First Option to Extend definition

First Option to Extend means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.

First Option to Extend. – means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.

First Option to Extend shall have the meaning as set forth in Section 2.3.1.

Examples of First Option to Extend in a sentence

• Except as modified by this First Option to Extend, the terms and conditions of this Agreement and the other Loan Documents as modified and approved by Lender shall remain unmodified and in full force and effect.

• In the event that Borrower exercises the First Option to Extend, from and after the date of the notice of extension under Section 2.9(a) hereof through the First Extended Maturity Date, the Property shall support a Debt Yield of at least 11.25%, based upon Net Operating Income.

• Notwithstanding anything to the contrary, if Lender required Borrower to commence amortization payments in connection with the First Option to Extend, then the foregoing shall not be applicable; provided, Lender may require Borrower to continue making amortization payments, in the amounts and on the dates, required in connection with the First Option to Extend.

• If, in its sole discretion, the Lender approves the First Option to Extend, then the Net Spread applicable for any Borrowing Advance Tranche shall be redetermined by Lender in its sole discretion in accordance with Section 4.2.3 hereof.

• To the extent the First Option to Extend or Second Option to Extend is approved by Lender pursuant to Section 2.3.1 or Section 2.3.2, as applicable , Borrower shall, in each instance, pay to Servicer an extension fee in the amount of $50,000 (the “Extension Fee”).

More Definitions of First Option to Extend

First Option to Extend means the option to extend the Mandatory Conversion Date pursuant to Section 3.6.

First Option to Extend means Borrower's option, subject to the ---------------------- terms and conditions of that certain Section entitled First Option to --------------- Extend, to the term of the Loan from the Maturity Date to the First ------ Extended Maturity Date. "Gross Operating Income" - Intentionally omitted. ----------------------

First Option to Extend shall have the meaning given to such term in Section 2.14.

First Option to Extend has the meaning given that term in Section 2.10.

First Option to Extend means the option to extend the Construction Loan as described in Section 2.7.

First Option to Extend means the [six (6)] month option to extend the Original Construction Loan Maturity Date pursuant to Section 3.11(a).

First Option to Extend means the first extension option of Borrower pursuant to the terms and provisions of Section 8.1 herein.