Common use of Total Amount Due Clause in Contracts

Total Amount Due. (a) Interest due under the Promissory Note shall accrue at the Interest Rate on the aggregate principal amount of the Advances plus the Origination Fee outstanding hereunder on each day from the date of the Advances (or in the case of the Origination Fee, the date hereof, to the date that the Advances plus the Origination Fee plus accrued interest is paid in full. [At the end of each month, accrued interest shall be added to the principal amount due under the Promissory Note, and interest shall accrue thereafter on such increased principal amount.][DELETE IN GEORGIA AND OTHER STATES NOT PERMITTING COMPOUNDING OF INTEREST.] Such outstanding principal amount plus any accrued and unpaid interest as of any date shall be referred to as the “Total Amount Due.” (b) On the Maturity Date, the Trust shall pay to the Lender the Total Amount Due under the Promissory Note. (c) Anything contained herein or within the Promissory Note to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then the Trust shall be liable only for the payment of such maximum as allowed by law, and any payment received from the Trust in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the amount due hereunder to the extent of such excess or, at the option of the Trust, shall be returned to the Trust. (d) The Lender may perform its obligations to compute and determine any amounts under this Agreement directly or through an agent. The Lender shall not be liable to the Trustee in connection with the performance of any such obligations in the absence of willful misconduct or gross negligence.

Total Amount Due. (a) Interest due under the Promissory Note shall accrue at the Interest Rate on the aggregate principal amount of the Advances plus the Origination Fee Advance outstanding hereunder on each day from the date of the Advances (or in the case of the Origination Fee, the date hereof, Advance to the date that the Advances plus the Origination Fee Advance plus accrued interest is paid in full. [At the end of each month, accrued interest shall be added to the principal amount due under the Promissory Note, and interest shall accrue thereafter on such increased principal amount.][DELETE IN GEORGIA AND OTHER STATES NOT PERMITTING COMPOUNDING OF INTEREST.] Such outstanding principal amount plus any accrued and unpaid interest as of any date shall be referred to as the “Total Amount Due.” (b) On the Maturity Date, the Trust shall pay to the Lender the Total Amount Due under the Promissory NoteNote plus the Origination Fee [plus the Lender Protection Insurance Charge]. (c) Anything contained herein or within the Promissory Note to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then the Trust shall be liable only for the payment of such maximum as allowed by law, and any payment received from the Trust in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the amount due hereunder to the extent of such excess or, at the option of the Trust, shall be returned to the Trust. (d) The Lender may perform its obligations to compute and determine any amounts under this Agreement directly or through an agent. The Lender shall not be liable to the Trustee in connection with the performance of any such obligations in the absence of willful misconduct or gross negligence.