Common use of Changes in Tax, Debt, Credit and Documentary Stamp Laws Clause in Contracts

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Agent’s interest in the Property, Individual Borrower will pay the tax, with interest and penalties thereon, if any (provided that nothing hereunder shall require Individual Borrower to pay any income tax imposed on Agent by reason of its interest in the Property). If Agent is advised in writing by counsel chosen by it that the payment of tax by Individual Borrower and/or Borrower would be unlawful or taxable to Agent or unenforceable or provide the basis for a defense of usury then Agent shall have the option by written notice of not less than one hundred eighty (180) days to declare the Debt immediately due and payable, provided, however, no Spread Maintenance Premium or penalty shall be due or payable in connection therewith and, provided further, that Agent shall not exercise such option if, within one hundred eighty (180) days of receipt by Individual Borrower of such written notice, Individual Borrower shall prepay the outstanding principal balance of the Loan in an amount equal to the Release Amount for the Property and otherwise in accordance with the terms and conditions of Section 2.6 of the Loan Agreement (provided that Section 2.6.1(a)(iv) shall not be applicable). No Spread Maintenance Premium or penalty shall be due or payable in connection with the foregoing prepayment, but if such prepayment of the Loan occurs on a day that is not a Payment Date, the Debt shall include all amounts of interest which would have accrued on the amount of the Loan to be paid through and including the last day of the Accrual Period related to the Payment Date next occurring following the date of such prepayment of the Loan, or, if such prepayment of the Loan occurs on a Payment Date, the Debt shall include all amounts of accrued and unpaid interest through and including the last day of the Accrual Period related to such Payment Date.

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or AgentMortgagee’s interest in the PropertyProperty (excluding income taxes, Individual Borrower franchise taxes and similar impositions applicable to Mortgagee and/or to Lenders), Mortgagor will, or will cause ESBC to, pay the tax, with interest and penalties thereon, if any (provided that nothing hereunder shall require Individual Borrower to pay any income tax imposed on Agent by reason of its interest in the Property)any. If Agent Mortgagee is advised in writing by counsel chosen by it that the payment of tax by Individual Borrower and/or Borrower Mortgagor would be unlawful or taxable to Agent Mortgagee or unenforceable or provide the basis for a defense of usury then Agent Mortgagee shall have the option by written notice of not less than one hundred eighty twenty (180120) days to declare the Debt immediately due and payable, provided, however, ; provided that no Spread Maintenance Premium or penalty shall be due or payable in connection therewith and, provided further, that Agent shall not exercise such option if, within one hundred eighty (180) days of receipt by Individual Borrower of such written notice, Individual Borrower shall prepay the outstanding principal balance of the Loan in an amount equal to the Release Amount for the Property and otherwise in accordance with the terms and conditions of Section 2.6 of the Loan Agreement (provided that Section 2.6.1(a)(iv) shall not be applicable). No Spread Maintenance Premium or penalty shall be due or payable in connection with the foregoing such prepayment, but if such prepayment . Mortgagor will not claim or demand or be entitled to any credit or credits on account of the Loan occurs on a day that is Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Security Instrument or the Debt. If such claim, credit or deduction shall be required by law, Mortgagee shall have the option, by written notice of not a Payment Dateless than one hundred twenty (120) days, to declare the Debt immediately due and payable, provided that no Spread Maintenance Premium shall include all amounts of interest which would have accrued on the amount of the Loan to be paid through and including the last day of the Accrual Period related to the Payment Date next occurring following the date of payable in connection with such prepayment of the Loan, or, if such prepayment of the Loan occurs on a Payment Date, the Debt shall include all amounts of accrued and unpaid interest through and including the last day of the Accrual Period related to such Payment Dateprepayment.

Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or AgentLender’s interest in the Property, Individual Borrower will pay the tax, with interest and penalties thereon, if any (provided that nothing hereunder shall require Individual Borrower to pay any income tax imposed on Agent by reason of its interest in the Property)any. If Agent Lender is advised in writing by counsel chosen by it that the payment of tax by Individual Borrower and/or Borrower would be unlawful or taxable to Agent Lender or unenforceable or provide the basis for a defense of usury usury, then Agent Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. (b) Borrower will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Security Instrument or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the option, by written notice of not less than one hundred eighty (180) days days, to declare the Debt immediately due and payable. (c) If at any time the United States of America, providedany State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, howeverthis Security Instrument, no Spread Maintenance Premium or penalty shall be due or payable in connection therewith and, provided further, that Agent shall not exercise such option if, within one hundred eighty (180) days of receipt by Individual Borrower of such written notice, Individual Borrower shall prepay the outstanding principal balance any of the other Loan in an amount equal to Documents or impose any other tax or charge on the Release Amount same, Borrower will pay for the Property same, with interest and otherwise in accordance with the terms and conditions of Section 2.6 of the Loan Agreement penalties thereon, if any. (provided that Section 2.6.1(a)(ivd) shall not be applicable). No Spread Maintenance Premium or penalty shall be due or payable in connection with the foregoing prepayment, but if such Any prepayment of the Loan occurs on a day that is Debt made by Borrower under this Section 7.3 shall not a Payment Date, require the Debt shall include all amounts payment of interest which would have accrued on any Yield Maintenance Premium (as defined in the amount Note) or other prepayment premium or penalty (other than the payment of the Loan to be paid through and including the last day of the Accrual Period related to the Payment Date next occurring following the date of such prepayment of the Loan, or, if such prepayment of the Loan occurs on a Payment Date, the Debt shall include all amounts of accrued and unpaid interest through and including the last day of the Accrual Period related to such Payment Dateany applicable Interest Shortfall). Section 7.4.