Common use of Component Notes Clause in Contracts

Component Notes. At no cost or expense to Borrower, Lender shall have the right to modify the Note in order to create one or more "component notes" provided that (a) the total principal balance of such notes as of the effective date of such modification equals the total principal balance of the Loan immediately prior to such modification, (b) the total weighted average of the Interest Rates of all of the component notes as of the effective date of such modification equals the weighted average of the Interest Rate of the Note immediately prior to such modification and (c) the aggregate monthly debt service on such component notes immediately after such modification equals the monthly debt service immediately prior to such modification. Lender shall have the right to modify the Notes in the accordance with this Section upon notice to Borrower (in which event such modification shall then be deemed effective).