Common use of Changes in Method of Taxation Clause in Contracts

Changes in Method of Taxation. In the event of the passage after the date hereof of any law of any Governmental Authority deducting from the value of the Premises for the purposes of taxation of any lien or deed of trust thereon, or changing in any way the laws for the taxation of mortgages or deeds of trust 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 deeds of trust or debts secured thereby, the holder of this Deed of Trust shall have the right to declare the Note Obligations due on a date to be specified by not less than 30 days' written notice to be given to Grantor unless within such 30 day period the Grantor shall assume as a Note Obligation the payment of any tax so imposed until the Note Obligations shall have been paid in full and such assumption shall be permitted by law.

Changes in Method of Taxation. In the event of the passage after the date hereof of any law of any Governmental Authority deducting from the value of the Premises for the purposes of taxation of any lien or deed of trust thereon, or changing in any way the laws for the taxation of mortgages or deeds of trust 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 deeds of trust or debts secured thereby, the holder of this Deed of Trust shall have the right to declare the Note Noteholder Secured Obligations due on a date to be specified by not less than 30 days' ’ written notice to be given to Grantor unless within such 30 30-day period the Grantor shall assume as a Note Obligation an obligation hereunder the payment of any tax so imposed until the Note Noteholder Secured Obligations shall have been paid in full and such assumption shall be permitted by law.