Tax Reduction Proceedings. After an Event of Default, Mortgagor shall be deemed to have appointed Lender as its attorney-in-fact to seek a reduction or reductions in the assessed valuation of the Property for real property tax purposes or for any other purpose and to prosecute any action or proceeding in connection therewith. This power, being coupled with an interest, shall be irrevocable for so long as any part of the Debt remains unpaid and any Event of Default shall be continuing.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Tax Reduction Proceedings. After an Event of Default, Mortgagor shall be deemed to have appointed Lender Mortgagee as its attorney-in-fact to seek a reduction or reductions in the assessed valuation of the Mortgaged Property for real property tax purposes or for any other purpose and to prosecute any action or proceeding in connection therewith. This power, being coupled with an interest, shall be irrevocable for so long as any part of the Debt remains Obligations remain unpaid and any Event of Default shall be continuing.
Appears in 1 contract
Tax Reduction Proceedings. After an Event of Default, Mortgagor shall be deemed to have appointed Lender Mortgagee as its attorney-in-fact to seek a reduction or reductions in the assessed valuation of the Mortgaged Property for real property tax purposes or for any other purpose and to prosecute any action or proceeding in connection therewith. This power, being coupled with an interest, shall be irrevocable for so long as any part of the Debt remains unpaid and any Event of Default shall be continuing.
Appears in 1 contract
Samples: Mills Corp
