Common use of Acceleration; Default Clause in Contracts

Acceleration; Default. Maker acknowledges that the loan was made on the basis and assumption that Xxxxx would receive the payments of interest set forth herein for the full term of this loan. Therefore, whenever the Maturity Date of the loan has been accelerated by reason of an Event of Default under the Loan Documents, which Event of Default occurs prior to the time period, if any, in which prepayment is allowed and prior to the date on which the full amount of the balance of principal and interest then remaining unpaid shall be due, including an acceleration by reason of sale, conveyance, further encumbrance or other Event of Default (which acceleration shall be at Payee's sole option), there shall be due, in addition to the outstanding principal balance, accrued interest and other sums due under the Loan Documents, a prepayment premium equal to (i) the interest which would have accrued on the principal balance of this Note at the Applicable Interest Rate from the date of such acceleration to the expiration of the 2nd Loan Year PLUS (ii) an amount equal to the prepayment premium that would have been due and payable pursuant to Section 2 hereof had such prepayment occurred on the first (1 st) day of the 3rd Loan Year. In addition, in the event of any prepayment made on or prior to the first (1st) day of the 2nd Loan Year, there shall also then be immediately due and payable in addition to the prepayment premium set forth in the preceding sentence an additional sum equal to two percent (2.00%) of the then outstanding principal balance of this Note. If an Event of Default occurs on or after the date on which prepayment is permitted, then in lieu of the above premium set forth in this Section 3, payment of a premium calculated in the manner set forth in Section 2 hereof shall be required. A tender of the amount necessary to satisfy the entire indebtedness, paid at any time following such Event of Default or acceleration, including at a foreclosure sale or during any subsequent redemption period, if any, shall be deemed a voluntary prepayment, and, at Payee's option, such payment shall include a premium as described in this Section 3. Loan No. 6518403

Acceleration; Default. Maker acknowledges that the loan was made on the basis and assumption that Xxxxx would receive the payments of interest set forth herein for the full term of this loan. Therefore, whenever the Maturity Date of the loan has been accelerated by reason of an Event of Default under the Loan Documents, which Event of Default occurs prior to the time period, if any, in which prepayment is allowed and prior to the date on which the full amount of the balance of principal and interest then remaining unpaid shall be due, including an acceleration by reason of sale, conveyance, further encumbrance or other Event of Default (which acceleration shall be at Payee's sole option), there shall be due, in addition to the outstanding principal balance, accrued interest and other sums due under the Loan Documents, a prepayment premium equal to (i) the interest which would have accrued on the principal balance of this Note at the Applicable Interest Rate from the date of such acceleration to the expiration of the 2nd Loan Year PLUS (ii) an amount equal to the prepayment premium that would have been due and payable pursuant to Section 2 hereof had such prepayment occurred on the first (1 st1st) day of the 3rd Loan Year. In addition, in the event of any prepayment made on or prior to the first (1st) day of the 2nd Loan Year, there shall also then be immediately due and payable in addition to the prepayment LOAN NO. 6518370 premium set forth in the preceding sentence an additional sum equal to two percent (2.00%) of the then outstanding principal balance of this Note. If an Event of Default occurs on or after the date on which prepayment is permitted, then in lieu of the above premium set forth in this Section 3, payment of a premium calculated in the manner set forth in Section 2 hereof shall be required. A tender of the amount necessary to satisfy the entire indebtedness, paid at any time following such Event of Default or acceleration, including at a foreclosure sale or during any subsequent redemption period, if any, shall be deemed a voluntary prepayment, and, at Payee's option, such payment shall include a premium as described in this Section 3. Loan No. 6518403.

Acceleration; Default. Maker acknowledges that the loan was made on the basis and assumption that Xxxxx would receive the payments of interest set forth herein for the full term of this loan. Therefore, whenever the Maturity Date of the loan has been accelerated by reason of an Event of Default under the Loan Documents, which Event of Default occurs prior to the time period, if any, in which prepayment is allowed and prior to the date on which the full amount of the balance of principal and interest then remaining unpaid shall be due, including an acceleration by reason of sale, conveyance, further encumbrance or other Event of Default (which acceleration shall be at Payee's sole option), there shall be due, in addition to the outstanding principal balance, accrued interest and other sums due under the Loan Documents, a prepayment premium equal to (i) the interest which would have accrued on the principal balance of this Note at the Applicable Interest Rate from the date of such acceleration to the expiration of the 2nd Loan Year PLUS (ii) an amount equal to the prepayment premium that would have been due and payable pursuant to Section 2 hereof had such prepayment occurred on the first (1 st1st) day of the 3rd Loan Year. , In addition, in the event of any prepayment made on or prior to the first (1st) day of the 2nd Loan Year, there shall also then be immediately due and payable in addition to the prepayment premium set forth in LOAN NO. 6518291 the preceding sentence an additional sum equal to two percent (2.00%) of the then outstanding principal balance of this Note. If an Event of Default occurs on or after the date on which prepayment is permitted, then in lieu of the above premium set forth in this Section 3, payment of a premium calculated in the manner set forth in Section 2 hereof shall be required. A tender of the amount necessary to satisfy the entire indebtedness, paid at any time following such Event of Default or acceleration, including at a foreclosure sale or during any subsequent redemption period, if any, shall be deemed a voluntary prepayment, and, at Payee's option, such payment shall include a premium as described in this Section 3. Loan No. 6518403.

Acceleration; Default. Maker acknowledges that the loan was made on the basis and assumption that Xxxxx would receive the payments of interest set forth herein for the full term of this loan. Therefore, whenever the Maturity Date of the loan has been accelerated by reason of an Event of Default under the Loan Documents, which Event of Default occurs prior to the time period, if any, in which prepayment is allowed and prior to the date on which the full amount of the balance of principal and interest then remaining unpaid shall be due, including an acceleration by reason of sale, conveyance, further encumbrance or other Event of Default (which acceleration shall be at Payee's sole option), there shall be due, in addition to the outstanding principal balance, accrued interest and other sums due under the Loan Documents, a prepayment premium equal to (i) the interest which would have accrued on the principal balance of this Note at the Applicable Interest Rate from the date of such acceleration to the expiration of the 2nd Loan Year PLUS plus (ii) an amount equal to the prepayment premium that would have been due and payable pursuant to Section 2 hereof had such prepayment occurred on the first (1 st1st) day of the 3rd Loan Year. In addition, in the event of any prepayment made on or prior to the first (1st) day of the 2nd Loan Year, there shall also then be immediately due and payable in addition to the prepayment premium set forth in the preceding sentence an additional sum equal to two percent (2.00%) of the then outstanding principal balance of this Note. If an Event of Default occurs on or after the date on which prepayment is permitted, then in lieu of the above premium, payment of a premium set forth in this Section 3, payment of a premium 3 calculated in the manner set forth in Section 2 hereof shall be required. Loan No. 6518217 A tender of the amount necessary to satisfy the entire indebtedness, paid at any time following such Event of Default or acceleration, including at a foreclosure sale or during any subsequent redemption period, if any, shall be deemed a voluntary prepayment, and, at Payee's option, such payment shall include a premium as described in this Section 3. Loan No. 6518403.