Common use of Future Taxes Clause in Contracts

Future Taxes. If hereafter any law or ordinance shall be adopted imposing a tax directly or indirectly on Beneficiary with respect to the Mortgaged Property, the value of Grantor’s equity therein, or the Debt and secured by this Deed of Trust, Beneficiary, at its election, shall have the right at any time after the tax has been imposed to give Grantor written notice declaring that the principal debt, with interest and other appropriate charges, shall be due on a specified date not less than sixty (60) days thereafter which notice shall specify the nature of the tax which is the basis for acceleration; provided, however, that such election shall be ineffective if, prior to the specified date, Grantor lawfully pays the tax (in addition to all other payments required hereunder) and agrees to pay the tax whenever it becomes due and payable thereafter, which agreement shall then constitute a part of this Deed of Trust.

Future Taxes. If hereafter If, hereafter, any law or ordinance shall be adopted imposing a tax directly or indirectly on Beneficiary Lender with respect to the Mortgaged Property, the value of GrantorBorrower’s equity therein, or the Debt and secured by this Deed of Trust, BeneficiaryLender, at its election, shall have the right at any time after the tax has been imposed to give Grantor Borrower written notice declaring that the the principal debt, with interest and other appropriate charges, charges shall be due on a specified date not less than sixty (60) days thereafter which notice shall specify the nature of the tax which is the basis for acceleration; provided, however, that such election shall be ineffective if, prior to the specified date, Grantor Borrower lawfully pays the tax (in addition to all other payments required hereunder) and agrees to pay the tax whenever it becomes due and payable thereafter, which agreement shall then constitute a part of this Deed of Trust.