BRUNDAGE CLAUSE

In the event of the passage of any law of the State of New York deducting from the value of real property for the purposes of taxation any lien thereon, or changing in any way the laws for the taxation of mortgages or debts secured by mortgages for State or local purposes, or the manner of the collection of any such taxes, so as to affect this Mortgage, Mortgagee shall have the right to give thirty (30) days’ written notice to the owner of the Mortgaged remises requiring the payment of the principal indebtedness. If such notice be given the principal indebtedness and interest shall become due, payable and collectible at the expiration of said thirty (30) days, unless prior to the expiration of said thirty (30) day period, Mortgagor agrees in an irrevocable written notice to Mortgagee to pay all of said taxes which may be imposed on this Mortgage and the holder hereof. Thereafter Mortgagor shall pay all of said taxes when the same become due. If any law or regulation prohibits the lawful payment of said taxes by Mortgagor, any notice in which Mortgagor purports to agree to pay said taxes shall be null and void, and the principal indebtedness shall become due, payable and collectible at the expiration of said thirty (30) days, a the option of Mortgagee.

New York Reel 514 Page 678

See Ansorge v. Belfer, 248 NY 145 (1928)

Alternative Form:

In the event of the passage after the date of this mortgage of any law of the Untied States or the State of New York, deducting from the value of land for the purposes of taxation any lien thereon, or changing in any way the laws for the taxation of mortgages or debts secured by mortgages for state or local purposes, or the manner of the collection of any such taxes, so as to affect this mortgage, the holder of this mortgage and of the debt which its secures, shall have the right to give....days written notice to the owner of the mortgaged premises requiring the payment of the mortgage debt. If such notice be given, the debt shall become due, payable and collectible at the expiration of the (thirty) days.