AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 173 of 176 The Property Owner hereby declares that it is a "landowner" (as defined in Section 53317(f) of the Mello -Roos Act) for purposes of the formation proceedings for the CFD because the Property will be subject to the special tax levied in the CFD if (a) transferred by conveyance of the fee interest to private ownership, in which case the Property Owner hereby agrees that the Property will be subject to the special tax on the same basis as private property within the CFD and affirmatively waives any defense based on the fact of public ownership to any action to foreclose on the Property in the event of nonpayment of the special tax or (b) leased to a nonexempt person or entity and, pursuant to Section 53340.1 of the Mello -Roos Act, in which case the special tax will be levied on the leasehold interest and payable by the owner of the leasehold interest. 3. Boundaries of CFD. The Property Owner hereby consents to the Property being included within the boundaries of the CFD. 4. Purpose of CFD. The Property Owner acknowledges that the CFD will be created for the purpose of financing the facilities, public services and other costs described in Exhibit A attached hereto and incorporated herein by reference. 5. Elections. The Property Owner hereby consents to a special election being held under the CFD Law to authorize the special taxes and the issuance of the bonds and other debt and to establish an appropriations limit for the CFD, to the consolidation of the matters into a single election and to the election being conducted by the City and its officials, using mailed or hand - delivered ballots, with such ballots being opened and canvassed and the results certified at the same meeting of the City Council as the public hearings on the CFD under the CFD Law or as soon thereafter as possible. 6. Waivers. To expedite the completion of the proceedings for the CFD, all notices of hearings and all notices of election, applicable waiting periods under the CFD Law for the election and all ballot analyses and arguments for the election are hereby waived. The Property Owner also waives any requirement as to the specific form of the ballot to be used for the election, whether under the CFD Law, the California Elections Code or otherwise. This Statement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. By executing this Statement, the Property Owner agrees to all of the above. CITY OF REDWOOD CITY LIM Name: Title: 2 355