Common use of PERMITTED PAR PREPAYMENTS Clause in Contracts

PERMITTED PAR PREPAYMENTS. The Lender shall not charge a prepayment premium on any prepayment made as the result of the Lender’s election to apply insurance or condemnation proceeds to the principal balance of this Note or to achieve any required loan to value ratio that is a prerequisite to the Borrower’s rights to obtain and to use such proceeds (the “Permitted Par Prepayment”).