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11 <br />Loan Term Interest Rate <br />0 up to 2 years ~ Prime plus 2.00% <br />2 up to 3 ears Prime Ius 2.25% <br />3 up to 4 years Prime plus 2.50% <br />4 u to 7 ears Prime lus 3.00% <br />The finance charges on the loan will be calculated by multiplying a daily <br />periodic rate (the interest rate/ 365) by the unpaid principal amount of the loan <br />on the last day of the billing cycle times the number of days in the month. The <br />daily periodic rate may vary from month to month due to changes in the <br />interest rate and will be determined in the same manner as the interest rate is <br />determined with the loan maturity date unchanged from that used to calculate <br />the interest rate when the Loan is made. The Loan Committee will assign an <br />interest rate using the rate guidelines provided above, to-each loan commitment. <br />FEES AND EXPENSES <br />An origination fee, which maybe paid from the loan proceeds, will be charged, <br />payable at closing, ranging from 1% to 1 z/z% but, in no ease to exceed Limits set <br />by North Carolina Statutes. 'The minimum origination fee will be $100. The <br />applicant will be responsible for all other expenses related to closing the loan, <br />including, but not limited to, recording fees and Legal fees. The applicant will <br />also be responsible for any fees related to any appraisals or reports required by <br />the Loan Committee. <br />LOAN REPAYMEN'T' <br />Loan repayment schedules will be finalized upon loan commitment. All <br />payments shall be due as stipulated in the repayment schedule: A late <br />payment will be assessed at 2% of the payment amount after the loan becomes <br />15 days overdue. Loans maybe prepaid, in whole or in pa-rt, at any time <br />without penalty. In the event the loan paymentbecomes 30 days overdue, <br />procedures for the Collection of Delinquent Loans shall be followed. <br />COLLECTION OF DELINQUENT LOANS <br />If a payment becomes 30 days overdue, the borrower will be contacted. If <br />extenuating circumstances warrant, the loan maybe restructured to encourage <br />payment. The Loan Committee will evaluate the loan as a whole, and determine <br />7 <br />