OR
OTHER AGREEMENT, FOR OCCUPANCY OF THE PROPERTY.
ALL PROTECTIVE ADVANCES SHALL BE ADDITIONAL INDEBTEDNESS SECURED BY THIS
MORTGAGE AND SHALL BECOME DUE AND PAYABLE WITHIN TEN (10) DAYS AFTER WRITTEN
REQUEST THEREFOR FROM LENDER AND WITH INTEREST THEREON FROM THE DATE OF THE
ADVANCE UNTIL PAID AT THE APPLICABLE RATE SET FORTH IN THE LOAN AGREEMENT. THIS
16
MORTGAGE SHALL BE A LIEN FOR ALL PROTECTIVE ADVANCES AS TO SUBSEQUENT PURCHASERS
AND JUDGMENT CREDITORS FROM THE TIME THIS MORTGAGE IS RECORDED PURSUANT TO
SUBSECTION (B)(1) OF SECTION 15-1302 OF THE ACT. ALL PROTECTIVE ADVANCES SHALL,
EXCEPT TO THE EXTENT, IF ANY, THAT ANY OF THE SAME ARE CLEARLY CONTRARY TO OR
INCONSISTENT WITH THE PROVISIONS OF THE ACT, APPLY TO AND BE INCLUDED IN:
(A) DETERMINATION OF THE AMOUNT OF INDEBTEDNESS SECURED BY THIS MORTGAGE AT ANY
TIME; (B) THE AMOUNT OF THE INDEBTEDNESS FOUND DUE AND OWING TO LENDER IN A
JUDGMENT OF FORECLOSURE AND ANY SUBSEQUENT, SUPPLEMENTAL JUDGMENTS, ORDERS,
ADJUDICATIONS OR FINDINGS BY ANY COURT OF ANY ADDITIONAL INDEBTEDNESS BECOMING
DUE AFTER SUCH ENTRY OF JUDGMENT (IT BEING AGREED THAT IN ANY FORECLOSURE
JUDGMENT, THE COURT MAY RESERVE JURISDICTION FOR SUCH PURPOSE); (C) IF RIGHT OF
REDEMPTION IS DEEMED NOT TO BE WAIVED BY THIS MORTGAGE, COMPUTATION OF ANY
AMOUNTS REQUIRED TO REDEEM, PURSUANT TO SUBSECTIONS (D)(2) AND (E) OF
SECTION 5-1603 OF THE ACT; (D) DETERMINATION OF AMOUNTS DEDUCTIBLE FROM SALE
PROCEEDS PURSUANT TO SECTION 15-1512 OF THE ACT; (E) APPLICATION OF INCOME IN
THE HANDS OF ANY RECEIVER OR MORTGAGEE IN POSSESSION; AND (F) COMPUTATION OF ANY
DEFICIENCY JUDGMENT PURSUANT TO SUBSECTIONS (B)(2) AND (E) OF SECTION 15-1508
AND SECTION 15-1511 OF THE ACT.
(G)
THE INTEREST RATE FOR THE LOAN IS A RATE OF INTEREST EQUAL TO
(I) FOR THE PERIOD FROM AND INCLUDING THE DATE HEREOF THROUGH AND INCLUDING THE
LAST DAY OF THE INTEREST PERIOD ENDING IN THE CALENDAR MONTH OF JUNE, 2008,
5.75% PER ANNUM, AND (II) FOR ALL PERIODS THEREAFTER, 6.191% PER ANNUM (OR, IN
EITHER SUCH CASE, WHEN APPLICABLE PURSUANT TO THE LOAN DOCUMENTS, THE DEFAULT
RATE). NOTWITHSTANDING THE FOREGOING, BORROWER AND LENDER INTEND AT ALL TIMES TO
COMPLY WITH APPLICABLE STATE LAW OR APPLICABLE UNITED STATES FEDERAL LAW (TO THE
EXTENT THAT IT PERMITS LENDER TO CONTRACT FOR, CHARGE, TAKE, RESERVE OR RECEIVE
A GREATER AMOUNT OF INTEREST THAN UNDER STATE LAW) AND THAT THE PROVISIONS SET
FORTH IN SECTION 10.17 OF THE LOAN AGREEMENT SHALL CONTROL EVERY OTHER AGREEMENT
IN THE LOAN DOCUMENTS. IF THE APPLICABLE LAW (STATE OR FEDERAL) IS EVER
JUDICIALLY INTERPRETED SO AS TO RENDER USURIOUS ANY AMOUNT CALLED FOR UNDER THE
NOTE OR ANY OTHER LOAN DOCUMENT, OR CONTRACTED FOR, CHARGED, TAKEN, RESERVED OR
RECEIVED WITH RESPECT TO THE DEBT, OR IF LENDER'S EXERCISE OF THE OPTION TO
ACCELERATE THE MATURITY OF THE LOAN OR ANY PREPAYMENT BY BORROWER RESULTS IN
BORROWER HAVING PAID ANY INTEREST IN EXCESS OF THAT PERMITTED BY APPLICABLE LAW,
THEN IT IS BORROWER'S AND LENDER'S EXPRESS INTENT