Common use of Changes in the Legal Requirements Regarding Taxation Clause in Contracts

Changes in the Legal Requirements Regarding Taxation. If any Legal Requirement is enacted or adopted or amended after the Closing Date which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Mortgaged Property, Borrower must pay such tax, with interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of such tax or interest and penalties by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender may, by written notice to Borrower of not less than ninety (90) days, declare the Debt immediately due and payable without Prepayment Consideration.

Appears in 2 contracts

Samples: Loan Agreement (Maxxam Inc), Loan Agreement (Maxxam Inc)

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Changes in the Legal Requirements Regarding Taxation. If any Legal Requirement is enacted or adopted or amended after the Closing Date which imposes a tax, either directly or indirectly, on the Debt or Lender’s 's interest in the Mortgaged Property, Borrower must pay such tax, with interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of such tax or interest and penalties by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender may, by written notice to Borrower of not less than ninety (90) days, declare the Debt immediately due and payable without Prepayment Consideration.

Appears in 2 contracts

Samples: Loan Agreement (Maxxam Inc), Loan Agreement (Maxxam Group Holdings Inc)

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