HomeMy WebLinkAbout1719 33. Mortgagor hereby waives all right of homestead or other exemption
in the property subject to this Mortgage.
34. Governing Law. The Mortgagor and Mortgagee hereby agree that this '
Mortgage is to be construed according to the laws of the State of Illinois. ~
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35. Interest. Notwithstanding anything contained herein to the contrary !
or in the Note, Construction Loan and Project Agreement, or other loan documents
executed in connection with this Loan, the holder of this Mortgage shall never be ~
entitled to receive, collect or apply as interest on the obligs:ions hereunder secured
hereby, any amount in excess of the maximum lawful rate of interest permitted to be
charged by applicable law, and in the event the payee or any holder thereof ever
receives, collects oc applies as interest, any such excess, such amount which would be
excessive interest shall be applied to the reduction of the principal debt; and if the
principal debt is paid in full, any remaining excess shall forthwith be paid to the
makers of the note secured hereby. In determining whether or not the interest paid or
payable under any specific contingency exceeds the highest lawful rate, the parties
hereto including any subsequent holder hereof shall to the maximum extent permitted
under applicable law (a) characterize any non-principal payment as an expense, fee or
premium rather than as interest, (b) exclude voluntary prepayments and the effect
thereof, and (c) "spread" the total amount of interest or payments in the nature of
interest. throughout the entire contemplated term of the obligation so that the interest
rate is uniform throughout the entire term of the obligation.
IN WITNESS WHEREOF, said Mortgagor has caused this Mortgage to be
executed according to law, on tl•~e ~y and year first above written in the City of
Chicago, State of Illinois.
Signed, sealed and delivered HUTCHINSON ISLAND LIMITED, INC.
in the presence of: a Delaware corporation authorized to transact
business in the State of Florida
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t (Corporate Seal) ~
iSTATE OF ILLINOIS )
SS.
COUNTY OF COOK )
The foregoing instrument was acknowledged before me this _ ~'y'aay of
~ _ , 198 v by . f ,(~un~~N-r-?.- 4~ _ ,President of Hutchinson
s nd Limited, Inc.
WITNESS my hand and official seal at Chicago, said County and State, the
~ date aforesaid.
1~~~~~~Z./-~ Lf C"~YlG
Notacy Public, State of Illinois at Large.
My Commission expires:
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