Common use of Effect of Changes in Laws Regarding Taxation Clause in Contracts

Effect of Changes in Laws Regarding Taxation. In the event of the enactment after this date of any law of the state in which the Premises is located deducting from the value of the land for the purpose of taxation any lien thereon, or imposing upon Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Mortgagor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or Mortgagee's interest in the Premises, or the manner of collection of taxes, so as to affect this Mortgage or the indebtedness secured hereby or the holders thereof, then, and in any event, Mortgagor, upon demand by Mortgagee, shall pay such taxes or assessments, or reimburse Mortgagee therefor, provided, however, that if in the opinion of counsel for Mortgagee (a) it might be unlawful to require Mortgagor to make such payment or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in such event, Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the indebtedness secured hereby to be and become due and payable sixty (60) days after the giving of such notice.

Effect of Changes in Laws Regarding Taxation. In the event of the enactment after this date of If any law is enacted after the date hereof requiring (a) the imposition upon the Mortgagee of the state in which the Premises is located deducting from the value of the land for the purpose of taxation any lien thereon, or imposing upon Mortgagee the payment of the whole or any part of the taxes or assessments or Taxes, charges or liens herein required to be paid by the Mortgagor, or changing (b) a change in any way the laws relating to the method of taxation of mortgages or debts secured by mortgages or the Mortgagee's ’s interest in the Premises, or the manner of collection of taxes, so as to adversely affect this Mortgage or Mortgage, then the indebtedness secured hereby or the holders thereof, then, and in any event, Mortgagor, upon demand by the Mortgagee, shall pay such taxes Taxes or assessmentscharges, or reimburse the Mortgagee therefor, ; provided, however, that the Mortgagor shall not be deemed to be required to pay any income or franchise taxes of the Mortgagee. Notwithstanding the foregoing, if in the opinion of counsel for the Mortgagee (a) it might is or may be unlawful to require the Mortgagor to make such payment or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in such event, the Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the indebtedness secured hereby Indebtedness to be and become due and payable sixty six (606) days months after notice of same delivered by the giving of such noticeMortgagee to the Mortgagor.

Effect of Changes in Laws Regarding Taxation. In the event of the enactment after this date of any law of the state in which the Premises is are located deducting from the value of the land Premises for the purpose of taxation any lien thereon, or imposing upon Mortgagee the Grantee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by MortgagorGrantor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages to secure debt or Mortgagee's Grantee’s interest in the Premises, or the manner of collection of taxes, so as to affect this Mortgage Security Deed or the indebtedness debt secured hereby or the holders thereof, then, and in any such event, MortgagorGrantor, upon demand by MortgageeGrantee, shall pay such taxes or assessments, or reimburse Mortgagee therefor, Grantee therefor if Grantee pays such taxes and submits proof of payment to Grantor; provided, however, that if in the opinion of counsel for Mortgagee Grantee: (a) it might be unlawful to require Mortgagor Grantor to make such payment payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, ; then and in such event, Mortgagee Grantee may elect, by notice in writing given to MortgagorGrantor, to declare all of the indebtedness secured hereby Indebtedness to be and become due and payable sixty ninety (6090) days after from the giving of such notice, without the applicable Prepayment Premium (as defined in the Note).

Effect of Changes in Laws Regarding Taxation. In the event of the enactment after this date of any law of the state in which the Premises is are located deducting from the value of the land Premises for the purpose of taxation any lien thereon, or imposing upon the Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Mortgagor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or Mortgagee's interest in the Premises, or the manner of collection of taxes, so as to affect this Mortgage or the indebtedness debt secured hereby or the holders thereof, then, and in any such event, Mortgagor, upon demand by Mortgagee, shall pay such taxes or assessments, or reimburse Mortgagee therefor, therefor if Mortgagee pays such taxes and submits proof of payment to Mortgagor; provided, however, that if in the opinion of counsel for Mortgagee Mortgagee: (a) it might be unlawful to require Mortgagor to make such payment payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, ; then and in such event, Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the indebtedness secured hereby Indebtedness to be and become due and payable sixty (60) days after from the giving of such notice, without the applicable Prepayment Premium (as defined in the Note).

Effect of Changes in Laws Regarding Taxation. In the event of the enactment after this date of any law of the state in which the Premises is are located deducting from the value of the land Premises for the purpose of taxation any lien thereon, or imposing upon Mortgagee the Grantee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by MortgagorGrantor, or changing in any way the laws relating to the taxation of mortgages deeds to secure debt or debts secured by mortgages deeds to secure debt or Mortgagee's Grantee’s interest in the Premises, or the manner of collection of taxes, so as to affect this Mortgage Deed or the indebtedness debt secured hereby or the holders thereof, then, and in any such event, MortgagorGrantor, upon demand by MortgageeGrantee, shall pay such taxes or assessments, or reimburse Mortgagee therefor, Grantee therefor if Grantee pays such taxes and submits proof of payment to Grantor; provided, however, that if in the opinion of counsel for Mortgagee Grantee: (ai) it might be unlawful to require Mortgagor Grantor to make such payment payment, or (bii) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, ; then and in such event, Mortgagee Grantee may elect, by notice in writing given to MortgagorGrantor, to declare all of the indebtedness secured hereby Indebtedness to be and become due and payable sixty (60) days after from the giving of such notice, without the applicable Prepayment Premium (as defined in the Note).