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HomeMy WebLinkAbout0154 ' -2- this Note, either in course or by default, the principal thereof shall , bear interest at the rate of Fifteen-------( 15$) percent per annum until paid. At the time of the execution and acceptance of this Note, all parties intend and believe this Note is not usurious and does not vio-late any law. If because of Makers' default and the exercise by holders of their option to accelerate, or for any reason whatsoever, including~the consideration required for the privilege of prepayment, if any, it shall be determined that any payments required by the terms hereof shall cause this obl~gation, or any part hereof, to be usurious or otherwise illegal, then, in such event any such payment, or part of such payment, that causes this Note to be usurious or illegal that has theretofore been paid to the holder shall automatically be credited to principal; any such prepaid interest that exceeds the outstanding principal shall be refunded and ~ all such unpaid excess interest or other charges, including the charge for the prepayment privilege, shall abate. It is expressly agreed that time is of the ~ssence of this contract, and should any installment of this Note, or any part thereof remain unpaid after the same shall have become due and payable, or should any of the ; conditions and requirements set forth in the Mortgage hereinafter referred ~ to be not complied with, then the entire principal of this Note, and the I entire principal of any and all other Notes, if any given as evidencing r ~ ~ the indebtedness sec-ured by the Mortgage hereinafter referredto, less s t ° any rebates requirea by law, with all arrearages of interest, and all a ~ F ° costs of collection, including a reasonable attorney's fee, sha7.1 immediately ~ become due and collectible at the option of. the holder of this Note, no ~ R notice of the exercise of such option being necessary. e ~ Each maker and endorser severally waives demand, protest, and notice of maturity, non-payment or protest, and all requirements necessary to ~ ; hold each of them liable as makers and endorsers; provided further, that ; the rate of interest ~ayable by any natural person who is a guarantor, ~ ~ ; is restricted to and shall not exceed the maximum rate allowed by the ~ ~ ~ ~ ~ ~ ~ gf~~r .Nr F ~U5 E 154 ~ ~ ~ ~ , . .