Common use of Interest Laws Clause in Contracts

Interest Laws. It being the intention of Lender and Mortgagor to comply with the laws of the State of Illinois, it is agreed that notwithstanding any provision to the contrary in the Note, this Mortgage, or any of the other 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 indebtedness evidenced by the Note. If any Excess Interest is provided for, or is adjudicated to be provided for, in the Note, this Mortgage, or any of the other Loan Documents, then in such event (a) the provisions of this Paragraph 3.22 shall govern and control; (b) the Mortgagor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; (c) any Excess Interest that Lender may have received hereunder shall, at the option of Lender, be (i) applied as a credit against the then unpaid principal balance under the Note, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payor thereof, or (iii) any combination of the foregoing; (d) the “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) shall be subject to automatic reduction to the maximum lawful contract rate allowed under the applicable usury laws of the aforesaid State, and the Note, this Mortgage, and the other Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the Interest Rate; and (e) Mortgagor shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest.

Interest Laws. It being the intention of Lender Secured Party and Mortgagor Debtor intend to comply with the laws of the State of Illinois, it is agreed that notwithstanding Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity 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 evidenced by the NoteIndebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity Agreement, then in such event (a) the provisions of this Paragraph 3.22 paragraph shall govern and control; (b) the Mortgagor Debtor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; Interest (c) any Excess Interest that Lender Secured Party may have received hereunder shall, at the option of LenderSecured Party, be (i) applied as a credit against the then unpaid outstanding principal balance under of the NoteLoan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payor thereofpayor, or (iii) so applied or refunded in any combination of the foregoing; (d) the “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) applicable interest rate 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 Mortgage, Note and the other Loan Documents Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the Interest Rateapplicable interest rate; and (e) Mortgagor Debtor shall not have any action against Lender Secured Party for any damages whatsoever arising out of the payment or collection of any Excess Interest.

Interest Laws. It being the intention of Lender and Mortgagor to comply with the laws of the State of Illinois, it is agreed that notwithstanding Notwithstanding any provision to the contrary contained in the Note, this Mortgage, Agreement or any of the other 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 evidenced by the Note("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 the Note, this Mortgage, Agreement or in any of the other Loan DocumentsDocument, then in such event event: (a1) the provisions of this Paragraph 3.22 Section shall govern and control; (b2) the Mortgagor Borrower shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; (c3) any Excess Interest that Lender may have received hereunder shallshall be, at the option of Lender's option, be (ia) applied as a credit against the then unpaid outstanding principal balance under of the Note, 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 payor thereof, or (iiic) any combination of the foregoing; (d4) the “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Noteinterest rate(s) provided for herein shall be subject to automatic reduction automatically reduced to the maximum lawful contract rate allowed from time to time under applicable law (the applicable usury laws of the aforesaid State"MAXIMUM RATE"), and the Note, this Mortgage, Agreement and the other Loan Documents shall be deemed to have been, been and shall be, reformed and modified to reflect such reduction in the Interest Ratereduction; and (e5) Mortgagor Borrower shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest.Excess

Interest Laws. It being the intention of Lender Secured Party and Mortgagor Debtor intend to comply with the laws of the State of Illinois, it is agreed that notwithstanding Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity 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 evidenced by the NoteIndebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity Agreement, then in such event (a) the provisions of this Paragraph 3.22 paragraph shall govern and control; (b) the Mortgagor Debtor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; (c) any Excess Interest that Lender Secured Party may have received hereunder shall, at the option of LenderSecured Party, be (i) applied as a credit against the then unpaid outstanding principal balance under of the NoteLoan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, or both, (ii) refunded to the payor thereofpayor, or (iii) so applied or refunded in any combination of the foregoing; (d) the “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) applicable interest rate 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 Mortgage, Note and the other Loan Documents Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the Interest Rateapplicable interest rate; and (e) Mortgagor Debtor shall not have any action against Lender Secured Party for any damages whatsoever arising out of the payment or collection of any Excess Interest.

Interest Laws. It being the intention of Lender Secured Party and Mortgagor Debtor intend to comply with the laws of the State of Illinois, it is agreed that notwithstanding Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity 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 evidenced by the NoteIndebtedness. If any Excess Interest is provided for, or is adjudicated to be provided for, in this Note or the Note, this Mortgage, or any of the other Loan DocumentsSecurity Agreement, then in such event (a) the provisions of this Paragraph 3.22 paragraph shall govern and control; (b) the Mortgagor Debtor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; (c) any Excess Interest that Lender Secured Party may have received hereunder shall, at the option of LenderSecured Party, be (i) applied as a credit against the then unpaid outstanding principal balance under of the NoteLoan, accrued and unpaid interest thereon not to exceed the maximum amount permitted by law, law or both, (ii) refunded to the payor thereofpayor, or (iii) so applied or refunded in any combination of the foregoing; (d) the “Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) applicable interest rate 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 Mortgage, Note and the other Loan Documents Security Agreement shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the Interest Rateapplicable interest rate; and (e) Mortgagor Debtor shall not have any action against Lender Secured Party for any damages whatsoever arising out of the payment or collection of any Excess Interest.