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 Leasehold Premises are located deducting from the value of the Leasehold Premises for the purpose of taxation any lien thereon, or imposing upon Mortgagee or Lenders 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 Leasehold Premises, or the manner of collection of taxes, so as to affect this Mortgage or the 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 or Lenders therefor if Mortgagee or any Lenders pays such taxes and submits proof of payment to Mortgagor; provided, however, that if, in the opinion of counsel for Mortgagee: (i) it might be unlawful to require Mortgagor 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 and in such event, Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the Indebtedness to be and become due and payable ninety (90) days from the giving of such notice, without the applicable “Prepayment Premium” (as such term is defined in the Notes).

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 Leasehold Premises are located deducting from the value of the Leasehold Premises for the purpose of taxation any lien thereon, or imposing upon Mortgagee or Lenders 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 Leasehold Premises, or the manner of collection of taxes, so as to affect this Mortgage or the 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 or Lenders therefor if Mortgagee or any Lenders Lender pays such taxes and submits proof of payment to Mortgagor; provided, however, that if, in the opinion of counsel for Mortgagee: (i) it might be unlawful to require Mortgagor 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 and in such event, Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the Indebtedness to be and become due and payable ninety (90) days from the giving of such notice, without the applicable “Prepayment Premium” (as such term is defined in the Notes).

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 Leasehold Premises are located deducting from the value of the Leasehold Premises for the purpose of taxation any lien thereon, or imposing upon Mortgagee or Lenders the Beneficiary 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 mortgages/deeds of trust/deeds to secure debt or debts secured by mortgages mortgages/deeds of trust/deeds to secure debt or MortgageeBeneficiary’s interest in the Leasehold Premises, or the manner of collection of taxes, so as to affect this Mortgage Deed of Trust or the debt secured hereby or the holders thereof, then, and in any such event, MortgagorGrantor, upon demand by MortgageeBeneficiary, shall pay such taxes or assessments, or reimburse Mortgagee or Lenders Beneficiary therefor if Mortgagee or any Lenders Beneficiary pays such taxes and submits proof of payment to MortgagorGrantor; provided, however, that if, if in the opinion of counsel for MortgageeBeneficiary: (i) it might be unlawful to require Mortgagor Grantor 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 and in such event, Mortgagee Beneficiary may elect, by notice in writing given to MortgagorGrantor, to declare all of the Indebtedness to be and become due and payable ninety sixty (9060) days from the giving of such notice, without the applicable “Prepayment Premium” Premium (as such term is defined in the NotesNote).