Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to _______ percent (_____%) per year of the principal sum disbursed by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.
Appears in 2 contracts
Samples: Promissory Note (Redwood Mortgage Investors IX), Redwood Mortgage Investors IX
Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to _________ percent (_____%) per year of the principal sum disbursed by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.
Appears in 2 contracts
Samples: Promissory Note (Redwood Mortgage Investors IX), Redwood Mortgage Investors IX
Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to _______ percent (_____%) per year of the outstanding principal sum amount disbursed beginning on the date of disbursement of funds by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.
Appears in 2 contracts
Samples: Promissory Note (Redwood Mortgage Investors IX), Redwood Mortgage Investors IX