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Monday, June 04, 2007 10:36:12 AM
they state the loan will be repaid monthly, starting at $5011.60/month, which is all interest, no principal:
1. PAYMENT; MATURITY.
(a) Payment. The Holder shall pay Interest and Principal payments on a calendar monthly basis of FIVE THOUSAND ELEVEN DOLLARS AND SIXTY CENTS ($5,011.60), with each payment being due on the first business day of each calendar month Payments shall be made to Howard Ullman's Merrill Lynch Account, specified in Exhibit One hereto.
(b) Unpaid Principal and Interest thereon shall be due and payable in full on May 30, 2009 (OMaturity DateO). If the unpaid Principal and Interest is not paid in full by the Maturity Date, then the monthly installments of Principal and Interest shall be increased to FIVE THOUSAND EIGHT HUNDRED AND TWENTY FOUR DOLLARS AND TWENTY FOUR CENTS ($5,824.24) for the six (6) calendar months from June 2009 through December 2009. (c) If the unpaid Principal and Interest is not paid by December 31, 2009, then the monthly installments of Principal and Interest shall increase to SIX THOUSAND THREE HUNDRED AND FIFITY DOLLARS AND NO CENTS ($6,350.00), which payments shall commence on January 1, 2010 and continue till all unpaid Principal and Interest is paid in full.
This is from the Promissory Note, so I would guess it should be right.
Regards
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