Common use of No Credits on Account of the Obligations Clause in Contracts

No Credits on Account of the Obligations. (i) Mortgagor will not claim or demand or be entitled to any credit or credits on account of the Obligations for any part of the Impositions assessed against the Mortgaged Property, or any part thereof, and (ii) no deduction shall otherwise be made or claimed from the assessed value of the Mortgaged Property, or any part hereof, for real estate tax purposes by reason of this Mortgage or the Obligations if the effect of such deduction would impose on Mortgagee a tax, either directly or indirectly, for which it otherwise would not have been liable.