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2. Installment Payments: The remaining balance of the repurchase price shall be payable in installments as follows: 1. Interest: Interest shall accrue from the date of possession at the annual rate of three and twenty-five hundredths (3.25%) on the unpaid balance. 2. Payment Schedule: Principal and interest shall be payable as follows: 1. First Payment: The first payment in the amount of $260.00 shall be due on December 15, 2014. 2. Subsequent payments: Subsequent monthly payments in the amount of $260.00 shall be due on the 15th of each succeeding month through and including October 15, 2016. 3. Final Payment: A final irregular payment of $266.72 shall be due on November 15, 2016. An amortization schedule is enclosed as Exhibit 2. 3. Method of Payment: Payment must be made by automatic payment through the Repurchaser's bank. 4. Application of Payments: Payments shall be applied first on accrued interest and then on principal. 6. Other Mortgages: The parties acknowledge that they know of the existence of no other mortgages on the Property. 7. Late Payment: Payments received subsequent to the due date shall be subject to a late payment service charge in the amount of $15.00. If the service charge is not paid along with the arrearage from which the service charge arose, then the amount of the service charge shall add to the unpaid principal balance and shall become an amount immediately due, together with interest from the date of default at the rate accruing on the unpaid principal balance, under this Agreement. 8. Prepayment of Principal: Unless otherwise provided in this Agreement, Repurchaser shall have the right to fully or partially prepay this Agreement at any time without penalty. Any partial prepayment shall be applied first to payment of the amounts then due under this Agreement, including unpaid accrued interest, and the balance shall be applied to the principal installments to be paid in the inverse order of their maturity. Partial prepayment shall not postpone the due date of the installments to be paid pursuant to this Agreement or change the amount of such installments.