Common use of PAYMENT INCREASE Clause in Contracts

PAYMENT INCREASE. The Borrower, when not in Default, shall have the privilege of increasing the then regular loan payment on account of principal and interest, in an amount not to exceed 15% thereof, or reducing the aforesaid increased payment by an amount up to but not exceeding 15%, once during any year. It is understood that the principal and interest portion of the regular loan payment may never be less than the original principal and interest amount.

PAYMENT INCREASE. The Borrower, when not in Default, shall have the privilege of increasing the then regular loan payment on account of principal and interest, in an amount not to exceed 15% thereof, or reducing . The said 15% in the aforesaid increased payment by an aggregate shall be based on the amount up to but not exceeding 15%, once during any year. It is understood that the principal and interest portion of the regular loan payment may never be less than monthly installment at the original principal and interest amountbeginning of such calendar year.

PAYMENT INCREASE. The Borrower, when not in Default, shall have the privilege of increasing the then regular loan payment on account of principal and interest, in an amount not to exceed 15% thereof, or reducing the aforesaid increased payment by an amount up to but not exceeding 15%, once during any year. It is understood that the principal and interest portion of the regular loan payment may never be less than the original principal and interest amount.