Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax (excluding any franchise tax, income tax or other similar tax), either directly or indirectly, on the Debt or Mortgagee’s interest in the Property, other than taxes measured by the gross or net income of Mortgagee, Mortgagor will pay the tax, with interest and penalties thereon, if any, subject to Mortgagor’s right to contest such taxes as expressly provided in the Loan Agreement. If the payment of tax by Xxxxxxxxx would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury, then Mortgagee shall have the option, exercisable by written notice of not less than one-hundred twenty (120) days to declare the Debt immediately due and payable.
Appears in 4 contracts
Samples: Security Agreement and Fixture (Blyth Inc), Security Agreement and Fixture (Blyth Inc), Security Agreement and Fixture (Blyth Inc)
