Note pursuant to this Section 1.9. Prepayment
Post# of 15187
Posted On: 05/28/2016 9:21:46 AM
Re: Steve Rogers #5712
Note pursuant to this Section 1.9.
Prepayment Period
Prepayment Percentage
1. The period beginning on the Issue Date and ending on the date which is thirty (30) days following the Issue Date.
115%
2. The period beginning on the date which is thirty-one (31) days following the Issue Date and ending on the date which is sixty (60) days following the Issue Date
120%
3. The period beginning on the date which is sixty-one (61) days following the Issue Date and ending on the date which is ninety (90) days following the Issue Date
125%
4. The period beginning on the date that is ninety-one (91) day from the Issue Date and ending one hundred twenty (120) days following the Issue Date
130%
5. The period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred fifty (150) days following the Issue Date
135%
6. The period beginning on the date that is one hundred fifty-one (151) day from the Issue Date and ending one hundred eighty (180) days following the Issue Date
140%
After the expiration of one hundred eighty (180) following the date of the Note, the Borrower shall have no right of prepayment.
With respect to any loan or forbearance other than the above described residential mortgage loans, the term interest for purposes of New York civil and criminal usuary statutes, means all amounts paid or payable, directly or indirectly, by any person, to or for the account of the lender which would be includible as interest under New York law as it existed prior to the enactment of (section 14-a of the New York Banking Law chapter 349 of the laws of 1968.
One of the cases cited is Funding Group v Water Chef, Inc. where the courts found both the converted shares and the late payment penalty usurious under New York criminal usury laws. Would the prepayment penalty in the KBM note also be above the criminal usuary limits since the amounts are documented in the note from it's inception?
https://www.lexisnexis.com/legalnewsroom/comm...rates.aspx
Prepayment Period
Prepayment Percentage
1. The period beginning on the Issue Date and ending on the date which is thirty (30) days following the Issue Date.
115%
2. The period beginning on the date which is thirty-one (31) days following the Issue Date and ending on the date which is sixty (60) days following the Issue Date
120%
3. The period beginning on the date which is sixty-one (61) days following the Issue Date and ending on the date which is ninety (90) days following the Issue Date
125%
4. The period beginning on the date that is ninety-one (91) day from the Issue Date and ending one hundred twenty (120) days following the Issue Date
130%
5. The period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred fifty (150) days following the Issue Date
135%
6. The period beginning on the date that is one hundred fifty-one (151) day from the Issue Date and ending one hundred eighty (180) days following the Issue Date
140%
After the expiration of one hundred eighty (180) following the date of the Note, the Borrower shall have no right of prepayment.
With respect to any loan or forbearance other than the above described residential mortgage loans, the term interest for purposes of New York civil and criminal usuary statutes, means all amounts paid or payable, directly or indirectly, by any person, to or for the account of the lender which would be includible as interest under New York law as it existed prior to the enactment of (section 14-a of the New York Banking Law chapter 349 of the laws of 1968.
One of the cases cited is Funding Group v Water Chef, Inc. where the courts found both the converted shares and the late payment penalty usurious under New York criminal usury laws. Would the prepayment penalty in the KBM note also be above the criminal usuary limits since the amounts are documented in the note from it's inception?
https://www.lexisnexis.com/legalnewsroom/comm...rates.aspx
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