Common use of Prepayment Charge Clause in Contracts

Prepayment Charge. (i) Except as provided in Section 4(b)(ii), Borrower must pay the Prepayment Charge specified in Section 1 in connection with any Prepayment under this Note, whether voluntary or involuntary or resulting from a default by Borrower. (ii) Notwithstanding Section 4(b)(i), no Prepayment Charge will be payable with respect to any of the following: Any Prepayment made during the Window Period (as defined on Schedule 1). Any Prepayment occurring as a result of the application of any Insurance proceeds. Any Prepayment occurring as a result of the application of any Condemnation award, or otherwise required under the terms of the Loan Agreement in connection with a Condemnation, unless (A) the Condemnation is intended to result in the continued use of the Mortgaged Property subject to the Condemnation for residential purposes, or (B) applicable law expressly requires or permits that the condemning authority or acquiring entity reimburse prepayment charges incurred in connection with a prepayment occurring as a result of a Condemnation; in either of the situations described in (A) or (B) above, a Prepayment Charge will be due to the extent permitted by applicable law.

Prepayment Charge. (i) Except as provided in Section 4(b)(ii), Borrower must pay the Prepayment Charge specified in Section 1 in connection with any Prepayment under this Note, whether voluntary or involuntary or resulting from a default by Borrower. (ii) . Notwithstanding Section 4(b)(i), no Prepayment Charge will be payable with respect to any of the following: Any Prepayment made during the Window Period (as defined on Schedule 1). Any Prepayment occurring as a result of the application of any Insurance proceeds. Any Prepayment occurring as a result of the application of any Condemnation award, or otherwise required under the terms of the Loan Agreement in connection with a Condemnation, unless (A) the Condemnation is intended to result in the continued use of the Mortgaged Property subject to the Condemnation for residential purposes, or (B) applicable law expressly requires or permits that the condemning authority or acquiring entity reimburse prepayment charges incurred in connection with a prepayment occurring as a result of a Condemnation; in either of the situations described in (A) or (B) above, a Prepayment Charge will be due to the extent permitted by applicable law.