Common use of Changes in Method of Taxation Clause in Contracts

Changes in Method of Taxation. In the event of the passage after the effective date of any law of any governmental authority deducting from the value of the premises for the purposes of taxation, or changing in any way the laws for the taxation of mortgages or debts secured thereby for federal, state or local purposes, or the manner of collection of any such taxes, and imposing a tax, either directly or indirectly, on mortgages or debts secured thereby, mortgagor shall, to the fullest extent permitted by applicable law, assume as an obligation hereunder the payment of any tax so imposed until full payment of the obligations, subject, however, to mortgagor’s right to contest the amount or validity thereof pursuant to applicable law. In the event that mortgagor exercises such right to consent, mortgagor shall either (i) pay all such disputed amounts to the applicable governmental authority in full prior to instituting such contest or (ii) deposit such amount in dispute with mortgagee until the final resolution of such contest. Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this mortgage or on any interest payable thereon for any taxes assessed against the mortgaged property or any part thereof, and shall not claim any deduction from the taxable value of the mortgaged property by reason of this mortgage.

Changes in Method of Taxation. In the event of the passage after the effective date Effective Date of any law of any governmental authority deducting from the value of the premises Premises for the purposes of taxation, or changing in any way the laws for the taxation of mortgages or debts secured thereby for federal, state or local purposes, or the manner of collection of any such taxes, and imposing a tax, either directly or indirectly, on mortgages or debts secured thereby, mortgagor Mortgagor shall, to the fullest extent permitted by applicable law, assume as an obligation Obligation hereunder the payment of any tax so imposed until full payment of the obligationsObligations, subject, however, to mortgagorMortgagor’s right to contest the amount or validity thereof pursuant to applicable law. In the event that mortgagor Mortgagor exercises such right to consent, mortgagor Mortgagor shall either (i) pay all such disputed amounts to the applicable governmental authority in full prior to instituting such contest or (ii) deposit such amount in dispute with mortgagee Mortgagee until the final resolution of such contest. Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this mortgage Mortgage or on any interest payable thereon for any taxes assessed against the mortgaged property Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the mortgaged property Mortgaged Property by reason of this mortgageMortgage.

Changes in Method of Taxation. In the event of the passage after the effective date Effective Date of any law of any governmental authority deducting from the value of the premises Premises for the purposes of taxation, or changing in any way the laws for the taxation of mortgages or debts secured thereby for federal, state or local purposes, or the manner of collection of any such taxes, and imposing a tax, either directly or indirectly, on mortgages or debts secured thereby, mortgagor Mortgagor shall, to the fullest extent permitted by applicable law, assume as an obligation Obligation hereunder the payment of any tax so imposed until full payment of the obligationsObligations, subject, however, to mortgagorMortgagor’s right to contest the amount or validity thereof pursuant to applicable law. In the event that mortgagor Mortgagor exercises such right to consent, mortgagor Mortgagor shall either (iI) pay all such disputed amounts to the applicable governmental authority in full prior to instituting such contest or (iiII) deposit such amount in dispute with mortgagee Mortgagee until the final resolution of such contest. Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this mortgage Mortgage or on any interest payable thereon for any taxes assessed against the mortgaged property Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the mortgaged property Mortgaged Property by reason of this mortgageMortgage.