With an April month of closing, the documents will identify May 1 as the start of the loan (Inception Date) where the first full month of interest under the loan will first accrue to be payable on the First Payment Date of June 1. The First Payment Date is the first full month of accrued interest, and scheduled principal, being payable. The loan matures May 1 as there is no more "loan" starting on that date; the loan "ends" the last day of that April. The final monthly payment of April 2053 interest and scheduled principal (plus all remining Indebtedness) is due on the Maturity Date. Section C of the Note outlines interest accrual and payments.
The 2-1 prepayment premium will be 2% for the first year, 1% for the second year and no prepayment premium for the remainder of the loan.
The two years of prepayment premium will end 24
As such, the first prepayment premium runs for the first year of the loan (including the period from Disbursement Date to Inception Date). Put another way, the second prepayment premium runs starting the second year of the loan. Section J.5 of the Note uses "occurs prior to May 1, 2024" for the period of the first prepayment year, which is run through the entirety of the last day of April 2024. The second prepayment period begins "on or after May 1, 2024" and end "prior to the Prepayment Premium End Date".
