85001699 - Laserfiche WebLink

Browse

85-- 001699 ( 23. This Deed of Trust may be amended or modified only by an instrument in writing signed by Grantor and American or their respective successors or assigns. 24. In the event that any term, covenant, or condition of this Deed of Trust, the Loan Agreement, or the Note shall;,be held to be invalid, illegal, or unenforceable, this Deed of Trust, the Loan Agreement, or the Note shall be construed and enforced without such provision. 25. It is the intention of Grantor and American to conform strictly to usury laws now or hereafter in force in the state, and any interest payable under the Note, the Loan Agreement, or this Deed of Trust shall be subject to reduction to the amount not in excess of the maximum nonusurious amount allowed under the usury laws of the State as now or hereafter construed by the courts having jurisdiction over such matters. The aggregate of all interest chargeable or receivable under this Deed of Trust, the Note, the Loan Agreement and any other document in connection with this transaction, shall in no circumstances exceed the maximum legal rate upon the unpaid principal balance of the Obligation remaining unpaid from time to time. In the event such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be cancelled automatically and, if previously paid, rebated to Grantor or credited on the prin- cipal amount of the Note, or if the Note has been repaid, then the excess shall be rebated to Grantor. Any deposits or other sums at any time credited by or due from American to Grantor may at all times be held and treated as collateral security for the payment of the Obligation, and shall be subject to setoff by American. 26. Upon payment of the Obligation secured by this Deed of Trust, or if the purposes of this Deed of Trust shall otherwise be satisfied, American shall execute and deliver to Grantor a release of this Deed of Trust. American may release portions of the Property from the lien of this Deed of Trust without impairing any rights or priority American may have in the remainder of the Property or against Grantor and any guarantor, their respective heirs, personal representatives, successors, or assigns. Grantor will pay all expenses incurred by American in connection with any release or par- tial release of this Deed of Trust. 27. American may substitute a successor Trustee from time to time by recording in the office of the recorder of the county where the Property is located an instrument stating the election by American to make such substitution, the Deed of Trust which instrument shall identify by recording reference, and by the name of the original Grantor, Trustee, and American and shall set forth the name Of the new Trustee, and which instrument shall oe signed by American and acrcnowledged, or by taking such other action as may be required or permitted by law. -12- `1 i ��a