*16) Prepayment Clause
{"Image DocumentName": "16) Prepayment Clause", "Image ImageDescription": "Provision giving the borrower the right (without obligation) to pay the loan off prior to maturity, like callable bonds. This effectively gives the borrower a call option on a bond, where the bond has cash flows equivalent to the remaining cash flows on the mortgage, and the exercise price of the option is the outstanding loan balance (plus prepayment penalties) on the mortgage (i.e., what one would have to pay to retire the debt).", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}