Nature of Loan Sample Clauses

Nature of Loan. Borrower is a business or commercial organization. The Loan is being obtained solely for business or investment purposes, and will not be used for personal, family, household or agricultural purposes.
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Nature of Loan. The obligation evidenced by this Note does not represent or evidence a “consumer credit transaction” as that term is defined in Rule 2950 of Pennsylvania Rules of Civil Procedure but rather a business lending transaction.
Nature of Loan. The Loan is being obtained solely for business purposes, and will not be used for personal, family, household or agricultural purposes.
Nature of Loan. The loan evidenced hereby is an acquisition loan in the amount of Two Million Seven Hundred Thousand Dollars and No Cents ($2,700,000.00) in connection with the funds required by Borrower to acquire the Premises (hereinafter defined).
Nature of Loan. Grantor is a business or commercial organization. The Loan is being obtained solely for business or investment purposes, and will not be used for personal, family, household or agricultural purposes.
Nature of Loan. Compliance with Usury Laws. The loan ------------------------------------------- evidenced by the Note is being made solely for the purpose of carrying on or acquiring a business or commercial enterprise. It is the intent of Mortgagor and Mortgagee and all other parties to the Loan Documents to conform to and contract in strict compliance with applicable usury law from time to time in effect. All agreements between Mortgagee and Mortgagor (or any other party liable with respect to any indebtedness under the Loan Documents) are hereby limited by the provisions of this Section which shall override and control all such agreements, whether now existing or hereafter arising. In no way, nor in any event or contingency (including but not limited to prepayment, default, demand for payment, or acceleration of the maturity of any obligation), shall the interest taken, reserved, contracted for, charged, chargeable, or received under this Mortgage, the Note or any other Loan Document or otherwise, exceed the maximum nonusurious amount permitted by applicable law (the "Maximum Amount"). If, from -------------- any possible construction of any document, interest would otherwise be payable in excess of the Maximum Amount, any such construction shall be subject to the provisions of this Section and such document shall ipso facto be automatically reformed and the interest payable shall be automatically reduced to the Maximum Amount, without the necessity of execution of any amendment or new document. If Mortgagee shall ever receive anything of value which is characterized as interest under applicable law and which would apart from this provision be in excess of the Maximum Amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the secured indebtedness in the inverse order of its maturity and not to the payment of interest, or refunded to Mortgagor or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal. The right to accelerate maturity of the Note or any other secured indebtedness does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Mortgagee does not intend to charge or receive any unearned interest in the event of acceleration. All interest paid or agreed to be paid to Mortgagee shall, to the extent permitted by applicable law, b...
Nature of Loan. The loan evidenced hereby is a loan of up to Five Million One Hundred Ninety Thousand Dollars and No Cents ($5,190,000.00) to be disbursed in accordance with the funds required by Borrower for the Premises (hereinafter defined).
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Nature of Loan. The loan evidenced and secured by the Loan Documents is incurred and transacted solely for a business or investment purpose.
Nature of Loan. The Loan is a revolving line of credit. Therefore, all or any part of the Loan that has been repaid by Borrower may be re-advanced so long as there has not occurred an Event of Default which is continuing.
Nature of Loan. Borrower represents and warrants that (i) it is a business or commercial organization operating for the purpose of holding, developing and managing real estate for profit and/or (ii) that the secured indebtedness was made and transacted solely for the purpose of carrying on or acquiring a business or investment or commercial enterprise.
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