Common use of Deduction from Value Clause in Contracts

Deduction from Value. In the event of the passage after the date of this Security Instrument of any Legal Requirement deducting from the value of the Property for the purpose of taxation, any lien thereon or changing in any way the Legal Requirements now in force for the taxation of this Security Instrument, the other the Cross-collateralized Mortgage and/or the Debt for federal, state or local purposes, or the manner of the operation of any such taxes so as to adversely affect the interest of Lender, or impose any tax or other charge on any Loan Document, then Mortgagor will pay such tax, with interest and penalties thereon, if any, within the statutory period; provided, however, such tax payments shall not include such taxes incurred more than ninety (90) days prior to the date Mortgagor receives Lender’s notice of payment. In the event the payment of such tax or interest and penalties by Mortgagor would be unlawful, or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender shall have the option, by written notice of not less than sixty (60) days, to declare the Debt immediately due and payable, with no prepayment fee or charge of any kind.

Deduction from Value. In the event of the passage after the date of this Security Instrument of any Legal Requirement deducting from the value of the Property for the purpose of taxation, any lien thereon or changing in any way the Legal Requirements now in force for the taxation of this Security Instrument, the other the Cross-collateralized Mortgage Instrument and/or the Debt for federal, state or local purposes, or the manner of the operation of any such taxes so as to adversely affect the interest of Lender, or impose imposing any tax or other charge on any Loan Document, then Mortgagor Borrower will pay such tax, with interest and penalties thereon, if any, within the statutory period; provided, howeveror, such tax payments shall not include such taxes incurred more than ninety at Borrower's election, upon thirty (9030) days prior notice to Lender, Borrower shall be permitted to prepay the date Mortgagor receives Lender’s notice Debt in whole without any prepayment fee or charge of paymentany kind. In the event the payment of such tax or interest and penalties by Mortgagor 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 shall have the option, by written notice of not less than sixty (60) days, to declare the Debt immediately due and payable, with no prepayment fee or charge of any kind.