Tax Payment Agreement means that certain Tax Payment Agreement dated as of November 10, 2005 between FOCIL-MB, LLC and Seller and recorded in the Official Records on November 14, 2005 as Instrument No. 2005I070743.
Buyer acknowledges that Buyer received and reviewed, before the Termination Deadline, a copy of the Tax Payment Agreement.
The Tax Payment Agreement contains certain covenants to make payments in lieu of taxes equal to the full amount of the property taxes and CFD Assessments that would have been assessed against the applicable portion of the Land notwithstanding its ownership or occupancy by an entity that is exempt from property taxation.
In order to impose against the Land the covenants and agreements set forth in the preceding Paragraphs 28.8.1 through 28.8.4, Seller and FOCIL, with the consent and agreement of the Redevelopment Agency, have entered into the Tax Payment Agreement.
The Offering Memorandum contains an accurate summary, in all material respects, of the principal terms of the Tax Payment Agreement.
Buyer expressly acknowledges that Buyer has received and, before the Termination Deadline, Buyer will have reviewed, such Tax Payment Agreement.