Common use of Mortgage Recording Tax Exemption Clause in Contracts

Mortgage Recording Tax Exemption. (a) The Lessee acknowledges that the Agency has exempted in whole or in part the payment of Mortgage Recording Taxes on the Exempt Mortgage in the amount of the Mortgage Recording Tax Exemption Amount. (b) The Lessee acknowledges and agrees that the Agency is not obligated to exempt in whole or in part the payment of Mortgage Recording Taxes for the recording of any mortgage other than the Exempt Mortgage; nor is the Agency obligated to exempt in whole or in part the payment of Mortgage Recording Taxes on any extension, modification or other amendment to, or any assignment, consolidation or restatement of, the Exempt Mortgage. (c) The Agency agrees that if, in connection with the refinancing of the Exempt Mortgage, the Lessee (i) causes the mortgagee of the Exempt Mortgage to assign the Exempt Mortgage to a new mortgagee, and/or (ii) causes the Exempt Mortgage to be modified, extended, consolidated or otherwise amended, the Agency will not object to any resulting continuation of the exemption of the Mortgage Recording Taxes originally applicable to the Exempt Mortgage, provided that the Agency shall be fully released from the Exempt Mortgage upon any such assignment.

Mortgage Recording Tax Exemption. (a) The Lessee acknowledges that the Agency has exempted intends to exempt in whole or in part the payment of Mortgage Recording Taxes on the Exempt Mortgage in the amount of the Mortgage Recording Tax Exemption Amount. (b) The Lessee acknowledges and agrees that the Agency is not obligated to exempt in whole or in part the payment of Mortgage Recording Taxes for the recording of any mortgage other than the Exempt Mortgage; nor is the Agency obligated to exempt in whole or in part the payment of Mortgage Recording Taxes on any extension, modification or other amendment to, or any assignment, consolidation or restatement of, the Exempt Mortgage. (c) The Agency agrees that if, in connection with the refinancing of the Exempt Mortgage, the Lessee (i) causes the mortgagee of the Exempt Mortgage to assign the Exempt Mortgage to a new mortgagee, and/or (ii) causes the Exempt Mortgage to be modified, extended, consolidated or otherwise amended, the Agency will not object to any resulting continuation of the exemption of the Mortgage Recording Taxes originally applicable to the Exempt Mortgage, provided that the Agency shall be fully released from the Exempt Mortgage upon any such assignment.

Mortgage Recording Tax Exemption. (a) The Lessee acknowledges that the Agency has exempted agreed to exempt in whole or in part the payment of Mortgage Recording Taxes on the Exempt Mortgage in the amount of the Mortgage Recording Tax Exemption Amount, provided, however that such benefit shall not be available to the Lessee after the date which is one hundred and twenty days after the Project Completion Date. (b) The Lessee acknowledges and agrees that the Agency is not obligated to exempt in whole or in part the payment of Mortgage Recording Taxes for the recording of any mortgage other than the Exempt Mortgage; nor is the Agency obligated to exempt in whole or in part the payment of Mortgage Recording Taxes on any extension, modification or other amendment to, or any assignment, consolidation or restatement of, the Exempt Mortgage. (c) The Agency agrees that if, in connection with the refinancing of the Exempt Mortgage, the Lessee (i) causes the mortgagee of the Exempt Mortgage to assign the Exempt Mortgage to a new mortgagee, and/or (ii) causes the Exempt Mortgage to be modified, extended, consolidated or otherwise amended, the Agency will not object to any resulting continuation of the exemption of the Mortgage Recording Taxes originally applicable to the Exempt Mortgage, provided that the Agency shall be fully released from the Exempt Mortgage upon any such assignment.