Common use of Interest Laws Clause in Contracts

Interest Laws. Secured Party and Debtor intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Security Agreement, no such provision shall require the payment or permit the collection of any amount ("Excess Interest") in excess of the maximum amount of interest permitted by law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Indebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Security Agreement, then in such event (a) the provisions of this paragraph shall govern and control; (b) Debtor shall not be obligated to pay any Excess Interest (c) any Excess Interest that Secured Party may have received shall, at the option of Secured Party, be (i) applied as a credit against the then outstanding principal balance of the Loan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payor, or (iii) so applied or refunded in any combination of the foregoing; (d) the applicable interest rate shall be automatically subject to reduction to the maximum lawful contract rate allowed under the applicable usury laws of the State, and this Note and the Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the applicable interest rate; and (e) Debtor shall not have any action against Secured Party for any damages whatsoever arising out of the payment or collection of Excess Interest.

Interest Laws. Secured Party It being the intention of Lender and Debtor intend Mortgagor to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding Illinois, it is agreed that notwithstanding any provision to the contrary in the Note, this Note Mortgage, or any of the Security Agreementother Loan Documents, no such provision shall require the payment or permit the collection of any amount ("“Excess Interest"”) in excess of the maximum amount of interest permitted by law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Indebtednessindebtedness evidenced by the Note. If any Excess Interest is provided for, or is adjudicated to be provided for, in the Note, this Note Mortgage, or any of the Security Agreementother Loan Documents, then in such event (a) the provisions of this paragraph Paragraph 3.22 shall govern and control; (b) Debtor the Mortgagor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest Interest; (c) any Excess Interest that Secured Party Lender may have received hereunder shall, at the option of Secured PartyLender, be (i) applied as a credit against the then outstanding unpaid principal balance of under the LoanNote, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payorpayor thereof, or (iii) so applied or refunded in any combination of the foregoing; (d) the applicable interest rate “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) shall be automatically subject to automatic reduction to the maximum lawful contract rate allowed under the applicable usury laws of the aforesaid State, and the Note, this Note Mortgage, and the Security Agreement other Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the applicable interest rateInterest Rate; and (e) Debtor Mortgagor shall not have any action against Secured Party Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest.

Interest Laws. Secured Party and Debtor intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Security Agreement, no such provision shall require the payment or permit the collection of any amount ("Excess Interest") in excess of the maximum amount of interest permitted by law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Indebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Security Agreement, then in such event (a) the provisions of this paragraph shall govern and control; (b) Debtor shall not be obligated to pay any Excess Interest Interest; (c) any Excess Interest that Secured Party may have received shall, at the option of Secured Party, be (i) applied as a credit against the then outstanding principal balance of the Loan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, law or both, (ii) refunded to the payor, or (iii) so applied or refunded in any combination of the foregoing; (d) the applicable interest rate shall be automatically subject to reduction to the maximum lawful contract rate allowed under the applicable usury laws of the State, and this Note and the Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the applicable interest rate; and (e) Debtor shall not have any action against Secured Party for any damages whatsoever arising out of the payment or collection of Excess Interest.

Interest Laws. Secured Party and Debtor intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Security Agreement, no such provision shall require the payment or permit the collection of any amount ("Excess Interest") in excess of the maximum amount of interest permitted by law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Indebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Security Agreement, then in such event (a) the provisions of this paragraph shall govern and control; (b) Debtor shall not be obligated to pay any Excess Interest Interest; (c) any Excess Interest that Secured Party may have received shall, at the option of Secured Party, be (i) applied as a credit against the then outstanding principal balance of the Loan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payor, or (iii) so applied or refunded in any combination of the foregoing; (d) the applicable interest rate shall be automatically subject to reduction to the maximum lawful contract rate allowed under the applicable usury laws of the State, and this Note and the Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the applicable interest rate; and (e) Debtor shall not have any action against Secured Party for any damages whatsoever arising out of the payment or collection of Excess Interest.

Interest Laws. Secured Party and Debtor intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary contained in this Note Agreement or the Security Agreementother Loan Documents, no such provision Borrower shall require the payment or permit the collection of not be required to pay, and Lender shall not be permitted to collect, any amount ("Excess Interest") of interest in excess of the maximum amount of interest permitted by law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Indebtedness("EXCESS INTEREST"). If any Excess Interest is provided for, for or is adjudicated determined by a court of competent jurisdiction to be have been provided for, for in this Note Agreement or the Security Agreementin any other Loan Document, then in such event event: (a1) the provisions of this paragraph Section shall govern and control; (b2) Debtor Borrower shall not be obligated to pay any Excess Interest Interest; (c3) any Excess Interest that Secured Party Lender may have received shallhereunder shall be, at the option of Secured PartyLender's option, be (ia) applied as a credit against the then outstanding principal balance of the Loan, Obligations due and owing to Lender (without any prepayment penalty or premium therefor) or for accrued and unpaid interest thereon thereunder (not to exceed the maximum amount permitted by law, or both), (iib) refunded to the payorpayor thereof, or (iiic) so applied or refunded in any combination of the foregoing; (d4) the applicable interest rate rate(s) provided for herein shall be automatically subject to reduction reduced to the maximum lawful contract rate allowed from time to time under applicable law (the applicable usury laws of the State"MAXIMUM RATE"), and this Note Agreement and the Security Agreement other Loan Documents shall be deemed to have been, been and shall be, reformed and modified to reflect such reduction in the applicable interest ratereduction; and (e5) Debtor Borrower shall not have any action against Secured Party Lender for any damages whatsoever arising out of the payment or collection of Excess Interest.any Excess