Office Building Owners Pay Down Mortgage In Exchange For Loan Extensions

There have been reports of office building owners paying down their building mortgages so their lender would give them a loan extension. There were several examples in a recent Bisnow article, all with loans that were sent to special servicers which usually means the loan is in default. In the examples mentioned it appears the loans were single-borrower, which implies there was no cross-collateralization or personal guarantees, and in some cases the borrower had to pay into a special reserve fund for tenant improvements and commissions needed to get the property leased up. Some of the loans were only for a one-or-two-year extension. What happens if in two years the market hasn’t improved?