Application of Payments and Interest After Default. All monthly payments when received shall be applied first in payment of interest calculated at the Interest Rate, and second in reduction of the Principal Amount, except that if you are in default, we may apply any payments received during the period you are in default on such part of the indebtedness secured by this Charge as we may choose. If you are in default of any amount including interest, interest shall be payable on the interest and other arrears at the Interest Rate compounded monthly.
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