Common use of Partial Prepayment Clause in Contracts

Partial Prepayment. The Borrower, when not in Default, may prepay partial amounts of principal, without payment of compensation to the Lender, on any payment date. Such partial payments must each be a minimum amount of $100.00, and total no more than 15% of the original principal amount of this Mortgage during each year. This privilege is only available if this Mortgage is continuing in force and is not applicable in part to any prepayment in full of this Mortgage. Any unused partial prepayment privilege will not reduce the Indebtedness payable on any prepayment in full of this Mortgage. This privilege may not be used in the thirty-one (31) days prior to a prepayment in full of this Mortgage.

Partial Prepayment. The Borrower, when not in Default, may prepay partial amounts of principal, without payment of compensation to the Lender, on any payment date. Such partial payments must each be a minimum amount of $$ 100.00, and total no more than 15% of the original principal amount of this Mortgage during each year. This privilege is only available if this Mortgage is continuing in force and is not applicable in part to any prepayment in full of this Mortgage. Any unused partial prepayment privilege will not reduce the Indebtedness payable on any prepayment in full of this Mortgage. This privilege may not be used in the thirty-one (31) days prior to a prepayment in full of this Mortgage.