Laserfiche WebLink
� <br />201�0468G <br />balance of the principal sum, (ii) all accrued and unpaid interest, (iii) any <br />penalties payable under the terms of this Promissory Note. <br />2. Acknowled�ement of Insufficient Payments. Borrower acknowledges to Lender <br />that the monthly installments payable in the amount stated in Paragraph 1.2.2.1 will be <br />insufficient to repay in full by the Maturity Date the outstanding principal balance owing <br />hereunder, together with interest thereon at the rate established in Paragraph 1.1, and that the <br />Final Installment will be a greater (balloon) amount than the amount of the regular monthly <br />installments. <br />3. A�plication of Payments. All payments on account of the indebtedness evidenced <br />by this Promissory Note shall be first applied to the payment of accrued but u.npaid interest, then <br />to principal, and the excess remaining thereafter shall be applied to the payment of late charges, <br />if any, due and payable. <br />4. Place of Payment. All payments hereunder shall be made to Lender at such place <br />and in such manner as Lender may from time to time require. <br />5. Prepayment. Subject to the conditions hereinafter stated, Borrower reserves the <br />right to prepay this Promissory Note in whole, or in part, on any installment payment date. Any <br />such prepayment shall be first applied against accrued but unpaid interest, and the excess, if any, <br />shall be applied against principal, in the inverse order of actual maturity of installments <br />hereunder (i.e., shall be first applied against the final monthly installment). No such partial <br />prepayment shall relieve Borrower of its obligation to pay the next, and subsequent, monthly <br />installment(s) hereunder until the entire indebtedness, together with interest, has been paid in <br />full. If any such prepayment is made by the Closing Date or within Sixty (60) months from the <br />Closing Date, then such prepayment shall be subject to a prepayment penalty of two percent (2%) <br />of the amount of such prepayment if it is made, in whole or in part, with funds borrowed by the <br />Borrower from any source other than Lender, whether secured or unsecured and whether from a <br />commercial lending institution or from one or more individuals. <br />3 <br />