or otherwise, of any statutory or
case law relief relating to usury or compounding of interest to avoid or defeat
the payment of interest or any other sum in connection with the indebtedness
created hereunder.
All agreements between the Borrower and the Lender are
expressly limited so that in no event whatsoever shall the amount paid or agreed
to be paid to the Lender exceed the highest lawful rate of interest permissible
under the laws of the State of Illinois.
If, for any circumstances whatsoever,
fulfillment of any provision hereof, at the time performance of such provision
shall be due, shall involve exceeding the limit of validity prescribed by law
which a court of competent jurisdiction may deem applicable hereto, then ipso
facto, the obligation to be fulfilled shall be reduced to the highest lawful
rate of interest permissible under the laws of the State of Illinois, and if for
any reason whatsoever, the Lender shall ever receive as interest an amount that
would be deemed unlawful, such interest shall be applied to the payment of the
principal amount outstanding under this Note (whether or not then due and
payable) and not to the payment of interest.
No Joint Venture.
Nothing contained herein or in any other Loan Document, and
no action or inaction whatsoever on the part of the Lender, shall be deemed to
make the Lender a partner or joint venturer with the Borrower.
- 6 -
WAIVER OF JURY TRIAL.
THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT THAT THE BORROWER MAY HAVE TO A TRIAL BY JURY IN
ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS NOTE, THE SECURITY
AGREEMENT OR ANY OTHER DOCUMENTS EVIDENCING OR SECURING THE LOAN OR ANY OTHER
STATEMENTS OR ACTIONS OF THE LENDER.
THE BORROWER ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT FOR LENDER TO GRANT THE LOAN TO THE BORROWER.
CONSENT TO JURISDICTION.
TO INDUCE THE LENDER TO ACCEPT THIS NOTE, THE BORROWER
IRREVOCABLY AGREES THAT, SUBJECT TO THE LENDER'S SOLE AND ABSOLUTE ELECTION, ALL
ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS NOTE WILL BE
LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS.
THE BORROWER HEREBY
CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO,
ILLINOIS, WAIVES PERSONAL SERVICE OF PROCESS UPON THE BORROWER, AND AGREES THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL OR EXPRESS COURIER
SERVICE DIRECTED TO THE BORROWER AT THE ADDRESS STATED ON THE FIRST PAGE OF THIS
NOTE AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT.
WAIVER OF DEFENSES.
OTHER THAN CLAIMS BASED UPON THE FAILURE OF THE LENDER TO
ACT IN A COMMERCIALLY REASONABLE MANNER OR WITH RESPECT TO THE NON-RECOURSE
LIMITATION, THE BORROWER WAIVES EVERY PRESENT AND FUTURE DEFENSE (OTHER THAN THE
DEFENSE OF PAYMENT IN FULL), CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH THE
BORROWER MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE LENDER