Common use of Changes in Taxation Clause in Contracts

Changes in Taxation. Other than a tax that may arise in connection with the transfer of the Note by Beneficiary or imposed on the income of the Beneficiary, in the event of the enactment after this date of any law of the State in which the Property is located or any political subdivision thereof deducting from the value of land for the purpose of taxation any lien thereon, or imposing upon Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Trustor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or the Beneficiary's interest in the Property, or the manner of collection of taxes, so as to adversely affect this Deed of Trust or the debt secured hereby, then Trustor, upon demand by Beneficiary, shall pay such taxes or assessments, or reimburse Beneficiary therefor; PROVIDED, HOWEVER, that if in the opinion of counsel for Beneficiary (i) it might be unlawful to require Trustor to make such payment or (ii) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then Beneficiary may elect, by notice in writing given to Trustor, to declare all of the Secured Obligations to be and become due and payable sixty (60) days from the giving of such notice.

Changes in Taxation. Other than a tax that may arise in connection with the transfer of the Note by Beneficiary or imposed on the income of the Beneficiary, in the event of the enactment after this date of any law of the State in which the Property is located or any political subdivision thereof deducting from the value of land for the purpose of taxation any lien thereon, or imposing upon Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Trustor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or the Beneficiary's interest in the Property, or the manner of collection of taxes, so as to adversely affect this Deed of Trust or the debt secured hereby, then Trustor, upon demand by Beneficiary, shall pay such taxes or assessments, or reimburse Beneficiary therefor; PROVIDEDprovided, HOWEVER, that if in the opinion of counsel for Beneficiary (i) it might be unlawful to require Trustor to make such payment or (ii) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then Beneficiary may elect, by notice in writing given to Trustor, to declare all of the Secured Obligations to be and become due and payable sixty (60) days from the giving of such notice.