Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lender, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 5 contracts
Samples: Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Acadia Realty Trust), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 4 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust (NNN Apartment REIT, Inc.)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Trust Property is located or of any other governmental entity deducting from the value of the Trust Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerGrantor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee Beneficiary or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or LenderBeneficiary, then, and in any such event, BorrowerGrantor, upon demand by LenderBeneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Lender Beneficiary therefor; provided, however, that if in the opinion of counsel for Lender Beneficiary (a) it might be unlawful to require Borrower Grantor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Beneficiary may elect, by notice in writing given to BorrowerGrantor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurredoccurred and is continuing, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 3 contracts
Samples: Deed of Trust and Security Agreement (Cornerstone Realty Income Trust Inc), Deed of Trust and Security Agreement (Cornerstone Realty Income Trust Inc), Deed of Trust, Security Agreement and Ucc Fixture Filing (Apple Suites Inc)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Security Deed or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 2 contracts
Samples: Deed to Secure Debt, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed to Secure Debt, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Mortgaged Property is located or of any other governmental entity deducting from the value of the Mortgaged Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or LenderMortgagee, then, and in any such event, BorrowerMortgagor, upon demand by LenderMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Lender Mortgagee therefor; provided, however, that if in the opinion of counsel for Lender Mortgagee (a) it might be unlawful to require Borrower Mortgagor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Mortgagee may elect, by notice in writing given to BorrowerMortgagor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due and Mortgagee shall be deemed to have waived the benefit of Section 1.04 of the Note relative thereto unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 2 contracts
Samples: Open End Mortgage and Security Agreement (Glimcher Realty Trust), Mortgage and Security Agreement (First Union Real Estate Equity & Mortgage Investments)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 2 contracts
Samples: Mortgage, Security Agreement and Fixture Filing (Industrial Income Trust Inc.), Mortgage, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or Lender, then, and in any such event, Borrower, upon within ten (10) days of demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty ninety (3090) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payabledue.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust, Inc.), Deed of Trust (KBS Real Estate Investment Trust II, Inc.)
Additional Taxes. In the event of the enactment after the this date hereof of any law of the state in which where the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Mortgagee the payment of the whole or any part of the taxes or assessments or charges or of liens herein required to be paid by BorrowerMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lender, mortgagee Mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt indebtedness secured hereby or LenderMortgagee, then, and in any such event, BorrowerMortgagor, upon demand by LenderMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Lender Mortgagee therefor; provided, however, that if in the opinion of counsel for Lender Mortgagee (a) it might be unlawful to require Borrower Mortgagor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Mortgagee may elect, by notice in writing given to BorrowerMortgagor, to declare all of the Debt indebtedness secured hereby to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Merry Land Properties Inc), Mortgage and Security Agreement (Merry Land Properties Inc)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Mortgaged Property is located or of any other governmental entity deducting from the value of the Mortgaged Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or LenderMortgagee, then, and in any such event, BorrowerMortgagor, upon demand by LenderMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Lender Mortgagee therefor; provided, however, that if in the opinion of counsel for Lender Mortgagee (a) it might be unlawful to require Borrower Mortgagor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Mortgagee may elect, by notice in writing given to BorrowerMortgagor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurredoccurred and is continuing, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Apple Hospitality Two Inc), Open End Mortgage and Security Agreement (Apple Hospitality Two Inc)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Mortgaged Property is located or of any other governmental entity deducting from the value of the Mortgaged Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or LenderMortgagee, then, and in any such event, BorrowerMortgagor, upon demand by LenderMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Lender Mortgagee therefor; provided, however, that if in the opinion of counsel for Lender Mortgagee (a) it might be unlawful to require Borrower Mortgagor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Mortgagee may elect, by notice in writing given to BorrowerMortgagor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 1 contract
Samples: Mortgage and Security Agreement (One Price Clothing Stores Inc)
Additional Taxes. In the event of the enactment after the date hereof of or change in (including a change in interpretation of) any law of the state in which the Property is located applicable Governmental Regulation (i) deducting or of any other governmental entity deducting allowing Borrower to deduct from the value of the Property for the purpose of taxing taxation any lien Lien or security interest thereon, or imposing upon (ii) imposing, modifying or deeming applicable any reserve or special requirement against deposits of Lender, or (iii) subjecting Lender the payment of the whole or to any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, tax or changing in any way the laws relating to any Governmental Regulation for the taxation of mortgages, deeds of trust, mortgages deeds to secure debt or security agreements or other liens or debts secured by deeds of trustthereby, mortgages or security agreements or the interest of the grantee, mortgagee, Lender, mortgagee trustee or secured party in the property covered thereby, or the manner of collection of such taxes, in each such case, so as to adversely affect this Mortgage Security Instrument, the Obligations or Lender, and the result is to increase the taxes imposed upon or the Debt cost to Lender or Lenderto reduce the amount of any payments receivable hereunder, then, and in any such event, BorrowerBorrower shall, upon demand by Lenderon demand, pay to Lender additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then Lender may, at its option, declare the Obligations due and payable (without penalty or fee) after providing Borrower with forty-five (45) days advance written notice thereof or require Borrower to pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be lawful and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payablenon-usurious portion thereof.
Appears in 1 contract
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lender, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; providedprovided , howeverhowever , that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.212.21 , in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Acadia Realty Trust)
Additional Taxes. In the event of the enactment after the date hereof ---------------- of any law of the state in which the Trust Property is located or of any other governmental entity deducting from the value of the Trust Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerGrantor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee Beneficiary or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or LenderBeneficiary, then, and in any such event, BorrowerGrantor, upon demand by LenderBeneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Lender Beneficiary therefor; provided, however, that if -------- ------- ---- in the opinion of counsel for Lender Beneficiary (a) it might be unlawful to require Borrower Grantor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Beneficiary may elect, by notice in writing given to BorrowerGrantor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurredoccurred and is continuing, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in ------------ accordance with the terms of the Note shall be due and payable.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Cornerstone Realty Income Trust Inc)
Additional Taxes. In the event of the enactment after the date hereof Effective Date of any law of the state in which the where any Mortgaged Property is located or of any other governmental entity of such state deducting from the value of the such Mortgaged Property for the purpose of taxing taxation any lien or security interest thereon, or imposing upon the Administrative Agent or any Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrowerthe Mortgaged Property Owner of such Mortgaged Property, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lender, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage the Security Documents or the Debt indebtedness and other obligations secured thereby or Lenderthe Administrative Agent or the Lenders, then, and in any such event, the Borrower, upon demand by Lenderthe Administrative Agent, shall pay such taxes, assessments, charges or liens, or reimburse Lender the Administrative Agent or the Lenders therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be is unlawful for the Administrative Agent or the Lenders to require the Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by lawApplicable Laws, then and in either such event, Lender the Administrative Agent may elect, by notice in writing given to the Borrower, require the Borrower to declare all of remove the Debt to be and become due and payable in full thirty (30) days applicable Mortgaged Property from the giving of such notice, and, in connection with Borrowing Base pursuant to Section 8.13(b) within six (6) months after request therefor by the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payableAdministrative Agent.
Appears in 1 contract
Additional Taxes. In the event of the enactment after the this date hereof of any law of the state in which the Mortgaged Property is located or of any other governmental entity deducting from the value of the Mortgaged Property for the purpose of taxing taxation any lien or security interest thereon, or imposing upon Lender Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage or the Debt or LenderMortgagee, then, and in any such event, BorrowerMortgagor, upon demand by LenderMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Lender Mortgagee therefor; provided, however, that if in the opinion of counsel for Lender Mortgagee (a) it might be unlawful to require Borrower Mortgagor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Mortgagee may elect, by notice in writing given to BorrowerMortgagor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 1 contract
Samples: Mortgage and Security Agreement (General Host Corp)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender Lxxxxx (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (NNN Apartment REIT, Inc.)
Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the Mortgaged Property is located or of any other governmental entity deducting from the value of the Mortgaged Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerTrustor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee Beneficiary or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust or the Debt or LenderBeneficiary, then, and in any such event, BorrowerTrustor, upon demand by LenderBeneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Lender Beneficiary therefor; provided, however, that if in the opinion of counsel for Lender Beneficiary (a) it might be unlawful to require Borrower Trustor to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Beneficiary may elect, by notice in writing given to BorrowerTrustor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurredoccurred and be continuing, which Default or Event of Default is unrelated to the provisions of this Section 2.211.25, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
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Additional Taxes. In the event of the enactment after the this date hereof of any law of the state in which where any portion of the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxing taxation any lien or security interest thereon, or imposing upon Lender Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by BorrowerTrustor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage Deed of Trust, the Secured Obligations or the Debt or LenderBeneficiary, then, and in any such event, BorrowerTrustor, upon demand by LenderBeneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Lender Beneficiary therefor; provided, however, that if in the opinion of counsel for Lender Beneficiary (a) it might be unlawful to require Borrower Trustor to make such payment, payment or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender Trustor may elect a Substitution (as defined and described in the Loan Agreement) or a Partial Defeasance (as defined and described in the Note) in accordance with the terms, covenants and conditions thereof, or, upon failure of Trustor to so elect, Beneficiary may elect, by notice in writing given to BorrowerTrustor, to declare all that portion of the Debt Secured Obligation (based on the Allocated Loan Amount of that portion of the Property), to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
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Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which the an Individual Property is located or of any other governmental entity deducting from the value of the an Individual Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by a Borrower, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the Lenderbeneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage any Debenture or the Debt or Lender, then, and in any such event, BorrowerBorrowers, upon demand by Lender, shall pay such taxes, assessments, charges or liens, or reimburse Lender therefor; provided, however, that if (i) the foregoing results in a material tax increase or (ii) in the opinion of counsel for Lender (a) it might be unlawful to require Borrower Borrowers to make such payment, or (b) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to BorrowerBorrowers, to declare all of the Debt to be and become due and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have occurred, which Default or Event of Default is unrelated to the provisions of this Section 2.214.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable.
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