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9. Notwithstanding anything contained herein to the
contrary, or in the Promissory Note, or other loan documents,
~no Mortgagee or holder of this Mortgage shall ever be enti-
tied to receive, collect or apply, as interest on the obli-
gation, any amount fn excess of the maximum rate of interest
permitted to be charged by applicable law, and in the event
the Mortgagee or any holder hereof ever receives, collects '
or applies as interest, any such excess, such amount which
would be excessive interest shall be applied to the reduc-
tion of the grincipal debt; and, if the principal debt is '
paid in full, any remaining excess shall forthwith be paid
to Mortgagor. It is the intent of the parties hereto that
under no circumstances shall the Mortgagor, or any parties
liable for the payment of the debt, be obligated or required
. to pay interest or payments in the nature of interest in ex-
cess of the maximum rate allowed by applicable law.
10. Any agreement hereafter made by Mortgagor and
Mortgagee pursuant to this Mortgage including extcns-ions
or modifications hereof or of the Promissory Note hereby ;
secured .shall be superior to the rights of the holder of t
any intervening lien or encumbrance. Mortgagee shall be
r subrogated to the rights of the holder of any existing
mortgage or other lien or charge encumbering the premises
encumbered hereby which is satisfied by application of any
_ portion of the proceeds of the loan evidenced by the Prom- ~
issory Note or notes secured hereby as though said Mortgage r
or other lien or charge had been purchased by Mortgagee by
assignment to Mortgagee, even though said mortgage or other
lien has been satisfied of record and the note thereby se- f
cured cancelled.
.11. The following shall also constitute defaults here-
under: .
- a) The filing by the Mortgagor of a voluntary petition of
bankruptcy or the adjudication of the Mortgagor as a
bankrupt or insolvent, or the filing of the Mortgagor
of any petition or answer seeking or acquiescing in any
. reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief for itself
under any present or future federal, state or other
statute, law or regulation relating to bankruptcy, in-
solvency or other relief for debtors, or the Mortgagor's
seeking or consenting to or'acquiescence in the appoint-
~ went of any trustee, receiver or liquidator of the Mort-
gagor or of all or any substantial part of the Mortgaged
Property or of any or all of the rents, revenues, issues,
earnings, profits or income thereof or the making of
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~x342 P~E173~ ~
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