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23 <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 calcczlate <br />the interest rate when the loan is made. The Loan Committee will assign an <br />interest rate using the rate sidelines provided above to each loan commitment. <br />FEES AND EXPENSES <br />An origination fee, which may be paid from the loan proceeds, will be charged, <br />payable at closing, ranging from 1% to 1 1%z% but, in no case 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 REPAYMENT <br />Loan repavment schedules will be finalized upon loan commitment. All <br />payments shall be due as stipulated in the repavment schedule._~^ ~"^'~'^^" <br />r*~ ~-~^-•^~~~-^r. A late payment will be assessed at 2% of the payment amount <br />after the loan becomes 15 days overdue. Loans may be prepaid, in whole or in <br />part, at any time without penalty. In the event the loan payment becomes 30 <br />days overdue, procedures for the Collection of Delinquent Loans shall be <br />followed. 'r, r r, - -•,-,- •n ~ r,,• 1.. ,. ,..,, ,.~i, ~; c .,^,;r,,,,,,,-,~ <br />a" <br />awl: <br />COLLECTION OF DELINQUENT LOANS <br />If a payment becomes 30 dam overdue the borrower will be contacted. If <br />extenuating circumstances warrant the loan maybe restructured to encourage <br />a ment. The Loan Committee will evaluate the loan as a whole and determine <br />if a restructuring is beneficial to Pro~~ram. <br />8 <br />