Common use of Prepayment After Default Clause in Contracts

Prepayment After Default. If we declare the Principal Amount, or balance of the Mortgage payable upon the occurrence of an event of Default and the balance declared due is paid prior to the Balance Due Date or the Maturity Date of the last renewal, you agree to compensate us, in lieu of providing us with three (3) months’ notice, by paying to us an amount equal to three (3) months’ interest at the then current Variable Interest Rate calculated on the outstanding Variable Rate Debt, or Fixed Interest Rate calculated on the outstanding Fixed Rate Debt, as the case may be.

Prepayment After Default. If we declare the Principal Amount, or balance of the Mortgage payable upon the occurrence of an event of Default and the balance declared due is paid prior to the Balance Due Date or the Maturity Date of the last renewal, you agree to compensate us, in lieu of providing us with three (3) months’ ' notice, by paying to us an amount equal to three (3) months’ ' interest at the then current Variable Interest Rate calculated on the outstanding Variable Rate Debt, or Fixed Interest Rate calculated on the outstanding Fixed Rate Debt, as the case may be.