7.5. SR 07-15-2013 - Laserfiche WebLink

Home Browse Search

shall pay the City all reasonable expenses and costs of collection, including but not limited to reasonable attorneys' fees and court costs. Any such fees and costs shall be added to the principal, and interest shall accrue thereon at the Note Rate and shall be secured by the Collateral (as hereinafter defined). Regarding this Note,to the extent not prohibited by law, Borrower and any other signers: A. Waive protest, presentment for payment, notice of intent to accelerate and notice of dishonor. B. Consent to any renewals and extensions for payment on this Note, regardless of the number of such renewals or extensions. C. Consent to the release, substitution or impairment of any Collateral(as hereinafter defined). D. Consent that Borrower is authorized to modify the terms of this Note or any instrument securing or relating to this Note. E. Consent to any and all sales,repurchases and participations of this Note to any person in any amounts and waive notice of such sales,repurchases or participations of this Note. All agreements between the City and Borrower are hereby expressly limited so that in no contingency or event whatsoever, by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the City for the use, forbearance, loaning or detention of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. If from any circumstances whatsoever, fulfillment of any provisions hereof or of the Mortgage shall involve transcending the limit of validity prescribed by law, then the obligation to be fulfilled shall automatically be reduced to the limit of such validity and if from any circumstances the City should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be in excess of such highest lawful rate shall be applied to the reduction of the principal balance evidenced hereby and not to the payment of interest or returned to Borrower, at the option of the City. This provision shall control every other provision of all agreements between Borrower and the City and shall also be binding upon and available to any subsequent holder or endorsee of this Note. The City is under no duty to preserve or protect any Collateral, as hereinafter defined, until the City is in actual or constructive possession of the Collateral. For purposes of this paragraph, the City shall only be considered to be in "actual" possession of the Collateral when the City has physical, immediate and exclusive control over the Collateral and has affirmatively accepted such control. The City shall only be considered to be in"constructive"possession of the Collateral when the City has both the power and the intent to exercise control over the Collateral. This Note is secured by the following type(s) (or items) of real property and/or personal property("Collateral"): the real property described in the Mortgage. Borrower represents and warrants to the City that the Loan is for business purposes. 171419v1 18