Examples of Regular Payment Amount in a sentence
The amount of interest that has accumulated on the Loan Amount from one Regular Payment Date to the next which exceeds the Regular Payment Amount is called "Deferred Interest".
If your Interest Rate reaches the Cap Rate, then your Loan shall automatically be converted into a Fixed Rate Closed Loan for the balance of the Term with your Interest Rate during such period to be the Cap Rate, and your Regular Payment Amount shall be determined accordingly and shall remain the same during the balance of the Term.
The Regular Payment Amount is fixed during the Term, unless changed by you pursuant to the terms of the Loan as contained in the Loan Agreement or in the Mortgage.
If the annual rate increases, a larger portion of the Regular Payment Amount will be applied to interest, and a smaller portion to principal, with the result that the balance owing on the Balance Due Date may be larger than the amount originally advanced to you by us (or the amount which would have been due on the Balance Due Date if this hadn't happened).
You may pay arrears of interest by separate payment, as your Regular Payment Amount will not be applied to such interest.
When not in default hereunder, you shall have the non-cumulative privilege of paying, without penalty, on each Regular Payment Date, an additional amount exactly equal to the Regular Payment Amount.
The total of these increases during the Term may not exceed 100% of the first Regular Payment Amount which is due in each respective calendar year.
You will make regular payments of principal and interest to us in amounts equal to the Regular Payment Amount on each of the Regular Payment Dates periodically as specified in the Loan Details Areas showing same, starting with First Payment Date and continuing to and including the Last Payment Date.
Once, at any time during each calendar year, you may increase the amount of your Regular Payment Amount without penalty by an amount equal to 15% of the amount of your Regular Payment Amount in effect at the beginning of such calendar year, provided that you give us notice of your intention to make such increased payment not less than ten days prior to the Regular Payment Date on which you intend to commence to make such increased payment.
If you do not make your Regular Payment Amount payments or any other payment when required under the Mortgage, we will charge interest at the rate provided for in the Mortgage on all overdue amounts (including overdue interest), payable and, if not paid, compounded at the same frequencies as are specified in the Mortgage for interest which is payable on the Loan Amount prior to default, such interest to be payable both before and after the Balance Due Date, default, acceleration and judgment.