Common use of Prepayment After Default Clause in Contracts

Prepayment After Default. If following the occurrence of any Event of Default under this Mortgage and an exercise by the Lender of its option to declare the whole of the Indebtedness due and payable, the Company shall tender payment of an amount sufficient to satisfy the entire Indebtedness secured hereby at any time prior to a foreclosure sale of the Mortgaged Property, and if at the time of such tender prepayment of the principal balance of the Note is prohibited, the Company shall, in addition to the said entire principal, also pay to the Lender a sum equal to the interest which would have accrued on the principal balance of the Note at the Default Rate from the date of such tender to the end of the period during which prepaying is prohibited. If at the time of such tender, prepayment of the Note is permitted, such tender by Company shall be deemed to be a voluntary prepayment of the said principal balance of the Note, and the Company shall, in addition to the said entire principal, also pay to the Lender the applicable prepayment premium, if any, specified in the Note. All such payments shall also be accompanied by payment of all accrued interest under the Note.