Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Mortgage which deducts the Debt from the value of the Mortgaged Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Mortgagee's interest in the Mortgaged Property, Mortgagor will pay such tax, with interest and penalties thereon, if any. In the event Mortgagee is advised by counsel chosen by it that the payment of such tax or interest and penalties by Mortgagor would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury, then, in any such event, Mortgagee shall have the option, by written notice to Mortgagor of not less than ninety (90) days, to declare the Debt immediately due and payable.
Appears in 3 contracts
Samples: Leases and Rents and Security Agreement (Glimcher Realty Trust), Leases and Rents and Security Agreement (Glimcher Realty Trust), Leases and Rents and Security Agreement (Glimcher Realty Trust)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Mortgage which deducts the Debt from the value of the Mortgaged Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Mortgagee's interest in the Mortgaged Property, Mortgagor will pay such tax, with interest and penalties thereon, if any. In the event Mortgagee is advised by counsel chosen by it that the payment of such tax or interest and penalties by Mortgagor would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury, then, then in any such event, Mortgagee shall have the option, by written notice to Mortgagor of not less than ninety (90) days, to declare the Debt immediately due and payable.
Appears in 2 contracts
Samples: And Security Agreement (Wellington Properties Trust), Security Agreement (Ridgewood Properties Inc)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Mortgage which deducts the Debt from the value of the Mortgaged Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Mortgagee's interest in the Mortgaged Property, Mortgagor will pay such tax, with interest and penalties thereon, if any. In the event Mortgagee is advised by counsel chosen by it that the payment of such tax or interest and penalties by Mortgagor would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury, then, then in any such event, Mortgagee shall have the option, by written notice to Mortgagor of not less than ninety one hundred twenty (90120) days, to declare the Debt immediately due and payable.
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