Common use of Application and Place of Payments Clause in Contracts

Application and Place of Payments. All payments, made on account of this Note shall be applied first to the payment of any late charge then due hereunder, second to the payment of accrued and unpaid interest then due hereunder, and the remainder, if any, shall be applied to the unpaid Principal Sum. All payments on account of this Note shall be paid in lawful money of the United States of America in immediately available funds during regular business hours of the Lender at its principal office in Bethesda, Maryland or at such other times and places as the Lender may at any time and from time to time designate in writing to the Borrowers. The Lender is authorized to deduct any payment (including payments of principal and/or interest as above provided) from the Borrowers' Account Number ______________ on or after the date the payment is due; provided, however, that such authorization shall not be deemed to relieve the Borrowers from their joint and several obligation to make such payment when it is due.

Application and Place of Payments. All payments, made on account of this Note shall be applied first to the payment of any late charge then due hereunder, second to the payment of accrued and unpaid interest then due hereunder, and the remainder, if any, shall be applied to the unpaid Principal Sum. All payments on account of this Note shall be paid in lawful money of the United States of America in immediately available funds during regular business hours of the Lender at its principal office in Bethesda, Maryland or at such other times and places as the Lender may at any time and from time to time designate in writing to the Borrowers. The Lender is authorized to deduct any payment (including payments of principal and/or interest as above provided) from the Borrowers' Account Number ______________ 3916344857 on or after the date the payment is due; provided, however, that such authorization shall not be deemed to relieve the Borrowers from their joint and several obligation to make such payment when it is due.