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201203748
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Last modified
7/9/2017 8:09:16 PM
Creation date
5/10/2012 3:19:51 PM
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DEEDS
Inst Number
201203748
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201203748 <br />subrogated hereunder. It is expressly understood that in consideration of the payment of such <br />indebtedness by Beneficiary, Grantor hereby waives and releases all demands and causes of <br />action for offsets and payments in connection with the said indebtedness. <br />Section 6.10 Application of Payments to Certain Obligations. If any part of the <br />Obligations cannot be lawfully secured by this Deed of Trust or if any part of the Mortgaged <br />Property cannot be lawfully subject to the lien and security interest hereof to the full extent of the <br />Obligations, then all payments made shall, unless otherwise designated by the Beneficiary, be <br />applied on the Obligations first in discharge of that portion thereof which is not secured by this <br />Deed of Trust. <br />Section 6.11 Compliance with Usury Laws. It is the intent of Grantor and Beneficiary <br />and all other parties to the Credit Documents to conform to and contract in strict compliance with <br />applicable usury laws from time to time in effect. All agreements between Beneficiary and <br />Grantor (or any other party liable with respect to any indebtedness under the Credit Documents) <br />are hereby limited by the provisions of this Section 6.11 which shall override and control all such <br />agreements, whether now existing or hereafter arising. In no way, nor in any event or <br />contingency (including but not limited to prepayment, default, demand for payment, or <br />acceleration of the maturity of any obligation), shall the interest taken, reserved, contracted for, <br />charged, chargeable, or received under this Deed of Trust, the Notes delivered in connection <br />therewith or any other Credit Document or otherwise, exceed the maximum non -usurious <br />amount permitted by applicable law (the "Maximum Lawful Amount'). If, from any possible <br />construction of any document, interest would otherwise by payable in excess of the Maximum <br />Lawful Amount, any such construction shall be subject to the provisions of this Section 6.11 and <br />such document shall ipso facto be automatically reformed and the interest payable shall be <br />automatically reduced to the Maximum Lawful Amount, without the necessity of execution of <br />any amendment or new document. If Beneficiary shall ever receiveanything of value which is <br />characterized as interest under applicable law and which would apart from this provision be in <br />excess of the Maximum Lawful Amount, an amount equal to the amount which would have been <br />excessive interest shall, without penalty, be applied to the reduction of the principal amount <br />owing on the Obligations in the inverse order of its maturity and not to the payment of interest, <br />or refunded to Grantor or the other payor thereof if and to the extent such amount which would <br />have been excessive exceeds such unpaid principal. Any right to accelerate maturity of any of the <br />Obligations does not include the right to accelerate any interest which has not otherwise accrued <br />on the date of such acceleration, and Beneficiary does not intend to charge or receive any <br />unearned interest in the event of acceleration. All interest paid or agreed to be paid to <br />Beneficiary shall, to the extent permitted by applicable law, be amortized, prorated, allocated and <br />spread throughout the full stated term (including any renewal or extension) of such indebtedness <br />so that the amount of interest on account of such indebtedness does not exceed the Maximum <br />Lawful Amount. <br />Section 6.12 Marshalling. To the fullest extent allowed by applicable law, Grantor <br />waives any right to require the marshalling of any assets constituting collateral for the Loan. <br />Section 6.13 Invalidity of Certain Provisions. A determination that any provision of <br />this Deed of Trust is unenforceable or invalid shall not affect the enforceability or validity of any <br />Bolton Farm - Loan 195618 <br />JM MDA 11095245 v 1 <br />0-0 05/03/2012 <br />Page 26 of 31 <br />
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