USE,
FORBEARANCE, OR DETENTION OF THE SUMS DUE UNDER THE LOAN, SHALL, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, BE AMORTIZED, PRORATED, ALLOCATED, AND SPREAD
THROUGHOUT THE FULL STATED TERM OF THE LOAN UNTIL PAYMENT IN FULL SO THAT THE
RATE OR AMOUNT OF INTEREST ON ACCOUNT OF THE LOAN DOES NOT EXCEED THE MAXIMUM
AMOUNT FROM TIME TO TIME IN EFFECT AND APPLICABLE TO THE LOAN FOR SO LONG AS THE
LOAN IS OUTSTANDING.
9.
MODIFICATIONS; REMEDIES CUMULATIVE; SETOFFS.
HOLDER SHALL NOT BY
ANY ACT, DELAY, OMISSION OR OTHERWISE BE DEEMED TO HAVE MODIFIED, AMENDED,
WAIVED, EXTENDED, DISCHARGED OR TERMINATED ANY OF ITS RIGHTS OR REMEDIES, AND NO
MODIFICATION, AMENDMENT, WAIVER, EXTENSION, DISCHARGE OR TERMINATION OF ANY KIND
SHALL BE VALID UNLESS IN WRITING AND SIGNED BY HOLDER AND MAKER.
ALL RIGHTS AND
REMEDIES OF HOLDER UNDER THE TERMS OF THIS NOTE AND APPLICABLE STATUTES OR RULES
OF LAW SHALL BE CUMULATIVE, AND MAY BE EXERCISED SUCCESSIVELY OR CONCURRENTLY.
MAKER AGREES THAT THERE ARE NO DEFENSES, EQUITIES OR SETOFFS WITH RESPECT TO THE
OBLIGATIONS SET FORTH HEREIN AS OF THE DATE HEREOF, AND TO THE EXTENT ANY SUCH
DEFENSES, EQUITIES, OR SETOFFS MAY EXIST, THE SAME ARE HEREBY EXPRESSLY
RELEASED, FORGIVEN, WAIVED AND FOREVER DISCHARGED.
10.
SEVERABILITY.
WHEREVER POSSIBLE, EACH PROVISION OF THIS NOTE
SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER
APPLICABLE LEGAL REQUIREMENTS, BUT IF ANY PROVISION OF THIS NOTE SHALL BE
PROHIBITED BY OR INVALID UNDER APPLICABLE LEGAL REQUIREMENTS, SUCH PROVISION
SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT
INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS
NOTE.
11.
RELEASE.
HOLDER MAY, AT ITS OPTION, RELEASE ANY PROPERTY GIVEN TO
SECURE THE INDEBTEDNESS, AND NO SUCH RELEASE SHALL IMPAIR THE OBLIGATIONS OF
MAKER TO HOLDER.
12.
GOVERNING LAW.
THIS NOTE AND EACH OF THE OTHER LOAN DOCUMENTS
SHALL BE INTERPRETED AND ENFORCED ACCORDING TO THE LAWS OF THE STATE WHERE THE
PROPERTY IS LOCATED (WITHOUT GIVING EFFECT TO RULES REGARDING CONFLICT OF LAWS).
5
13.
VENUE.
MAKER HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE
JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY AND
STATE WHERE THE PROPERTY IS LOCATED WITH RESPECT TO ANY LEGAL ACTION OR
PROCEEDING ARISING WITH RESPECT TO THE LOAN DOCUMENTS AND WAIVES ALL OBJECTIONS
WHICH IT MAY HAVE TO SUCH JURISDICTION AND VENUE.
NOTHING HEREIN SHALL,
HOWEVER, PRECLUDE OR PREVENT HOLDER FROM BRINGING ACTIONS AGAINST MAKER IN ANY
OTHER JURISDICTION AS MAY BE NECESSARY TO ENFORCE OR REALIZE UPON THE SECURITY
FOR THE LOAN PROVIDED IN ANY OF THE LOAN DOCUMENTS.
14.
WAIVER OF JURY TRIAL.
MAKER AND HOLDER TO THE FULLEST EXTENT THAT
THEY MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING,
INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH
RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS.
EACH OF MAKER AND HOLDER
AGREES THAT THE OTHER MAY FILE A COPY OF