RESERVED,
CONTRACTED FOR, CHARGED OR RECEIVED UNDER THE NOTE OR UNDER ANY OF THE AFORESAID
DOCUMENTS OR OTHERWISE IN CONNECTION WITH THIS LOAN TRANSACTION SHALL UNDER NO
CIRCUMSTANCES EXCEED THE MAXIMUM AMOUNT OF INTEREST ALLOWED BY THE INTEREST
LAW.
IF ANY EXCESS INTEREST IS PROVIDED FOR IN THE NOTE OR IN ANY OF THE OTHER
LOAN DOCUMENTS, THEN I) THE PROVISIONS OF THIS PARAGRAPH SHALL GOVERN AND
CONTROL, II) NEITHER BUYER NOR BUYER'S SUCCESSORS OR ASSIGNS SHALL BE OBLIGATED
TO PAY THE AMOUNT OF SUCH INTEREST TO THE EXTENT THAT IT IS IN EXCESS OF THE
MAXIMUM AMOUNT OF INTEREST ALLOWED BY THE INTEREST LAW, III) ANY SUCH EXCESS
SHALL BE DEEMED A MISTAKE AND CANCELED AUTOMATICALLY AND, IF THERETOFORE PAID,
SHALL BE CREDITED AGAINST THE INDEBTEDNESS (OR IF THE NOTE SHALL HAVE BEEN PAID
IN FULL, REFUNDED TO BUYER), AND IV) THE EFFECTIVE RATE OF INTEREST SHALL BE
AUTOMATICALLY SUBJECT TO REDUCTION TO THE MAXIMUM LEGAL RATE OF INTEREST (AS
HEREINAFTER DEFINED).
TO THE EXTENT PERMITTED BY THE INTEREST LAW, ALL SUMS
PAID OR AGREED TO BE PAID TO LENDER FOR THE USE, FORBEARANCE, OR DETENTION OF
THE INDEBTEDNESS SHALL BE AMORTIZED, PRORATED, ALLOCATED AND SPREAD THROUGHOUT
THE FULL TERM OF THE NOTE.
FOR PURPOSES OF THE NOTE, "INTEREST LAW" SHALL MEAN
ANY PRESENT OR FUTURE LAW OF THE STATE OF MICHIGAN (MEANING THE INTERNAL LAWS OF
SAID STATE AND NOT THE LAWS OF SAID STATE RELATING TO CHOICE OF LAW), THE UNITED
STATES OF AMERICA OR ANY OTHER JURISDICTION, WHICH HAS APPLICATION TO THE
INTEREST AND OTHER CHARGES UNDER THE NOTE OR UNDER ANY OF THE OTHER LOAN
DOCUMENTS AND TO THE CLASSIFICATION OF BUYER UNDER SUCH LAW.
FOR PURPOSES OF
THE NOTE, THE "MAXIMUM LEGAL RATE OF INTEREST" SHALL MEAN THE MAXIMUM EFFECTIVE
CONTRACT RATE OF INTEREST THAT LENDER MAY FROM TIME TO TIME, BY AGREEMENT WITH
THE BUYER, LEGALLY CHARGE BUYER AND IN REGARD TO WHICH BUYER WOULD BE PREVENTED
FROM SUCCESSFULLY RAISING THE CLAIM OR DEFENSE OF USURY UNDER THE INTEREST LAW
AS NOW OR HEREAFTER CONSTRUED BY COURTS OF APPROPRIATE JURISDICTION.
11
28.
TERMS GENERALLY.
GGGG) EACH DEFINITION CONTAINED IN THIS OR ANY
OTHER ARTICLE OF THIS AGREEMENT SHALL APPLY EQUALLY TO BOTH THE SINGULAR AND
PLURAL FORM OF THE TERM DEFINED.
EACH PRONOUN SHALL INCLUDE THE MASCULINE, THE
FEMININE AND NEUTER FORM, WHICHEVER IS APPROPRIATE TO THE CONTEXT.
THE WORDS
"INCLUDED", "INCLUDES" AND "INCLUDING" SHALL EACH BE DEEMED TO BE FOLLOWED BY
THE PHRASE, "WITHOUT LIMITATION."
THE WORDS, "HEREIN", "HEREBY", "HEREOF", AND
"HEREUNDER" SHALL EACH BE DEEMED TO REFER TO THIS ENTIRE AGREEMENT AND NOT TO
ANY PARTICULAR ARTICLE OR SECTION HEREOF.
NOT WITHSTANDING THE FOREGOING, IF
ANY LAW IS AMENDED SO AS TO BROADEN THE MEANING OF ANY TERM DEFINED IN IT, SUCH
BROADER MEANING SHALL APPLY SUBSEQUENT TO THE EFFECTIVE DATE OF SUCH AMENDMENT.
WHERE A DEFINED TERM DERIVES ITS MEANING FROM A STATUTORY REFERENCE, ANY
REGULATORY DEFINITION IS BROADER THAN THE STATUTORY REFERENCE AND ANY REFERENCE
OR CITATION TO