Common use of Maximum Interest Payable Clause in Contracts

Maximum Interest Payable. Neither this Mortgage nor any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount not prohibited by law. If herein or in any other Loan Document any excess of interest in such respect is provided for or shall be adjudicated to be so provided for, neither Mortgagor nor its successors or assigns shall be obligated to pay such interest in excess of the maximum amount not prohibited by law, and the right to demand the payment of any such excess shall be and hereby is waived and any excess shall be promptly applied to principal or, if required by law, refunded; and this provision shall control any other provision of this Mortgage or any other Loan Document.