Common use of Early Payoff Clause in Contracts

Early Payoff. The Borrower reserves the right to pay off any remaining amount due, in full, before the Due Date, with no prepayment penalty. If the entire amount is paid off by [Insert date by which the amount needs to be paid off to get a discount for early payment], the Borrower will receive a discount as follows: [Insert description of the discount the Borrower will receive for repaying the loan before the due date].7.