Common use of Payment Schedule and Maturity Date Clause in Contracts

Payment Schedule and Maturity Date. (a) The entire Principal Debt then unpaid and all accrued interest then unpaid shall be due and payable in full on the Maturity Date. Accrued unpaid interest shall be due and payable in arrears on the first day of the first calendar month after the Closing Date and on the same day of each succeeding calendar month thereafter until all principal and accrued interest owing on the Loan shall have been fully paid and satisfied. (b) Subject to the conditions set forth in Exhibit “I”, Borrower shall have an option to extend the Maturity Date from the Initial Maturity Date to the Extended Maturity Date (such extension period is referred to herein as the “Extension Term”). (c) In the event the Maturity Date is extended from the Initial Maturity Date to the Extended Maturity Date, principal payments on the Loan, each in an amount equal to the Required Amortization Payment, shall be due and payable on February 1, 2018 and on the first day of each succeeding calendar month thereafter during the Extension Term until all principal owing on the Loan shall have been fully paid and satisfied.

Payment Schedule and Maturity Date. (a) The entire Principal Debt then unpaid and all accrued interest then unpaid shall be due and payable in full on the Maturity Date. Accrued unpaid interest shall be due and payable in arrears on the first day of the first calendar month after the Closing Date and on the same day of each succeeding calendar month thereafter until all principal and accrued interest owing on the Loan shall have been fully paid and satisfied. (b) Subject to the conditions set forth in Exhibit “I”, Borrower shall have an option to extend the Maturity Date from the Initial Maturity Date to the Extended Maturity Date (such extension period is referred to herein as the “Extension Term”). (c) In the event the Maturity Date is extended from the Initial Maturity Date to the Extended Maturity Date, principal Principal payments on the Loan, each in an amount equal to the Required Amortization Payment, shall be due and payable on February March 1, 2018 2017 and on the first day of each succeeding calendar month thereafter (including during the Extension Term Term) until all principal owing on the Loan shall have been fully paid and satisfied.