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 Mortgage which imposes a tax, either directly or indirectly, on the Obligations or Mortgagee's interest in the Mortgaged Property, Mortgagor will pay such tax, with interest and penalties thereon, if any, provided, however, that Mortgagor shall not be obligated to pay any tax which is imposed on the net income of Mortgagee or franchise taxes or doing business taxes imposed on Mortgagee. In the event that the payment of such tax or interest and penalties by Mortgagor would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury, then in any such event, Mortgagee shall have the option, by written notice of not less than ninety (90) days, to declare the Obligations immediately due and payable.