Tax Lien. In the event of a default, if Xxxxxxxxx fails to pay the Excise Tax or remedy any deficiencies within sixty (60) days of receipt of a written notice by the City of the default, in the City's sole discretion, Developer, by execution of this Agreement, agrees to the imposition of and that the City may file a lien against the Property in an amount up to the amount of the Excise Tax set forth in Section 3. Said lien shall be subordinated to the lien of any mortgage or deed of trust.
Appears in 12 contracts
Samples: Tax Abatement Agreement, Excise Tax Abatement Agreement, Excise Tax Abatement Agreement
