Severability; Maximum Rate Sample Clauses
The "Severability; Maximum Rate" clause serves to ensure that if any part of an agreement is found to be invalid or unenforceable, the remainder of the contract remains effective and enforceable. In practice, this means that if a specific provision—such as an interest rate or fee—exceeds the maximum allowed by law, only that provision is modified or removed, while the rest of the agreement continues as intended. This clause protects the integrity of the contract by preventing the entire agreement from being voided due to one problematic term, thereby maintaining the parties' original intentions and compliance with applicable laws.
Severability; Maximum Rate. If any term or provision of this Lease is held or deemed to be invalid or unenforceable, such term or provision shall be modified as slightly as possible so as to render it valid and enforceable; if such term or provision, as modified, shall be held or deemed invalid or unenforceable, such holding shall not affect the remainder of this Lease and same shall remain in full force and effect. If any late charges or interest computations provided for in any provision of this Lease are based upon a rate in excess of the maximum rate permitted by applicable law, the parties agree that such charges or interest computations shall be fixed at the maximum permissible rate.
Severability; Maximum Rate. If any provision of this Note is invalid, Illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not In any way be affected or Impaired thereby. Notwithstanding any reference to highest lawful rate, maximum Interest rate permitted to be charged by relevant law or other like terms, such references shall not be deemed to establish a maximum lawful rate of Interest as contemplated by Iowa Code 9 535.2,2 because the parties have agreed in writing to a rate of interest pursuant to Iowa Code 111535.2. There shall be no automatic reduction to the highest lawful rate or other like term a3 to any Borrower or any other party barred by law from availing Itself In any action or proceedings of the defense of usury, or any Borrower or other party barred or exempted from the operation of any law limiting the amount of interest that may be paid for the loan or use of money, or In the event this transaction, because of its amount or purpose or for any other reason is exempt from the operation of any statute limiting t6 amount of interest that may be paid for the loan or use of money. ▇▇▇▇▇▇▇▇ agrees that any late charge, delinquency charge, or other like charge shall be interest for the purpose of Iowa Law.
Severability; Maximum Rate. If any provision of this Note is invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Notwithstanding any reference to highest lawful rate, maximum interest rate permitted to be charged by relevant law or other like terms, such references shall not be deemed to establish a maximum lawful rate of interest as contemplated by Iowa Code ss.535.2,2 because the parties have agreed