HomeMy WebLinkAbout1557 4.03 Interest Rate. Mortgegor and Mortgagee aoknowledge
snd ag~oe that Mortgagee is a national ba~ki~g aaaoaiation~
chartered under the laW~ oF the United 8tate~ os Amerioa
2oeated in tbe Stato ot Gaorgia, aad that under Seetioa ~5 of
; Title 12 of the United States Code, the maximu~ rate of
i intereat which Mortgagee may take, reeeive, reserve and oharge
E on the Secured Yndebtednea~ ehall De determined in aooordance
~ ~ith the laws of the State ot Georgia. In no event ~ball Lhe
amount of iatereat (inoluding any prepaid intereat or orhsr
ehargea or fesa held to De inta~eat by a oourt of oompeLent~
~urisdiation) aacrue to be payable under`tbe Note axCeed the
highest oontraQt rate of intereet allpwed Dy applicabla lsw for
the ti~e suoh indebted»esa ehail De outatanding and unpaid and
if by reason of the ae~eleration ot maeurity of the Seoured
Indebtednes~, or for any otber rea~on~ interest in exce~s of
such highest legel rate ahall be due and psid~ any 9uoh axaees '
shall con~titute and be treated aa a payment on the prinoipal
evidenced by the Note and shall operate to reduae au4h
prinoipal by the amount of auoh exeeaa, or if in exceee of the
prineipal indebtedness, suoh exeesa sha~l be Naived or rePunded
Lo the undersigned. It is the express intent hereof that the
undereigned not pay and Holder of the Note not receive~
direotly or indirectty in any ~a~ner whataoever* inLerest in
excess of triat whieh may be 2egally paid by the Mortgago~ undec
applicable laK.
IN WITNESS WHEREOF~ the underaigned have caused thia
instru~ent to be aigned and sealed of the day and year first
above written.
BABCOCK BUI],DING SUP~LY~ IHC.~
, ~ a Florida cor aration
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