Common use of Additional Taxes Clause in Contracts

Additional Taxes. In the event of the enactment after this date of any law of the state 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, conveyance or security interest thereon or thereof, or imposing upon Grantee the payment of the whole or any part of the taxes or assessments or charges of liens herein required to be paid by Grantor, or changing in any way the laws relating to the taxation of deeds of trust, security deeds, mortgages or security agreements or debts secured by mortgages, security deeds, or security agreements or the interest of the Grantee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Security Deed or the indebtedness secured hereby or Grantee, then, and in any such event, Grantor, upon demand by Grantee, shall pay such taxes, assessments, charges or liens, or reimburse Grantee therefor; provided, however, that if in the opinion of counsel for Grantee (a) it might be unlawful to require 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, Grantee may elect, by notice in writing given to Grantor, to declare all of the indebtedness secured hereby to be and become due and payable in full thirty (30) days from the giving of such notice.

Additional Taxes. In the event of the enactment after this the date hereof of any law of the state 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, conveyance or security interest thereon or thereof, or imposing upon Grantee Mortgagee the payment of the whole or any part of the taxes or assessments or charges of or liens herein required to be paid by GrantorMortgagor, or changing in any way the laws relating to the taxation of deeds of trust, security deeds, mortgages or security agreements or debts secured by mortgages, security deeds, or security agreements or the interest of the Grantee mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Security Deed Mortgage or the indebtedness secured hereby Debt or GranteeMortgagee, then, and in any such event, GrantorMortgagor, upon demand by GranteeMortgagee, shall pay such taxes, assessments, charges or liens, or reimburse Grantee Mortgagee therefor; , provided, however, that if if, in the opinion of counsel for Grantee Mortgagee, (a) it might be unlawful to require Grantor Mortgagor 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, Grantee Mortgagee may elect, by notice in writing given to GrantorMortgagor, to declare all of the indebtedness secured hereby Debt to be and become due and payable in full thirty one hundred twenty (30120) days from the giving of such notice, and, in connection with such payment of the Debt, no prepayment premium or fee shall be due.