Common use of XXXXXXXX’S RIGHT TO PREPAY Clause in Contracts

XXXXXXXX’S RIGHT TO PREPAY. I have the right to make payments of principal at any time before they are due. A payment of principal only before it is due is known as a “Prepayment.” When I make a Prepayment, I will notify the Note Holder in writing that I am doing so. I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest, if any, on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the Maturity Date unless the Note Holder agrees in writing to those changes.