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considered a default under this Note and shall permit the note holder to accelerate all amounts <br />due. <br />4. BORROWER'S RIGHT TO PREPAY <br />Borrower has the right to make payments of Principal at any time before they are due. A <br />Payment of Principal only is known as a "Prepayment." When Borrower makes a Prepayment, <br />Borrower will inform the Note Holder in writing that Borrower is doing so. <br />Borrower may make a full Prepayment or' partial Prepayment without paying any <br />prepayment charge. The Note Holder will use all of my Prepayments to reduce the amount of <br />Principal that Borrower owes under this Note. If Borrower makes a partial Prepayment, there <br />will be no changes in the due dates or in the amount of Borrower's monthly payment unless the <br />Note Holder agrees in writing to those changes. <br />5. LOAN CHARGES <br />If a law, which applies to this Loan and which sets maximum loan charges, is finally <br />interpreted so that the interest or other loan charges collected or to be collected in connection <br />with this Loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the <br />amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected <br />from Borrower which exceeded permitted limits will be refunded to me. The Note Holder may <br />choose to make this refund by reducing the Principal Borrower owes under this Note or by <br />making a direct payment to Borrower. If a refund reduces Principal, the reduction will be treated <br />as a partial Prepayment. <br />b. BORROWER'S FAILURE TO PAY AS REQUIRED <br />(A) Late Charge for Overdue Payments <br />If the Note Holder has not received the full amount of any monthly payment by the end of <br />10 calendar days after the date it is due, Borrower will pay a late charge to the Note Holder. The <br />amount of the charge will be 10% of Borrower's overdue payment of Principal. Borrower will <br />pay this late charge promptly but only once on each late payment. <br />(B) Default . <br />If Borrower does not pay the full amount of each monthly payment on the date it is due or <br />breach any of the terms or conditions of this Note and Deed of Trust, Borrower will be in default. <br />The Note Holder, may, at its option, accelerate the Note and declare the Note due and payable. <br />(C) Notice of Default <br />3 <br />