LIMITATION ON INTEREST definition

LIMITATION ON INTEREST. As used herein, the term "Maximum Rate" shall mean and refer to the maximum rate of nonusurious interest, if any, that Mortgagee may from time to time charge Mortgagor and in regard to which Mortgagor would be prevented successfully from raising the claim or defense of usury under applicable law as now, or to the extent permitted by law, as may hereafter be, in effect (said law permitting the highest rate being herein referred to as the "Interest Law"). It is the intention of Mortgagor and Mortgagee to conform strictly to the Interest Law applicable to this loan transaction. Accordingly, it is agreed that notwithstanding any provision to the contrary, the aggregate of all interest and any other charges or consideration constituting interest under applicable Interest Law that is taken, reserved, contracted for, charged or received under this Mortgage or otherwise in connection with this loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law applicable to this loan transaction. If any excess of interest in such respect is provided for, or shall be adjudicated to be so provided for, in the Note or in any of the documents securing payment of the Note or otherwise relating thereto, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Mortgagor nor Mortgagor's heirs, legal representatives, successors or assigns or any other party liable for the payment of the Note shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law applicable to this loan transaction, (c) any excess shall be deemed a mistake and canceled automatically and, if there tofore paid, shall be credited on the Note by Mortgagee (or if the Note shall have been paid in full, refunded to Mortgagor) and (d) the effective rate of interest shall be automatically subject to reduction to the Maximum Rate allowed under such Interest Law as now or hereafter construed by courts of appropriate jurisdiction. All sums paid or agreed to be paid the Mortgagee for the use, forbearance or detention of the indebtedness evidenced by the Note shall, to the extent permitted by the Interest Law applicable to this loan transaction, be amortized, prorated, allocated and spread throughout the full term of the Note.
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Examples of LIMITATION ON INTEREST in a sentence

  • Treml stated that he does not know if there will be construction in this field as it depends upon when the jobs go out to bid.

  • Exception for property of certain businesses not subject to LIMITATION ON INTEREST EXPENSE.—The term ‘qualified property’ shall not include any property used in— ‘‘(i) a trade or business described in subparagraph (B) or (C) of sec- tion 163(j)(7), or ‘‘(ii) a trade or business that has had floor plan financing indebted- ness (as defined in paragraph (9) of section 163(j)), if the floor plan fi- nancing interest related to such indebtedness was taken into account under paragraph (1)(C) of such section.’’.

Related to LIMITATION ON INTEREST

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