Is a loan agreement enforceable even if the loan agreement contains a "conditional waiver" of certain prepayment charges?
California, United States of America
The following excerpt is from Harbor Island Holdings v. Kim, 107 Cal.App.4th 790, 132 Cal.Rptr.2d 406 (Cal. App. 2003):
This type of circular reasoning was expressly rejected in Ridgley v. Topa Thrift & Loan Assn., supra, 17 Cal.4th 970, 73 Cal.Rptr.2d 378, 953 P.2d 484. There, the court exposed the double talk of a "conditional waiver" of certain prepayment charges in a loan agreement. "A forfeiture or unreasonable penalty, imposed only upon the other party's default, is unenforceable even though the same money,
[107 Cal.App.4th 799]
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