No Pre-payment allowed

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No Pre-payment allowed

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07-12-2005, 10:01 AM

Jerryrs is offline

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Join Date: Jul 2005

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No Pre-payment allowed

My 73 yr old father purchased a condo in California. The seller was a Lic. broker and carried a 15 year note. The note states that there can be no pre-payment in the first ten years followed by a hefty penalty for the remaining five. Is this legal and enforceable?

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