Common use of Regular Payments Clause in Contracts

Regular Payments. Principal and interest shall be payable as follows: (a) Interest only shall be paid in arrears in thirty (30) monthly installments of _____________ ($__________) each, commencing on February 15, 2010 and continuing on the fifteenth (15th) day of each succeeding month to and including July 15, 2012. Each payment due date under Paragraphs 1(a) and 1(b) of this Note is referred to as a “Due Date”. (b) Principal and interest shall be paid in fifty three (53) monthly installments of _____________ ($__________) each commencing on August 15, 2012 and continuing on the fifteenth (15th) day of each succeeding month to and including December 15, 2016. (c) The entire Obligations (as defined in the Instrument (defined below)) shall be due and payable on January 15, 2017 (“Maturity Date”). “Maturity” shall mean the Maturity Date or earlier date that the Obligations may be due and payable by acceleration by Lender as provided in the Documents.