Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor will pay such tax, with interest and penalties thereon, if any. If Beneficiary is advised by its counsel that the payment of such tax or interest and penalties by Trustor would be unlawful, taxable to Beneficiary or unenforceable, or would provide the basis for a defense of usury, then Beneficiary shall have the option, by notice of not less than 90 days, to declare the Debt immediately due and payable.
Appears in 5 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.), Deed of Trust (Behringer Harvard Reit I Inc)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor will pay such tax, with interest and penalties thereon, if any. If In the event Beneficiary is advised by its counsel chosen by it that the payment of such tax or interest and penalties by Trustor would be unlawful, unlawful or taxable to Beneficiary or unenforceable, unenforceable or would provide the basis for a defense of usury, then in any such event, Beneficiary shall have the option, by written notice of not less than 90 one hundred twenty (120) days, to declare the Debt immediately due and payable.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (First Potomac Realty Trust), Deed of Trust, Assignment of Leases and Rents and Security Agreement (First Potomac Realty Trust)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor will pay such tax, with interest and penalties thereon, if any. If Beneficiary is advised by its counsel that the payment of such tax or interest and penalties by Trustor would be unlawful, taxable to Beneficiary or unenforceable, or would provide the basis for a defense of usury, then Beneficiary shall have the option, by notice of not less than 90 days, to declare the Debt immediately due and payable, without prepayment penalty or consideration.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Property Holdings II LLC), Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Holdings, LLC)
Changes in Laws Regarding Taxation. If any law low is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor Grantor will pay such tax, with interest and penalties thereon, if any. If Beneficiary is advised by its counsel that the payment of such tax or interest and penalties by Trustor Grantor would be unlawful, taxable to Beneficiary or unenforceable, or would provide the basis for a defense of usury, then Beneficiary shall have the option, by notice of not less than 90 days, to declare the Debt immediately due and payable.
Appears in 1 contract
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor Grantor will pay such tax, with interest and penalties thereon, if any. If In the event Beneficiary is advised by its counsel chosen by it that the payment of such tax or interest and penalties by Trustor Grantor would be unlawful, unlawful or taxable to Beneficiary or unenforceable, unenforceable or would provide the basis for a defense of usury, then in any such event, Beneficiary shall have the option, by written notice of not less than 90 ninety (90) days, to declare the Debt immediately due and payable.
Appears in 1 contract
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Horizon Group Properties Inc)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust Mortgage which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or BeneficiaryLender's interest in the Trust Property, Trustor Borrower will pay such tax, with interest and penalties thereon, if any. If Beneficiary Lender is advised by its counsel that the payment of such tax or interest and penalties by Trustor Borrower would be unlawful, taxable to Beneficiary Lender or unenforceable, or would provide the basis for a defense of usury, then Beneficiary Lender shall have the option, by notice of not less than 90 days, to declare the Debt immediately due and payable.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents and Security Agreement (Behringer Harvard Reit I Inc)
Changes in Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which deducts the Debt from the value of the Trust Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Beneficiary's interest in the Trust Property, Trustor will pay such tax, with interest and penalties thereon, if any. If Beneficiary is advised by its counsel that the payment of such tax or interest and penalties by Trustor would be unlawful, taxable to Beneficiary or unenforceable, or would provide the basis for a defense of usury, then Beneficiary shall have the option, by notice of not less than 90 days, to declare the Debt immediately due and payable.
Appears in 1 contract