Common use of No Transfer to Exempt Entities Clause in Contracts

No Transfer to Exempt Entities. No property within the Real Estate may be sold, transferred or conveyed to, or leased or owned by any entity or used in any manner which would render any part of the Real Estate exempt from property taxation, unless the purchaser, transferee, lessee or owner first executes a written agreement satisfactory to the Economic Development Commission providing for payments in lieu of taxes to the City as contemplated by Section 2.6(a) above.

No Transfer to Exempt Entities. No property within the Real Estate may be sold, transferred or conveyed to, or leased or owned by any entity or used in any manner which would render any part of the Real Estate exempt from property taxation, unless the purchaser, transferee, lessee or owner first executes a written agreement satisfactory to the Economic Community Development Commission Committee providing for payments in lieu of taxes to the City as contemplated by Section 2.6(a) aboveCity.