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201903421 business with respect to the Project during the period for which debt service coverage ratio is being calculated, including, but not limited to, expenses for taxes, insurance, repairs, replacements which are not capitalized, maintenance and management fees, salaries, advertising expenses, professional fees, wages and utilities, but excluding: (i) principal, interest and fees payable with respect to the Loan; and (ii) noncash allowances for depreciation and amortization. In the event Borrower does not meet the required debt service coverage ratio as set forth in the Promissory Note, Borrower may repay within the time limit described in the Promissory Note, principal amounts due under the Promissory Note in an amount which would produce a debt service coverage ratio of 1.20x (except as of December 31, 2019, a ratio of 1.05x) in order to satisfy such requirement. Now, therefore, it is hereby agreed by and among the parties as follows: 5. Incorporation of Preliminary Matters. All of the provisions and statements in the foregoing Preliminary Matters are affirmed by Lender and Borrower. 6. Third Modified Promissory Note. Concurrently with the execution hereof, Borrower has executed and delivered to Lender a Third Modified Promissory Note in the amount of $11,874,080.95 (the "Third Modified Note"), which the parties agree represents the unpaid principal balance advanced under the Loan, and which the parties agree shall be substituted for the Second Modified Note, which shall be cancelled and returned to Borrower. Borrower hereby acknowledges and agrees that the Second Modified Note, and the repayment thereof, shall continue to be secured by the Loan Documents, as amended by this Agreement. that: 7. Loan Document Modifications. Effective upon the execution hereof: a. All references in the Loan Documents to the Promissory Note, First Modified Note or Second Modified Note shall be modified to mean the Third Modified Note; b. The reference to the scheduled Maturity Date of the Promissory Note as set forth in the Deed of Trust is hereby modified to March 31, 2021 as the same may be extended until March 31, 2026 under the Promissory Note; c. Except as modified herein, all of the terms, conditions and provisions of the Loan Documents are hereby ratified and confirmed and shall remain in full force and effect. 8. Representations and Warranties. Borrower hereby represents and warrants to Lender a. To Borrower's knowledge, each of the representations and warranties set forth in this Agreement and in the Loan Documents amended hereby are true and correct as of the date hereof; b. This Agreement constitutes the legal, valid and binding obligation of Borrower and is enforceable in accordance with its terms; and c. As of the date hereof, there exists no event of default under the Second Modified Note or any of the other Loan Documents executed by Borrower in connection with the Loan as amended by this Agreement. 4