Common use of Changes in the Laws Regarding Taxation Clause in Contracts

Changes in the Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which imposes a tax, either directly or indirectly, on the Obligations or Beneficiary's interest in the Trust Property, Grantor will pay such tax, with interest and penalties thereon, if any, provided, however, that Grantor shall not be obligated to pay any tax which is imposed on the net income of Beneficiary or franchise taxes or doing business taxes imposed on Beneficiary. In the event that the payment of such tax or interest and penalties by Grantor would be unlawful or taxable to Beneficiary or unenforceable or 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 ninety (90) days, to declare the Obligations immediately due and payable.

Changes in the Laws Regarding Taxation. If any law is enacted or adopted or amended after the date of this Deed of Trust which imposes a tax, either directly or indirectly, on the Obligations or Beneficiary's interest in the Trust Property, Grantor will pay such tax, with interest and penalties thereon, if any, providedPROVIDED, howeverHOWEVER, that Grantor shall not be obligated to pay any tax which is imposed on the net income of Beneficiary or franchise taxes or doing business taxes imposed on Beneficiary. In the event that the payment of such tax or interest and penalties by Grantor would be unlawful or taxable to Beneficiary or unenforceable or 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 ninety (90) days, to declare the Obligations immediately due and payable.