No penalty for the prepayment of any indebtedness evidenced by an instrument which is secured by a mortgage on rural property may exceed: (1) five percent of the unpaid principal balance if prepaid during the first year from the date of the instrument; (2) four percent of the unpaid principal balance if prepaid during the second year from the date of the instrument; (3) three percent of the unpaid principal balance if prepaid during the third year from the date of the instrument; (4) two percent of the unpaid principal balance if prepaid during the fourth year from the date of the instrument; (5) one percent of the unpaid principal balance if prepaid during the fifth year from the date of the instrument; (6) no prepayment penalty shall be assessed if prepaid more than five years from the date of the instrument.
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