or (g) fund any working capital requirements of
the Property.
The balance, if any, shall be distributed to Borrower.
2.2
INTEREST; LOAN PAYMENTS; LATE PAYMENT CHARGE.
2.2.1
PAYMENTS.
(A)
INTEREST.
INTEREST ON THE OUTSTANDING
PRINCIPAL BALANCE OF THE LOAN SHALL ACCRUE FROM THE CLOSING DATE TO THE END OF
THE INTEREST PERIOD IN WHICH THE MATURITY DATE OCCURS AT THE INTEREST RATE.
MONTHLY INSTALLMENTS OF INTEREST ONLY SHALL BE PAID ON EACH PAYMENT DATE
COMMENCING ON JULY 9, 2007 AND ON EACH SUBSEQUENT PAYMENT DATE THEREAFTER UP TO
AND INCLUDING THE MATURITY DATE FOR THE INTEREST PERIOD IN WHICH SUCH PAYMENT
DATE OR MATURITY DATE
OCCURS.
INTEREST ON THE OUTSTANDING PRINCIPAL AMOUNT OF
THE LOAN FOR THE PERIOD THROUGH AND INCLUDING JUNE 14, 2007 SHALL BE PAID BY
BORROWER ON THE CLOSING DATE.
THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN
TOGETHER WITH ALL ACCRUED AND UNPAID INTEREST THEREON SHALL BE DUE AND PAYABLE
ON THE MATURITY DATE, INCLUDING, WITHOUT LIMITATION, ALL INTEREST THAT WOULD
ACCRUE ON THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN THROUGH THE END OF THE
INTEREST PERIOD IN WHICH THE MATURITY DATE OCCURS (EVEN IF SUCH PERIOD EXTENDS
BEYOND THE MATURITY DATE).
(B)
EXTENSION OF THE MATURITY DATE.
BORROWER
SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN BEYOND THE INITIAL MATURITY
DATE FOR TWO (2) SUCCESSIVE TERMS (EACH, AN "EXTENSION OPTION") OF ONE (1) YEAR
EACH (EACH, AN "EXTENSION PERIOD") TO (Y) THE PAYMENT DATE OCCURRING IN JUNE,
2011 (THE "FIRST EXTENSION OPTION") AND (Z) THE PAYMENT DATE OCCURRING IN JUNE,
2012 (THE "SECOND EXTENSION OPTION") (EACH SUCH DATE, THE "EXTENDED MATURITY
DATE"), RESPECTIVELY, AND, AS TO EACH EXTENSION OPTION, UPON SATISFACTION OF THE
FOLLOWING TERMS AND CONDITIONS:
(1)
NO EVENT OF DEFAULT SHALL HAVE OCCURRED AND
BE CONTINUING AT THE TIME THE APPLICABLE EXTENSION OPTION IS EXERCISED AND ON
THE DATE THAT THE APPLICABLE EXTENSION PERIOD IS COMMENCED;
22
(2)
BORROWER SHALL NOTIFY LENDER OF ITS
IRREVOCABLE ELECTION TO EXTEND THE MATURITY DATE AS AFORESAID NOT EARLIER THAN
ONE HUNDRED TWENTY (120) DAYS AND NO LATER THAN SIXTY (60) DAYS PRIOR TO THE
THEN APPLICABLE MATURITY DATE;
(3)
BORROWER SHALL OBTAIN AND DELIVER TO LENDER
ON OR PRIOR TO THE COMMENCEMENT OF EACH SUCH EXTENSION PERIOD, ONE OR MORE
REPLACEMENT INTEREST RATE CAP AGREEMENTS, WHICH REPLACEMENT INTEREST RATE CAP
AGREEMENTS SHALL BE EFFECTIVE COMMENCING ON THE FIRST DAY OF SUCH EXTENSION
OPTION AND SHALL HAVE A MATURITY DATE NOT EARLIER THAN THE NEXT SUCCEEDING
EXTENDED MATURITY DATE;
(4)
IN CONNECTION WITH EACH EXTENSION OPTION,
BORROWER SHALL HAVE DELIVERED TO LENDER TOGETHER WITH ITS NOTICE PURSUANT TO
SUBSECTION (B)(2) OF THIS SECTION 2.2.1 AND AS OF THE COMMENCEMENT OF THE
APPLICABLE EXTENSION OPTION, AN OFFICER'S CERTIFICATE IN FORM REASONABLY
ACCEPTABLE TO THE LENDER CERTIFYING THAT EACH OF THE REPRESENTATIONS AND
WARRANTIES OF BORROWER CONTAINED IN THE LOAN DOCUMENTS IS TRUE, COMPLETE AND
CORRECT IN ALL MATERIAL RESPECTS AS OF THE DATE OF SUCH OFFICER'S CERTIFICATE
EXCEPT TO THE EXTENT SUCH REPRESENTATIONS AND WARRANTIES