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<br />different place if required by the Note Holder. <br /> <br />(B) Amount of Monthly Payments <br /> <br />My monthly payment will be in the amount of u.s. $32,000,00 due and payable on the <br />15th day of each month beginning July 15, 2003, and continuing through March 15, 2017, <br />inclusive, plus a final payment of$19,735.42 on April 15, 2017. <br /> <br />5. BORROWER'S RIGHT TO PREPAY <br /> <br />I have 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 I make a prepayment, I will tell <br />the Note Holder in \vriting that I am doing so. <br /> <br />I may make a full prepayment or partial prepayments without paying any prepayment <br />charge. The Note Holder will use all of my prepayments to reduce the amount of principal that I <br />owe under this Note. If I make a partial prepayment, there will be no changes in the due date or <br />in the amount or my monthly payment unless the Note Holder agrees in "riting to those changes. <br /> <br />6. LOAN CHARGES <br /> <br />If a law, \vhich 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 me which exceeded permitted limits will be refunded to me. The Note Holder may choose <br />to make this refund by reducing the principal I owe under this Note or by making a direct <br />payment to me. If a refund reduces principal, the reduction will be treated as a partial <br />prepayment. <br /> <br />7. BORROWER'S FAILURE TO PAY AS REQUIRED <br /> <br />(A) Late Charge for Overdue Payments <br /> <br />If the Note Holder has not received the full amount of any monthly payment by the end <br />of fifteen (15) calendar days after the date it is due, I will pay late charge to the Note Holder. <br />The amount of the charge will be four percent (4.00%) of my overdue payment of principal and <br />interest. I will pay this late charge promptly but only once an each late payment. <br /> <br />(B) Default <br /> <br />If I do not pay the full amount of each monthly payment on the date it is due, I will be in <br />default. <br /> <br />C) Notice of Default . <br />If I am in default, the Note Holder may send me a \\TItten notice telling me that if I do not <br /> <br />2 <br />