RATE. MONTHLY
INSTALLMENTS OF INTEREST ONLY SHALL BE PAID ON EACH PAYMENT DATE COMMENCING ON
DECEMBER 1, 2007 AND ON EACH SUBSEQUENT PAYMENT DATE THEREAFTER UP TO
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AND INCLUDING THE MATURITY DATE FOR THE INTEREST PERIOD IN WHICH SUCH PAYMENT
DATE OR MATURITY DATE OCCURS. THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN
TOGETHER WITH ALL ACCRUED AND UNPAID INTEREST THEREON SHALL BE DUE AND PAYABLE
ON 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 (X) NOVEMBER 1, 2011 AND (Y) NOVEMBER 1,
2012 (EACH SUCH DATE, THE "EXTENDED MATURITY DATE"), RESPECTIVELY, AND, AS TO
EACH EXTENSION OPTION, UPON SATISFACTION OF THE FOLLOWING TERMS AND CONDITIONS:
(I)
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;
(II)
BORROWER SHALL NOTIFY LENDER OF ITS
ELECTION TO EXTEND THE MATURITY DATE AS AFORESAID NOT EARLIER THAN ONE HUNDRED
TWENTY (120) DAYS AND NO LATER THAN THIRTY (30) DAYS PRIOR TO THE THEN
APPLICABLE MATURITY DATE; PROVIDED, HOWEVER, BORROWER SHALL BE PERMITTED TO
RESCIND AND REVOKE ITS NOTICE OF EXTENSION GIVEN IN ACCORDANCE WITH THE TERMS
HEREOF, PROVIDED THAT (I) WRITTEN NOTICE OF SUCH RESCISSION AND REVOCATION IS
RECEIVED BY LENDER NO SOONER THAN THREE (3) BUSINESS DAYS PRIOR TO THE
APPLICABLE MATURITY DATE AND (II) BORROWER PAYS LENDER'S REASONABLE
OUT-OF-POCKET COSTS AND EXPENSES INCURRED AS A RESULT OF LENDER'S RECEIPT OF
SUCH NOTICE OF EXTENSION;
(III)
BORROWER SHALL OBTAIN AND DELIVER TO LENDER
ON OR PRIOR TO THE COMMENCEMENT OF THE APPLICABLE EXTENSION PERIOD, ONE OR MORE
REPLACEMENT INTEREST RATE HEDGING AGREEMENTS, WHICH REPLACEMENT INTEREST RATE
HEDGING 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 AND SHALL HAVE A STRIKE RATE EQUAL TO THE THEN
APPLICABLE STRIKE RATE;
(IV)
BORROWER SHALL HAVE PAID TO LENDER ON OR PRIOR
TO THE COMMENCEMENT OF EACH EXTENSION PERIOD, THE EXTENSION FEE;
(V)
ALL CONDITIONS TO THE MEZZANINE A LOAN
EXTENSION CORRESPONDING TO THE APPLICABLE EXTENSION PERIOD SHALL HAVE BEEN
SATISFIED IN ACCORDANCE WITH THE TERMS OF THE MEZZANINE A LOAN DOCUMENTS; AND
(VI)
BORROWER SHALL HAVE DELIVERED A CERTIFICATE OF
BANK LOAN BORROWER SATISFYING THE REQUIREMENTS OF SECTION 7.4 HEREOF (AND
RELATING TO DEBT SERVICE SHORTFALLS AS PROJECTED BY LENDER THROUGH THE END OF
THE APPLICABLE EXTENSION PERIOD) OR SHALL HAVE DEPOSITED WITH LENDER, CASH OR
DELIVERED TO LENDER, A LETTER OF CREDIT, SATISFYING THE REQUIREMENTS OF
SECTION 7.4 HEREOF (AND IN AN AMOUNT SUFFICIENT TO COVER DEBT SERVICE SHORTFALLS
AS PROJECTED BY LENDER THROUGH THE END OF THE APPLICABLE EXTENSION PERIOD).
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(C)
ALL REFERENCES IN THIS AGREEMENT AND IN THE
OTHER LOAN DOCUMENTS