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

No Credits on Account of the Obligations. No Borrower shall claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Taxes assessed against any Property and no deduction shall otherwise be made or claimed from the assessed value of any Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrowers of not less than ninety (90) days, declare the Obligations immediately due and payable.

Appears in 2 contracts

Samples: Loan Agreement (Cole Credit Property Trust Inc), Loan Agreement (Cole Credit Property Trust III, Inc.)

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No Credits on Account of the Obligations. No Borrower shall not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Taxes assessed against any Property and no deduction shall otherwise be made or claimed from the assessed value of any Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrowers Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.

Appears in 2 contracts

Samples: Mezzanine Loan Agreement (Cole Credit Property Trust Inc), Mezzanine Loan Agreement (Cole Credit Property Trust III, Inc.)

No Credits on Account of the Obligations. No Borrower shall will not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Property Taxes assessed against any the Property and no deduction shall otherwise be made or claimed from the assessed value of any the Property for real estate tax Tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrowers Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.

Appears in 1 contract

Samples: Loan Agreement (Lightstone Value Plus Real Estate Investment Trust V, Inc.)

No Credits on Account of the Obligations. No Borrower shall will not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Property Taxes assessed against any the Property and no deduction shall otherwise be made or claimed from the assessed value of any the Property for real estate tax Tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender Agent may, by written notice to Borrowers Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.

Appears in 1 contract

Samples: Building Loan Agreement (KBS Strategic Opportunity REIT, Inc.)

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No Credits on Account of the Obligations. No Borrower shall will not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Taxes assessed against any Property and no deduction shall otherwise be made or claimed from the assessed value of any Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrowers Borrower of not less than ninety one hundred twenty (90120) days, declare the Obligations immediately due and payable.

Appears in 1 contract

Samples: Loan Agreement (Assisted 4 Living, Inc.)

No Credits on Account of the Obligations. No Borrower shall not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of ‑65 ‑ Taxes assessed against any the Property and no deduction shall otherwise be made or claimed from the assessed value of any the Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrowers Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.

Appears in 1 contract

Samples: Loan Agreement (Cole Office & Industrial REIT (CCIT II), Inc.)

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