Common use of Payment After Maturity Clause in Contracts

Payment After Maturity. Where there is a Default after the Balance Due Date or Maturity Date of the last renewal of the Mortgage, you may pay the outstanding Principal Amount of the Mortgage only upon payment of three (3) months’ interest at the then current Variable Interest Rate or Fixed Interest Rate, as the case may be, calculated on the outstanding Principal Amount in lieu of three (3) months’ notice.

Payment After Maturity. Where there is a Default after the Balance Due Date or Maturity Date of the last renewal of the Mortgage, you may pay the outstanding Principal Amount of the Mortgage only upon payment of three (3) months’ ' interest at the then current Variable Interest Rate or Fixed Interest Rate, as the case may be, calculated on the outstanding Principal Amount in lieu of three (3) months’ ' notice.