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HomeMy WebLinkAbout1124 k i 7 ~ Mortgagor shall have the right to prepay ~ the entire unpaid principal balance represented by the Note ; and secured by the Mortgagee on or aF~er May 1, 1982, ~ provided, however: ' ~ _ (i)_ Mortgagor shall give Mortgagee sixty ' (60) days' prior written notice of its intention to prepay, which notice shall contain an uncondi- tional promise to so prepay entitling Che Mortga- gee to accelerate the entire unpaid principal bal- ance and accrued interest on the date of prepay- : ment set forth in said notice; failure to prepay in accordance with the notice, shall entitle the Mortgagee to accelerate the entire unpaid princi- pal balance and interest; (ii) there shall not be, at the time of ; the notice of such prepayment, any default under _ the terms and conditions of this Agreement, and ` there shall not thereafter be any default hereunder; ~ ~ (iii) in addition to the payment of the entire; principal ba~ance and accrued interest thereon, Mort- gagor shall pay a premium equal to four percent (4%) of the then principal amount of the loan during the period May 1, 1982 to April 30, 1983; thereafter, ~ the prepayment fee shall reduce by one-half of one ~ percent (1/2 of l%) for each loan year thereafter ~ to a minimum of one percent (1%) which one percent i (1%) prepayment fee shall prevail during the re- maining term of the loan. A loan year within the ! meaning of this clause shall be any one-year period ~ commencing May 1 and ending on April 30. ! . i{ 5 Fs F ~ Article 4. Late Char~es ~ . In the event that any installment of principal ; ~ or interest required to be made pursuant to the terms hereof is not paid within ten (10) days after same becomes due and ~ ~ payable, a late charge of six cents (6¢) for each one dollar ~ ' ($1.00) so overdue shall become immediately due to the holder _ ~ and the same shall be secured hereby and by the Mortgage and ~ Note. Said charge sha11 be payable in any event no later than ~ the due date of the next subsequent installment of principal ~ and interest. ~ Article 5. Calculation of Interest - Interest after Maturity ~ ~ ~ All interest due hereunder shall be calculated } ~ on the basis of a 360-day year for the actual number of days ~ elapsed. After maturity, stated or accelerated, interest shall ~ accrue at the rate of one and one-quarter percent (1-1/4%) per ~ ~ month. In no event shall the interest or any late charges paya- ,w ~ ble pursuant to the terms hereof, exceed the maximum legal permis- ~ sible amount. ~ ~ OR BooK238 PACE1123 -4- ~ - - ~ ~ tµ ~ ~ _ - .