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201903421 e. The term "LTV Covenant" shall mean the Loan to Value does not exceed seventy percent (70%). In the event Borrower does not meet the required LTV Covenant, Borrower may repay on or before March 1, 2021, or March 1, 2024 or March 1, 2025, as applicable, principal amounts due under the Promissory Note in an amount which would satisfy such requirement. f. The Maturity Date of the Loan is March 31, 2021, but provided that there shall be no existing Event of Default under the Loan Documents, the Maturity Date of the Loan, may be extended by Borrower as follows: (i) provided that Borrower is in compliance with the Debt Service Covenant and the LTV Covenant, between February 1 and 15, 2021, Borrower may provide written notice to Lender of Borrower's extension (the "First Extension") of the Maturity Date from March 31, 2021 to March 31, 2024 (the "First Extended Maturity Date"), and in such event, the Note Rate shall remain at 5.01% and the principal and interest payments shall be based upon the remaining amortization of the Note; (ii) provided that Borrower is in compliance with the Debt Service Covenant and the LTV Covenant, between March 1 and 15, 2024, Borrower may provide written notice to Lender of Borrower's extension (the "Second Extension") of the First Extended Maturity Date from March 31, 2024 to March 31, 2025 (the "Second Extended Maturity Date"), and in such event, the Note Rate shall be adjusted on the First Extended Maturity Date to a fixed rate equal two hundred forty (240) basis points greater than the one year LIBOR (or such alternative reference rate as described in the Third Modified Promissory Note) (the "Adjusted Note Rate") and the Loan shall be amortized over the remaining amortization period of the Note; and (iii) provided that Borrower is in compliance with the Debt Service Covenant and the LTV Covenant, between March 1 and 15, 2025, Borrower may provide written notice to Lender of Borrower's extension (the "Third Extension") of the Second Extended Maturity Date from March 31, 2025 to March 31, 2026 (the "Third Extended Maturity Date"), and in such event, the Adjusted Note Rate shall be adjusted on the Second Extended Maturity Date to a fixed rate equal to two hundred forty (240) basis points greater than the one year LIBOR (or alternative reference rate as described in the Third Modified Promissory Note) and the Loan shall be amortized over the remaining amortization period of the Note. g. Lender has waived the Debt Service Covenant for March 31, 2019. h. The debt service covenant set forth in Paragraph 15 of the Building Loan Agreement is hereby amended and restated as follows: 15. Debt Service Covenant. The Project must provide a debt service coverage ratio of 1.05x calculated as of December 31, 2019, and of 1.20x calculated as of December 31, 2020, and 1.20x thereafter annually on each December 31. For this purpose, "debt service coverage ratio" means the "Project net income", as hereinafter defined, for the prior twelve (12) months after taxes and divided by the annual debt service on the Project for the following twelve (12) month period: for purposes of determining the annual debt service, Lender will use a note rate of (i) 5.01%, or (ii) two hundred twenty-five (225) basis points above the ten-year Treasury Constant Maturities Rate as published by the Board of Governors of the Federal Reserve System, whichever is greater. For the purpose of this Paragraph 15, "Project net income" shall mean the Project operating revenues for the period for which debt service coverage ratio is being calculated, minus the "Project operating expenses", as that term is hereinafter defined. The term "Project operating expenses" shall mean expenses of every kind reasonably incurred in the normal course of 3