A hard prepayment penalty, on the other hand, sticks the borrower with a penalty if they sell their home OR refinance their mortgage. Obviously, this is the tougher of the two, and basically gives a borrower no option of jumping ship if they need to sell their home quickly after obtaining a mortgage.
· Is the prepayment penalty clause enforceable on a full payoff when the mortgage holder calls the debt due? Yes! The clause permits the mortgage holder to demand a prepayment penalty on an involuntary prepayment resulting from the mortgage holder’s acceleration of the balance due on the debt. [Biancalana v.
Prepayment penalty. Most lenders allow you to prepay the outstanding balance of a loan at any time without a fee, but some lenders charge a prepayment penalty, often about 2% of the amount you borrowed. If your loan agreement doesn’t have a prepayment clause, which excludes a fee for early termination, the penalty may apply.
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Example recommended language: Prepayment penalty shall apply if the loan balance is prepaid in whole (100%) or in part (any prepayment of principal over the normal amortization.) In the example above, the borrower can make partial principal prepayments at any time, but the prepayment is subject to penalty.
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See Whitman, Mortgage Prepayment Clauses: An Economic and Legal Analysis, of many mortgage lenders to exact prepayment penalties when it is clear that the.. Consider, for example, a loan providing that (1) a prepayment without.
Example recommended language: Prepayment penalty shall apply if the loan balance is prepaid in whole (100%) or in part (any prepayment of principal over the normal amortization.) In the example above, the borrower can make partial principal prepayments at any time, but the prepayment
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the due-on-sale clause as imposing a form of prepayment penalty; the clause both com- pels prepayment when the real estate is sold and also requires the borrower to pay at par (i.e., the face amount of the loan balance) when in reality the loan may have a consider-
Liquidated damages can provide parties added incentive to perform all types of contracts, including commercial real estate contracts. But are they enforceable in California?