Usury Disclaimer. Any provision contained herein or in the Note or in any other instrument now or hereafter evidencing, securing or otherwise relating to any indebtedness secured by this Mortgage to the contrary notwithstanding, neither Mortgagee nor the holder of any such indebtedness shall be entitled to receive or collect, nor shall Mortgagor be obligated to pay, interest on any of the secured indebtedness in excess of the maximum rate of interest at the particular time in question, if any, which, under applicable law, Mortgagee is then permitted to charge Mortgagor (herein the “Maximum Rate”) provided that the Maximum Rate shall be automatically increased or decreased as the case may be, without notice to Mortgagor from time to time as of the effective time of each change in the Maximum Rate, and if any provision herein or in the Note or in such other instrument shall ever be construed or held to permit the collection or to require the payment of any amount of interest in excess of that permitted by applicable law, the provisions of this Paragraph A.9 shall control and shall override any contrary or inconsistent provision herein or in the Note or in such other instrument. The intention of the parties being to conform strictly to the usury limitations under applicable law, the Note, this Mortgage, and each other instrument now or hereafter evidencing or relating to any indebtedness secured by this Mortgage shall be held subject to reduction to the maximum amount allowed under said applicable law as now or hereafter construed by the courts having jurisdiction, and any payment by Mortgagor over the Maximum Rate shall be applied to reduce the principal amount due and owing to Mortgagee.
Usury Disclaimer. No provision herein or in the Note or the Loan Documents shall be construed to be or to create a contract by Guarantor to pay, as consideration for the use, forbearance, or detention of money, interest in excess of the rate or amount allowed by law. If any excess of interest in such respect is provided for herein or in any such promissory note, security instrument, or any other loan agreement, the provisions of this Section shall govern, and neither Borrower nor Guarantor shall be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by applicable law. The intention of the parties is to conform strictly to the usury laws now in force. This Guaranty, the Note and the Loan Documents shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.
Usury Disclaimer. The term “Maximum Lawful Rate” means the maximum lawful contractual rate of interest, and the term “Maximum Lawful Amount” means the maximum lawful contractual amount of interest, that are permissible and nonusurious under applicable state or federal law for the type of loan evidenced by the Note and the other Loan Documents. All agreements between Beneficiary, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of the maturity of the Note or any other circumstance whatsoever, shall the interest contracted for, charged or received by Beneficiary exceed the Maximum Lawful Amount. If, from any circumstance whatsoever, interest would otherwise be payable to Beneficiary in excess of the Maximum Lawful Amount, the interest payable to Beneficiary shall be reduced to the Maximum Lawful Amount; and if from any circumstance Beneficiary shall ever receive any interest in excess of the Maximum Lawful Amount, an amount equal to any excessive interest shall be applied to the reduction of the principal amount of the Note and not to the payment of interest, or if such excessive interest exceeds the unpaid principal amount of the Note such excess shall be refunded to Grantor. All interest paid or agreed to be paid to Beneficiary shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal amount of the Note (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the Maximum Lawful Amount. For purposes of this paragraph, the term interest shall include all considerations and amounts that constitute interest under applicable usury law. This paragraph shall control all agreements between Grantor and Beneficiary.
Usury Disclaimer. No provision herein or in any promissory note, security instrument, or any other Transaction Document executed by Debtor or Guarantor evidencing the Indebtedness shall be construed to be or to create a contract by Guarantor to pay, as consideration for the use, forbearance, or detention of money, interest in excess of the rate or amount allowed by law. If any excess of interest in such respect is provided for herein or in any such promissory note, security instrument, or any other Transaction Document, the provisions of this Section shall govern, and neither Debtor nor Guarantor shall be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by applicable law. The intention of the parties is to conform strictly to the usury laws now in force, and all Promissory Notes and Transaction Documents executed by Debtor or Guarantor evidencing the Indebtedness or Obligations shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.
Usury Disclaimer. It is the specific intent of Trustor and Beneficiary that the Note bear a lawful rate of interest and if any court of competent jurisdiction should determine that the interest rates (or any other charges or costs set forth in the Note, or in any other Loan Document, which may be deemed to be an interest charge) provided therein exceed that which is statutorily permitted for the type of transaction evidenced thereby, the interest rates (and other applicable charges or costs) shall be reduced to the highest rate permitted by applicable law, with any excess interest theretofore collected being applied against the Note principal or, if such principal has been fully repaid, returned to Trustor on demand.
Usury Disclaimer. The term “Maximum Lawful Rate” means the maximum rate of interest and the term “Maximum Lawful Amount” means the maximum amount of interest that are permissible under applicable state or federal law for the type of loan evidenced by the Note and the other Loan Documents. Lender does not intend to contract for, charge, or receive more than the Maximum Lawful Rate or Maximum Lawful Amount permitted by applicable state or federal law, and to prevent such an occurrence Lender and Borrower agree that all amounts of interest, whenever contracted for, charged or received by Xxxxxx, with respect to the loan of money evidenced by the Note or with respect to any other amount payable under this Instrument or any of the other Loan Documents, shall be spread, prorated or allocated over the full period of time the Note is unpaid, including the period of any renewal or extension of the Note. If demand for payment of the Note is made by Lender prior to the full stated term, the total amount of interest contracted for, charged or received to the time of such demand shall be spread, prorated or allocated along with any interest thereafter accruing over the full period of time that the Note thereafter remains unpaid for the purpose of determining if such interest exceeds the Maximum Lawful Amount. At maturity (including maturity due to Lender’s acceleration of the Note) or on earlier final payment of the Note, Lender shall compute the total amount of interest that has been contracted for, charged or received by Lender or payable by Borrower under the Note and compare such amount to the Maximum Lawful Amount that could have been contracted for, charged or received by Lender. If such computation reflects that the total amount of interest that has been contracted for, charged or received by Lender or payable by Borrower exceeds the Maximum Lawful Amount, then Lender shall apply such excess to the reduction of the principal balance and not to the payment of interest; or if such excess interest exceeds the unpaid principal balance, such excess shall be refunded to Borrower. This provision concerning the crediting or refund or excess interest shall control and take precedence over all other agreements between Borrower and Lender so that under no circumstances shall the total interest contracted for, charged or received by Xxxxxx exceed the Maximum Lawful Amount.
Usury Disclaimer. No provision herein or in any promissory note, instrument or any other loan document executed by Purchaser or Guarantor evidencing the Guaranteed Indebtedness shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law. If any excess of interest in such respect is provided for herein or in any invoice or other document, the provisions of this section shall govern, and neither Purchaser nor Guarantor shall be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by applicable law. The intention of the parties is to conform strictly to the usury laws now in force, and any invoices or other documents executed by Purchaser or Guarantor evidencing the Guaranteed Indebtedness shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.
