Tax Lien Prepayment Clause Samples

Tax Lien Prepayment. As of the Effective Date, the following tax Liens exist against the Collateral (collectively, the “Tax Liens”): (i) #20201500072, filed November 23, 2020 in the amount of $9,799.99; (ii) #20221087448, filed November 18, 2022 in the amount of $4,966.74; (iii) #20221087444, filed November 18, 2022 in the amount of $54,977.47. As a condition to closing the Transaction, Lessor required that all Liens against the Collateral be terminated, waived or subordinated to Lessor’s Liens in the Collateral. As of the Effective Date, L▇▇▇▇▇ was unable to provide satisfactory evidence of the termination, waiver or subordination on the Tax Liens. However, as an accomodation to Lessee, Lessor has agreed to close and fund the Transaction, subject to, among other things, Lessee making an immediate prepayment under the Lease Agreement in an amount equal to $70,000 (the “Tax Lien Prepayment”, and together with the Hanford Rent Prepayment, and the Equipment Relocation Prepayment, the “Prepayments” and each a “Prepayment”), which will be applied by Lessor subject to the terms of Section 2 below or as otherwise set forth in the Lease Agreement.