Common use of Prepayments Generally Clause in Contracts

Prepayments Generally. In order to qualify for any of the early payment options set out in this Contract, the Borrower must have met all the Borrower’s obligations under this Contract. For these early payment options, a year means the twelve (12) month period that starts on the interest adjustment date and on each anniversary of the Interest Adjustment Date. Each partial prepayment under any partial prepayment option (other than by increase in the Regular Payment Amount) must be in a minimum of at least $500.00. The Lender reserves the right to change the minimum payment amount. After each partial prepayment is made, the Borrower must continue to make the regular payments. Each partial prepayment made by the Borrower is applied to pay down the outstanding principal and cannot be refunded.

Prepayments Generally. In order to qualify for any of the early payment options set out in this Contract, the Borrower must have met all the Borrower’s obligations under this Contract. For these early payment options, a year means the twelve (12) month period that starts on the interest adjustment date and on each anniversary of the Interest Adjustment Date. Each partial prepayment under any partial prepayment option (other than by increase in the Regular Payment Amount) must be in a minimum of at least $500.00100.00. The Lender reserves the right to change the minimum payment amount. After each partial prepayment is made, the Borrower must continue to make the regular payments. Each partial prepayment made by the Borrower is applied to pay down the outstanding principal and cannot be refunded.