Common use of Changes in Tax, Debt, Credit and Documentary Stamp Laws Clause in Contracts

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the value of the Collateral for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Collateral, Borrower will pay the tax, with interest and penalties thereon, if any. If Xxxxxx is advised by counsel chosen by it that the payment of tax by Xxxxxxxx would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. Notwithstanding the foregoing, Borrower shall not be obligated to pay any tax on Xxxxxx’s interest in the Collateral under this Section 15.4 from and after any transfer of the Collateral to Lender or its designee by foreclosure, assignment-in-lieu of foreclosure or otherwise.

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the value of the Collateral for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Collateral, Borrower will pay the tax, with interest and penalties thereon, if any. If Xxxxxx Lxxxxx is advised by counsel chosen by it that the payment of tax by Xxxxxxxx Bxxxxxxx would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. Notwithstanding the foregoing, Borrower shall not be obligated to pay any tax on XxxxxxLxxxxx’s interest in the Collateral under this Section 15.4 from and after any transfer of the Collateral to Lender or its designee by foreclosure, assignment-in-lieu of foreclosure or otherwise.

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the value of the Collateral Property for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or LenderLxxxxx’s interest in the CollateralProperty, Borrower will pay the tax, with interest and penalties thereon, if any. If Xxxxxx Lxxxxx is advised by counsel chosen by it that the payment of tax by Xxxxxxxx Bxxxxxxx would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. Notwithstanding the foregoing, Borrower shall not be obligated to pay any tax on XxxxxxLxxxxx’s interest in the Collateral Property under this Section 15.4 from and after any transfer of the Collateral Property to Lender or its designee by foreclosure, assignmentpower of sale (if applicable under the laws of the State in which the Property is located), deed-in-lieu of foreclosure or otherwise.

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the value of the Collateral Property for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or LenderXxxxxx’s interest in the CollateralProperty, Borrower will pay the tax, with interest and penalties thereon, if any. If Xxxxxx is advised by counsel chosen by it that the payment of tax by Xxxxxxxx would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. Notwithstanding the foregoing, Borrower shall not be obligated to pay any tax on Xxxxxx’s interest in the Collateral Property under this Section 15.4 from and after any transfer of the Collateral Property to Lender or its designee by foreclosure, assignmentpower of sale (if applicable under the laws of the State in which the Property is located), deed-in-lieu of foreclosure or otherwise.