Common use of New Covenant Clause in Contracts

New Covenant. In the event that the aforementioned Cutlass II agreement is not executed and/or the project is not completed and operational as stated in this First Amendment (and as shall be restated in that executed tax abatement agreement between District and Cutlass II as referenced in Section I C of this Amendment, unless otherwise modified by District), then the abatement percentages in the May 28, 2019 Agreement with Owner shall be reduced from a total of 650% over 10 years to a total of 400% as shown here: Tax Year New Reduced Abatement Percent Value Year 1 65% Year 2 65% Year 3 60% Year 4 50% Year 5 40% Year 6 40% Year 7 30% Year 8 20% Year 9 20% Year 10 10%

New Covenant. In the event that the aforementioned Cutlass II agreement is not executed and/or the project is not completed and operational as stated in this First Amendment (and as shall be restated in that executed tax abatement agreement between District County and Cutlass II as referenced in Section I C of this Amendment, unless otherwise modified by DistrictCounty), then the abatement percentages in the May 28, 2019 Agreement with Owner shall be reduced from a total of 650% over 10 years to a total of 400% as shown here: Tax Year New Reduced Abatement Percent Value Year 1 65% Year 2 65% Year 3 60% Year 4 50% Year 5 40% Year 6 40% Year 7 30% Year 8 20% Year 9 20% Year 10 10%