Common use of Loan Prepayment Clause in Contracts

Loan Prepayment. Except as may be provided in the Note, Borrower shall have the right, after giving 30 days’ prior written notice to Lender, and for any casualty insurance proceeds and condemnation awards applied to reduce the Loan as described in the Deed of Trust, to prepay (without penalty or premium) in whole or in part, principal owed under the Note together with interest thereon to the date on which payment is made, along with all sums, amounts, advances, or charges then due under any instrument or agreement by which the Note is secured. In the event of partial payments, there will be no release of Collateral except upon terms satisfactory to Bank.

Loan Prepayment. Except as may be provided in the Note, Borrower shall have the right, after giving 30 days’ prior written notice to Lender, and for any casualty insurance proceeds and condemnation awards applied to reduce the Loan as described in the Deed of TrustMortgage, to prepay (without penalty or premium) in whole or in part, principal owed under the Note together with interest thereon to the date on which payment is made, along with all sums, amounts, advances, or charges then due under any instrument or agreement by which the Note is secured. In the event of partial payments, there will be no release of Collateral except upon terms satisfactory to Bank.