Common use of Deduction from Value Clause in Contracts

Deduction from Value. In the event of the passage after the date of this Mortgage of any Legal Requirement deducting from the value of the Mortgaged 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 Mortgage, the other Cross-collateralized Mortgages 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 Mortgagee, 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. In the event the payment of such tax or interest and penalties by M▇▇▇▇▇▇▇▇ 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 of not less than thirty (30) days, to declare the Debt immediately due and payable.

Deduction from Value. In the event of the passage after the date of this Mortgage of any Legal Requirement deducting from the value of the Mortgaged 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 Mortgage, the other Cross-collateralized Mortgages 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 Mortgagee, 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. In the event the payment of such tax or interest and penalties by M▇▇▇▇▇▇▇▇ 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 of not less than thirty (30) days, to declare the Debt immediately due and payable, with no prepayment penalty, including without limitation, Yield Maintenance Premium.