Prepayment; Defeasance. (a) This Note may not be prepaid, in whole or in part (except as otherwise specifically provided herein), at any time prior to the Payment Date occurring three (3) Payment Dates immediately prior to the Maturity Date (the “Lockout Expiration Date”). In the event that Xxxxxxxx wishes to have the Property (as hereinafter defined) released from the lien of the Security Instrument prior to the Lockout Expiration Date, Borrower’s sole option shall be a Defeasance (as hereinafter defined) upon satisfaction of the terms and conditions set forth in Section 1.5(d) hereof. This Note may be prepaid in whole but not in part without premium or penalty on any Payment Date occurring on or after the Lockout Expiration Date provided (i) written notice of such prepayment is received by Lender not more than ninety (90) days and not less than thirty (30) days prior to the date of such prepayment, and (ii) such prepayment is accompanied by all interest accrued hereunder through and including the date of such prepayment and all other sums due hereunder or under the other Loan Documents. If, upon any such permitted prepayment on any Payment Date occurring on or after the Lockout Expiration Date, the aforesaid prior written notice has not been timely received by Lender, there shall be due a prepayment fee equal to the lesser of (i) thirty (30) days’ interest computed at the Note Rate on the outstanding principal balance of this Note so prepaid and (ii) interest computed at the Note Rate on the outstanding principal balance of this Note so prepaid that would have been payable for the period from, and including, the date of prepayment through the Maturity Date, as though such prepayment had not occurred.
Prepayment; Defeasance. Except as otherwise expressly permitted by this Section 2.4 no voluntary prepayments, whether in whole or in part, of the Loan or any other amount at any time due and owing under the Note can be made by Borrower or any other Person without the express written consent of Lender.
Prepayment; Defeasance. Except as otherwise expressly permitted by this Section 2.4, no voluntary prepayments, whether in whole or in part, of the Loan or any other amount at any time due and owing under the Note can be made by Borrower or any other Person without the express written consent of Lender.
Prepayment; Defeasance. (a) The principal balance of this Note may not be prepaid in whole or in part prior to the Maturity Date except as expressly permitted pursuant to Section 5(l) hereof.
Prepayment; Defeasance. (a) The principal balance of this Note may not be prepaid in whole or in part prior to the date which is sixty (60) calendar days prior to the Maturity Date.
Prepayment; Defeasance. (a) The principal balance of this Note may not be prepaid in whole or in part prior to the date which is the second Payment Date prior to the Maturity Date (the "First Open Prepayment Date")(for example, if the Maturity Date is December 11 of a given calendar year, the second Payment Date prior to the Maturity Date would be October 11 of such calendar year, and would constitute the First Open Prepayment Date).
Prepayment; Defeasance. (a) Subject to the provisions of Section 4(h) below, Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of this Note, except in connection with the application of Net Proceeds by Lender pursuant to Section 1.09 of the Security Instrument (which application shall not be subject to any Prepayment Charge (defined below)).
Prepayment; Defeasance. (a) Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of this Note until the Monthly Payment Date which is one (1) month prior to the Maturity Date. From and after such date, provided no Event of Default exists, the principal balance of this Note may be prepaid, in whole but not in part, upon: (i) not less than fifteen (15) days prior written notice (the “Prepayment Notice”) to Lender specifying the scheduled payment date on which prepayment is to be made (the “Prepayment Date”); (ii) payment of all accrued and unpaid interest on the outstanding principal balance of this Note to and including the Prepayment Date together with a payment of all interest which would have accrued on the principal balance of this Note to and including the last day of the Accrual Period in which the Prepayment Date occurs, if such prepayment occurs on a date which is not the eleventh (11th) day of a calendar month (the “Shortfall Interest Payment”); and (iii) payment of all other sums then due under this Note, the Security Instrument and the other Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of this Note unless it is accompanied by all sums due in connection therewith.
Prepayment; Defeasance. (a) When Permitted. Prior to July 1, 2013 (the "Early Payment -------------- ------------- Date"), Borrower shall not have the right to prepay all or any portion of the ---- Debt at any time during the term of this Note (except for any prepayment permitted under the Security Instrument in the event of a casualty or condemnation). No Prepayment Consideration (hereinafter defined) will be due from any prepayment of this Note (in whole but not in part) on or after the Early Payment Date. In the event of a prepayment on or after such date, Borrower shall pay, together with the amount of such prepayment, an amount equal to (i) all accrued and unpaid interest, and (ii) any other sums due under this Note, the Security Instrument or any Other Security Document. Additionally, any such prepayment not actually received by Lender before 5:00 p.m., central time, on the 5th day of any calendar month must also include the interest which would have accrued on the amount of such prepayment during the entire calendar month in which the prepayment is made.
Prepayment; Defeasance. (i) The Loan is closed to prepayment in whole or in part during the Prepayment/Defeasance Lockout Period. Thereafter, upon not less than thirty (30) days’ prior written notice to Lender, Borrower may prepay the Loan, in whole but not in part, on any scheduled monthly payment date and upon payment of: (x) all amounts outstanding under the Loan Documents; and (y) a prepayment premium equal to the greater of (A) one percent (1%) of the outstanding principal balance of the Loan or (B) the Yield Maintenance Amount (except that no such prepayment premium shall be due or payable if the Loan is repaid on or after the sixtieth (60th) monthly installment of interest (which for purposes of this provision, shall not include the payment of interest on the Closing Date) due hereunder.
