Common use of Florida Provisions Clause in Contracts

Florida Provisions. (a) In the event the parties elect to calculate the Florida documentary stamp tax and intangible personal property tax due as a result of any Mortgage in the State of Florida using a value limitation approach, the tax calculations will be computed on a reasonable basis using the information reasonably related to the value of the applicable properties, and if at any time thereafter the Administrative Agent or the Majority Lenders determine, based on applicable law, that the Secured Parties are not being afforded the maximum amount of security available from any one or more of the Florida Properties as a direct or indirect result of such approach, the Borrowers agree (i) to execute, acknowledge and deliver to the Administrative Agent, immediately upon request by the Administrative Agent or the Majority Lenders, supplemental affidavits, mortgage modifications or other notice documents in recordable form increasing the amount of security afforded by such Mortgage, if any, and (ii) to pay any additional documentary stamp tax and intangible tax due as a result of such increase.