Common use of Principal Amortization Clause in Contracts

Principal Amortization. Commencing on November 1, 2013, and continuing on the first day of each month until all amounts due under the Loan Documents are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. Lender shall calculate the total amount of principal payments payable from November 1, 2013 to the Maturity Date based upon a 30-year amortization schedule, an amortization period which begins on October 1, 2013, a fixed interest rate equal to the Contract Rate in effect as of October 1, 2013 and the outstanding principal balance of the Loan as of October 1, 2013. The monthly amortization payment shall equal the total amount of principal payable for such period (calculated as set forth above) divided by the number of monthly payments during such period. The foregoing notwithstanding, upon any additional advance of Loan funds Lender shall recalculate the amount of the monthly principal amortization payment owing for the remainder of the Loan term, based upon the new outstanding principal balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first day of the month immediately following the month in which such additional advance or prepayment (as applicable) is made. In addition, if the term of the Loan is extended in accordance with Section 2.3(3), then Lender shall recalculate the amount of the monthly principal amortization payment owing during such extension period, based upon the then-remaining portion of the 30-year amortization schedule, the outstanding principal balance of the Loan and the Contract Rate in effect as of the first day of such period. Lender's determination of the amount of the monthly amortization payments to be made by Borrower under this Agreement shall be conclusive absent manifest error.