Section 14 Tax Exemption. Section 9.02 of this Agreement permits the conveyance of Units pursuant to N.J.S.A. 40A:20-10(b). When the Urban Renewal Entity files a master deed pursuant to N.J.S.A. 46:8B-1 et seq. as to all or a portion of the Project which has been approved for tax exemption under the Financial Agreement, each Unit shall continue to be subject to the provisions of the Financial Agreement, and the tax exemption previously approved under the Financial Agreement with respect to property converted to condominium ownership shall be unaffected by the recording of the master deed or any subsequent deed conveying the Unit and its appurtenant interest in common elements. The tax exemption herein shall continue as to the Unit and its appurtenant undivided interest in the common elements subject to the Financial Agreement.
Section 14 Tax Exemption. Section 9.02(J) of this Agreement permits the conveyance of Units pursuant to N.J.S.A. 40A:20-10(b). When the Entity files a master deed or declaration of covenants, easements and restrictions, as the case may be, as to all or a portion of the Project which has been approved for tax exemption under this Financial Agreement, each Unit shall continue to be subject to the provisions of this Financial Agreement, and the tax exemption previously approved under this Financial Agreement with respect to property converted to such ownership shall be unaffected by the recording of the master deed, declaration of covenants, easements and restrictions, or any subsequent deed conveying any Unit and its appurtenant interest in the Common Elements. The tax exemption herein shall continue as to the Unit and its appurtenant undivided interest in the Common Elements subject to this Financial Agreement.
