HomeMy WebLinkAbout0804 rating for unsecured loans with maturities not exceeding
ninety (90) days. Such rate which is in effect as of the
close of business on each business day shall be the effec-
tive applicable rate for that day and for any succeeding
non-business days. In the event such rate is discontinued
as a standard or becomes unascertainable, Payee shall
designate a comparable reference rate as a substitute there-
fore.
All overdue installments of principal or interest
on this Note shall bear interest at the rate, per annum,
which is two percent (2$) above the applicable rate spe-
c if ied above.
It is hereby expressly agreed that if from any cir-
cumstances whatsoever fulfillment of any provision of this
Note~at the time performance of such provision shall be due
shall involve transcending the limit of validity presently
prescribed by any applicable usury statute or any other
law, with regard to obligations of like character and
arount, then i so facto the obligation to be fulfilled shall
be reduced to the limit of such validity, so that in no
event shall any exaction be possible under this Note that. is
ir. excess of the limit of such validity, but such obligation
shall be fulfilled to the limit of such validity.
Prior to December 31, 1979, this Note may not be
prepaid in whole or in part. Af ter December 31, 1979, this
T
Note may be prepaid in whole or in part at any time without
fee, premium or penalty. All partial prepayments shall be
applied to the last maturing installments due hereunder in
the inverse order of their maturity.
To secure the payment of this Note and any and all
renewal or renewals, extension or extensions, or modifica-
tion or modifications hereof, and any and all substitution
or substitutions herefor (alI of such indebtedness being
hereinafter referred to as the "Liabilities"), the Borrower
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