FOR OTHER THAN PERSONAL, FAMILY,
HOUSEHOLD OR AGRICULTURAL PURPOSES.
7.
HEIRS, SUCCESSORS AND ASSIGNS.
THE
TERMS OF THIS NOTE AND OF THE OTHER LOAN DOCUMENTS SHALL BIND AND INURE TO THE
BENEFIT OF THE HEIRS, DEVISEES, REPRESENTATIVES, PERMITTED SUCCESSORS AND
ASSIGNS OF THE PARTIES.
THE FOREGOING SENTENCE SHALL NOT BE CONSTRUED TO PERMIT
BORROWER OR LENDER TO ASSIGN THE LOAN EXCEPT AS OTHERWISE PERMITTED UNDER THE
LOAN DOCUMENTS.
TO THE EXTENT PERMITTED UNDER THE LOAN AGREEMENT, LENDER MAY,
AT ANY TIME, SELL, TRANSFER, OR ASSIGN THIS NOTE AND THE OTHER LOAN DOCUMENTS,
AND ANY OR ALL SERVICING RIGHTS WITH RESPECT THERETO, OR GRANT PARTICIPATIONS
THEREIN OR ISSUE MORTGAGE PASS-THROUGH CERTIFICATES OR OTHER SECURITIES
EVIDENCING A BENEFICIAL INTEREST IN A RATED OR UNRATED PUBLIC OFFERING OR
PRIVATE PLACEMENT.
8.
GENERAL PROVISIONS.
BORROWER AND ALL
SURETIES, ENDORSERS, GUARANTORS AND ANY OTHER PARTY NOW OR HEREAFTER LIABLE FOR
THE PAYMENT OF THIS NOTE IN WHOLE OR IN PART, HEREBY SEVERALLY (A) WAIVE DEMAND,
PRESENTMENT FOR PAYMENT, NOTICE OF DISHONOR AND OF NONPAYMENT, PROTEST, NOTICE
OF PROTEST, NOTICE OF INTENT TO ACCELERATE, NOTICE OF ACCELERATION AND ALL OTHER
NOTICES (EXCEPT ANY NOTICES WHICH ARE SPECIFICALLY REQUIRED BY THIS NOTE OR ANY
OTHER LOAN DOCUMENT), FILING OF SUIT AND DILIGENCE IN COLLECTING THIS NOTE OR
ENFORCING ANY OF THE SECURITY HEREFOR; (B) AGREE THAT LENDER SHALL NOT BE
REQUIRED FIRST TO INSTITUTE SUIT OR EXHAUST ITS REMEDIES HEREON AGAINST BORROWER
OR OTHERS LIABLE OR TO BECOME LIABLE HEREON OR TO PERFECT OR ENFORCE ITS RIGHTS
AGAINST THEM OR ANY SECURITY HEREFOR; AND (C) CONSENT TO ANY EXTENSIONS OR
POSTPONEMENTS OF TIME OF PAYMENT OF THIS NOTE FOR ANY PERIOD OR PERIODS OF TIME
AND TO ANY PARTIAL PAYMENTS, BEFORE OR AFTER MATURITY, AND TO ANY OTHER
INDULGENCES WITH RESPECT HERETO, WITHOUT NOTICE THEREOF TO ANY OF THEM.
9.
TIME OF THE ESSENCE.
TIME IS OF THE
ESSENCE WITH RESPECT TO BORROWER'S OBLIGATIONS UNDER THIS NOTE.
10.
SEVERABILITY. IF IT IS DETERMINED BY A COURT
OF COMPETENT JURISDICTION, GOVERNMENT ACTION OR BINDING ARBITRATION THAT ANY
PROVISION OF THIS NOTE (OR PART THEREOF) IS INVALID, ILLEGAL, OR OTHERWISE
UNENFORCEABLE IN ANY JURISDICTION, SUCH PROVISION SHALL BE ENFORCED IN SUCH
JURISDICTION AS NEARLY AS POSSIBLE IN ACCORDANCE WITH THE STATED INTENTION OF
THE PARTIES, WHILE THE REMAINDER OF THIS NOTE SHALL REMAIN IN FULL FORCE AND
EFFECT AND BIND THE PARTIES ACCORDING TO ITS TERMS, AND ANY SUCH DETERMINATION
SHALL NOT INVALIDATE OR RENDER UNENFORCEABLE SUCH PROVISION IN ANY OTHER
JURISDICTION.
BY WAY OF CLARIFICATION, IN NO EVENT WILL THE INTEREST DUE
HEREUNDER EXCEED THE MAXIMUM AMOUNT PERMITTED UNDER APPLICABLE LAW. TO THE
EXTENT ANY PROVISION OF THIS NOTE (OR PART THEREOF) CANNOT BE ENFORCED IN
3
ACCORDANCE WITH THE STATED INTENTIONS OF THE PARTIES, SUCH PROVISION (OR PART
THEREOF) SHALL BE DEEMED NOT TO BE A PART OF THIS NOTE; PROVIDED THAT IN SUCH
EVENT THE PARTIES SHALL USE THEIR REASONABLE EFFORTS TO NEGOTIATE, IN GOOD
FAITH, A SUBSTITUTE, VALID AND ENFORCEABLE PROVISION WHICH MOST NEARLY