuant to the provisions of Section 4.2(w).

Term of the Loan. (a) Unless the Loan is otherwise earlier accelerated as permitted herein or under any other Loan Document, all All principal, interest and other sums due under the Loan Documents shall be due and payable in full on the Original Maturity Date. All references herein to the Maturity Date shall mean Initial Maturity Date, provided that, subject to the Extension Option. The terms and provisions of this Section 4.3 (and any extension of the Original Maturity Date pursuant hereto) shall not constitute a waiver of the requirement that any modification of the Note or any of the Loan Documents shall require the express written approval of Agent, no such approval (either expressed or implied) having been given as of the date hereof (other than as expressly set forth herein). The Extension Option shall automatically expire and terminate, and shall thereafter be null and void, if Borrowers do not duly elect such Extension Option expressly in accordance therewith. clauses (b) Borrowers and (c) below, Borrower shall have the right to extend the Original Maturity Date through for an additional 364-day term, on no more than two (2) occasions (the “First Extension Option” and the “Second Extension Option”), thereby extending the Maturity Date to the First Extended Maturity Date and Second Extended Maturity Date, respectively. (“b) Borrower may only exercise the First Extension Option”) provided that Borrowers satisfy Option upon satisfying the following conditions precedentconditions: (i) The delivery by Borrowers Borrower shall have delivered to Agent not less Lender written notice of such election no earlier than thirty one hundred and twenty (30120) days and no later than sixty (60) prior to the Original Maturity Date (but not more than ninety (90) days prior to such Original Initial Maturity Date) of written notice of Borrower’s election to exercise the extension of the Original Maturity Date (which notice shall also represent and warrant that as of the date thereof there shall exist no uncured Event of Default or any event which, with the passage of time or the giving of notice, would constitute an Event of Default; (ii) As Lender shall have received Borrower’s current financial statements and a Borrowing Base Report, each certified as correct by Borrower. There must be no Material Adverse Change in Borrower’s financial condition and the outstanding principal amount of the Original Maturity DateLoan shall not exceed the Borrowing Base (provided that Borrower may, there shall exist no uncured Event of Default or any event whichat Borrower’s discretion, make a principal payment to establish compliance with the passage of time or the giving of notice, would constitute an Event of DefaultBorrowing Base requirement); (iii) Borrowers shall, on the Original Maturity Date, pay to Agent, for the benefit of the Lenders, of Such notice is accompanied by an extension fee in an the amount equal to the product of twenty-five twenty basis points (0.250.2%) times of the Loan Amount;Amount as of such date; and (iv) Each Project the representations and warranties of the Borrower contained in the Agreement or in any other than Loan Document shall be true and correct in all material respects on and as of the Mesa Vista Project must maintain a minimum occupancy of 85% determined date on a quarterly basis for each quarter during the period from the Original Maturity Date through the Extended Maturity Datewhich notice is given in accordance with this subsection (b); and (v) Borrowers No Default or Event of Default exists under the Loan Documents. (c) Borrower may only exercise the Second Extension Option upon satisfying the following conditions: (i) Borrower shall pay all reasonable expenses not have delivered to exceed $5,000.00Lender written notice of such election no earlier than one hundred and twenty (120) days and no later than sixty (60) prior to the First Extended Maturity Date; (ii) Lender shall have received Borrower’s current financial statements and a Borrowing Base Report, including (without limitation) reasonable attorneys’ fees and legal expenses, incurred each certified as correct by Agent Borrower. There must be no Material Adverse Change in connection with determining whether the conditions set forth in this Agreement are fully satisfied Borrower’s financial condition and the resulting granting outstanding principal amount of or refusal the Loan shall not exceed the Borrowing Base (provided that Borrower may, at Borrower’s discretion, make a principal payment to grant the Extension Option by the Lenders (and in connection establish compliance with the preparation Borrowing Base requirement); (iii) Such notice is accompanied by an extension fee in the amount of twenty basis points (0.2%) of the Loan Amount as of such date; and (iv) the representations and execution warranties of the Borrower contained in the Agreement or in any documentation thereforother Loan Document shall be true and correct in all material respects on and as of the date on which notice is given in accordance with this subsection (b); and (v) No Default or Event of Default exists under the Loan Documents.