I don't think there is an explicit penalty otherwise this site would be in trouble.
However, if the links are excessive and random the site may be flagged as a link farm.
Linking to related pages on quality sites is a good idea from my experience and is what you would expect to happen under normal circumstances - i.e. natural linking.
What effect will this random link and text have on the keyword density of your site and what Google thinks a page is about? How will this affect your ranking?
Cheers,
Tony
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