Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 9 contracts
Samples: Leasehold Mortgage and Security Agreement (Chefs' Warehouse, Inc.), Mortgage, Security Agreement, Mortgage, Security Agreement
Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the NoteNote and the principal balance of the Note shall be reduced by such amount in the inverse order of maturity.
Appears in 8 contracts
Samples: Leases and Rents Security Agreement and Fixture Filing (GTJ REIT, Inc.), And Security Agreement (GTJ REIT, Inc.), Rents and Security Agreement (FSP 303 East Wacker Drive Corp.)
Usury Laws. This Mortgage Agreement and the Note are subject to the express condition that at no time shall the Mortgagor Borrower be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor Borrower is permitted by law to contract or agree to pay. If by the terms of this Mortgage Agreement or the Note, the Mortgagor Borrower is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 4 contracts
Samples: Loan Agreement (Prime Group Realty Trust), Loan Agreement (Prime Group Realty Trust), Loan Agreement (Prime Group Realty Trust)
Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note Debt at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by applicable law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note Debt at a rate in excess of such maximum rate, the rate of interest under the Note same shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 3 contracts
Samples: elstico.com, First Mortgage and Security Agreement (Century Properties Fund Xvi), First Mortgage and Security Agreement (Century Properties Fund Xii)
Usury Laws. This Mortgage and the Note are subject to the express ---------- condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note Debt at a rate which could subject the holder of the Note Mortgagee to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note Debt at a rate in excess of such maximum rate, the rate of interest under the Note same shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest previous payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance and not on account of the Noteinterest due hereunder.
Appears in 3 contracts
Samples: Indemnity Agreement (Afc Enterprises Inc), Afc Enterprises Inc, Afc Enterprises Inc
Usury Laws. This Mortgage and the Note Notes are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note Notes at a rate which could subject the holder holders of the Note Notes to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage Mortgage, the Guaranty or the NoteNotes, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note Notes at a rate in excess of such maximum rate, the rate of interest under the Note Notes shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the NoteNotes.
Appears in 2 contracts
Samples: Mortgage, Security Agreement (Nexmed Inc), Mortgage, Security Agreement (Nexmed Inc)
Usury Laws. This Mortgage Mortgage, the Credit Agreement and the Note Notes are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note Notes at a rate which could subject the holder of the Note Notes to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law Law to contract or agree to pay. If by the terms of this Mortgage Mortgage, the Credit Agreement or the NoteNotes, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note Notes at a rate in excess of such maximum rate, the rate of interest under the Note Notes (and the Credit Agreement) shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the NoteNotes.
Appears in 2 contracts
Samples: And Security Agreement (NRG Generating U S Inc), And Security Agreement (NRG Generating U S Inc)
Usury Laws. This Mortgage and the Note are subject to the express ---------- condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 1 contract
Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Note Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 1 contract
Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 1 contract
Samples: Contribution and Exchange Agreement (Cali Realty Corp /New/)
Usury Laws. This Mortgage and the Note are subject to the express condition that at no time shall the Mortgagor Company be obligated or required to pay interest on the principal balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor Company is permitted by law to contract or agree to pay. If by the terms of this Mortgage or the Note, the Mortgagor Company is at any time required or obligated to pay interest on the principal balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note.
Appears in 1 contract
Samples: Dynasil Corp of America
Usury Laws. This Mortgage Agreement and the Note are subject to the express condition that at no time shall the Mortgagor Borrower be obligated or required to pay interest on the principal balance Principal Balance due under the Note at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which the Mortgagor Borrower is permitted by law to contract or agree to pay. If by the terms of this Mortgage Agreement or the Note, the Mortgagor Borrower is at any time required or obligated to pay interest on the principal balance Principal Balance due under the Note at a rate in excess of such maximum rate, the rate of interest under the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance Principal Balance of the Note.
Appears in 1 contract
