Fifth Extension Conditions. (i) Borrower shall have given written notice (the "Fifth Extension Notice") to the Lender not less than thirty (30) days prior to the Fourth Extended Maturity Date, of its election to exercise the Fifth Extension Option; (ii) no Event of Default shall have occurred and be continuing on either the date on which the Fifth Extension Notice is delivered to Lender or on the commencement date of the Fifth Extension Term; (iii) Borrower shall have purchased and delivered to Lender an Extension
... Interest Rate Cap Agreement for the Fifth Extension Term from or with an Acceptable Counterparty, with a notional amount equal to the outstanding Principal Amount as of the Fourth Extended Maturity Date (taking into account the reductions in the Principal Amount described in this Section 5(c)), and a strike rate equal to the LIBOR Cap Strike Rate, together with (i) a Collateral Assignment of Interest Rate Cap Agreement executed by Borrower, (ii) an acknowledgement and consent to such collateral assignment executed by the Acceptable Counterparty, and (iii) a Counterparty Opinion; 4 (iv) The Property shall have a DSCR as of the Fourth Extended Maturity Date of 1.25:1 or greater (as calculated on a trailing twelve month basis), provided, however, that if the foregoing DSCR is not achieved as of the Fourth Extended Maturity Date but all of the other Fifth Extension Conditions have been satisfied as of such date, Borrower may elect to make to Lender on the Fourth Extended Maturity Date a partial payment of the Principal Amount in an amount sufficient to cause the DSCR requirement to be satisfied, which funds shall be applied by Lender to reduce the outstanding Principal Amount. The payment by Borrower to Lender of such amount shall constitute the satisfaction of the condition set forth in this clause (iv) with respect to the Fifth Extension Option; (v) On or before the Fourth Extended Maturity Date, Borrower shall have delivered to Lender written evidence, satisfactory to Lender in its reasonable discretion, that the Renovation Project has been completed and that Borrower has received from the applicable Governmental Authority all certificates of occupancy necessary for the occupancy and operation of the completed improvements; (vi) As of the Fourth Extended Maturity Date, the then-current balance of the Excess Cash Reserve Account plus any amounts that had been previously on deposit in the Excess Cash Reserve Account but were applied by Lender to reduce the outstanding Principal Amount pursuant to Section 16.7 ("Previous Excess Cash Paydowns") shall be equal to or greater than $16,000,000.00, provided, however, that if the then-current balance of the Excess Cash Reserve Account plus Previous Excess Cash Paydowns is less than $16,000,000.00 as of such date, Borrower may elect to deposit with Lender additional funds in the amount sufficient to increase the balance of the Excess Cash Reserve Account plus Previous Excess Cash Paydowns to $16,000,000.00; (vii) On the Fourth Extended Maturity Date, Borrower shall have delivered its written request to Lender that Lender disburse from the Excess Cash Reserve Account funds in an amount, when added to the aggregate amount of all Previous Excess Cash Paydowns, equal to the greater of (A) the then-current balance of the Excess Cash Reserve Account, or (B) $16,000,000.00, and Lender shall have applied such funds to reduce the outstanding Principal Amount in such order and priority as Lender shall determine in its sole discretion; and (viii) Borrower shall have paid to Lender a processing fee in an amount equal to 0.75% of the then outstanding Principal Amount (taking into account the reductions in the Principal Amount described in this Section 5(c)), which fee shall be deemed to be fully earned upon Lender's receipt thereof.
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