3. Interest. Interest shall accrue on Principal amounts advanced and outstanding at a per annum rate equal to the Applicable Federal Rate as of the date hereof, which rate is one and three-tenths percent (1.30%) (?Rate of interest?). Interest shall be computed on a per annum basis of a year of 365 days and for the actual number of days elapsed.
The total of all of the advances shall not go beyond $sixty,100,) rather than Bank?
4. Repayments. This Promissory Note shall be payable in annual installments of Interest only. On the last day of each calendar year, Borrower shall pay all accrued and unpaid Interest by either (a) payment to Lender or (b) advance of the Loan in the amount of all accrued and unpaid Interest. If on the last day of a calendar year Lender does not receive payment of Interest, then on the next day Lender, at Lender?s option, ount of all accrued and unpaid Interest and such advance shall be added to the Principal. If https://paydayloanadvance.net/payday-loans-ia/bellevue/ the due date of any payment is on a day other than a business day, such payment shall be due and made on the next succeeding business day but such extension of time for payment shall not constitute a waiver of any Interest. All Principal and all accrued and unpaid Interest shall be due and payable no later than the Maturity Date. Principal may be prepaid at any time. In the event any payment becoming due hereunder is not made in full within 10 days after receipt of notice from Lender that such payment is late, then without prejudice to any other remedy available to the Lender, Borrower shall immediately pay to Lender a charge of five percent of the amount due and not paid to compensate Lender for the delay and inconvenience caused by the late payment (the ?Later Costs?). The Late Charge shall not be applied to but shall be in addition to Principal and Interest.