HomeMy WebLinkAbout0636 two percent (2$) of any installment of interest more than
fifteen (15) days in arrears shall be due and payable and
shall be secured by the Mortgage hereinafter described.
Nothing herein contained, nor any transaction re-
lated hereto, shall be construed or so operate as to require
the *;aker, or any person liable for repayment of same, to
pay interest at a greater rate than is now lawful in such
case to contract for, or to make any payment, or to do an~~
act contrary to law. Should any interest or other charges
paid by the Maker, or parties liable for the payment of this
Note, in connection with the Loan, or the Mortgage securing
the payment of this Note, or any other document delivered
in connection with the Loan, resul~ in the computation or
earning of interest in excess of the maximum rate of interest
which is legally permitted under the laws of the applicable
jurisdiction, then any and all such excess shall be and the
same is hereby waived by~the Payee and holder hereof, and
any and all such excess shall be automatically credited
against and in reduction of the balance due under this in-
debtedness, and the portion of said excess which exceeds the
balance due under this indebtedness shall be paid by the
Payee and holder hereof to the Maker and parties liable
for the payment of this Note.
Each of the following is an event of default: ~
(a) if Maker defaults in the payment of any installment of ,
principal or interest and such default continues uncured for
ten (10) days; or (b) if there occurs any default under or
specified in the Mortgage or the Loan Agreement, Assignment
of Leases, Rents, and Profits or any other agreement given
Bank in connection with-the Loan and such default continues
for thirty (30) days after receipt of written notice from
_ Payee; (c) if any proceeding under the Bankrugtcy Act or any
law of the United States or of any state relating to insolvency,
receivership, or debt adjustment is instituted by Maker, aree-
general partner thereof or any obligor under any Surety Ag
ment given Bank in connection with the Loan (hereinafter
"Surety"), or if any such proceeding is instituted against
i t~!~yPr, any general partner thereof or any Surety and is
j consented to by the respondent or remains undismissed for
t ~ thirty (30) days, or if Maker, any general partner thereof,
' or any Surety is adjudicated a bankrupt or a trustee or
receiver is appointed for any substantial part ~f its property,
or if Maker, any partner thereof, or any Surety makes an
assignment for the benefit of creditors, admits in writing
an inability to pay debts generally as they become due or
becomes insolvent.
Upon any event of default, (1) the entire unpaid
principal balance of the Loan, together with all accrued
interest and all other sums owing hereunder shall, at the
option of the holder hereof, become immediately due and
payable, without presentation, demand or further action
of any kind, and (2) Maker, upon any such default, hereby
irrevocably authorizes any attorney of any court of record
to appear for Maker and c~nfess judgment for the same, to-
gether with the costs of suit and an attorney's commission
~ of five per cent (5$) of the unpaid principal amount hereof,
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