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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Covenant 11, Limitation on Indebtedness. The Agency <br />covenants and agrees that is has not and will not incur any <br />loans, obligations or indebtedness repayable from Pledged <br />Revenues such that the total aggregate debt service on said <br />loans, obligations or indebtedness incurred from and after the <br />date of adoption of the Redevelopment Plan, when added to the <br />total aggregate debt service on the Bonds, will exceed the <br />maximum amount of Pledged Revenues to be divided and allocated <br />to the Agency pursuant to the Redevelopment Plan. <br /> <br />Section 19. Taxation of Leased Property. Whenever any <br />property in the Redevelopment Project Area has been redeveloped <br />and thereafter is leased by the Agency to any person or persons <br />(other than a public agency), or whenever the Agency leases <br />real property in the Redevelopment Project Area to any person <br />or persons (other than a public agency) for redevelopment, the <br />property shall be assessed and taxed in the same manner as <br />privately owned property, as required by Section 33673 of the <br />Law, and the lease or contract shall provide (a) that the <br />lessee shall pay taxes upon the assessed value of the entire <br />property and not merely upon the assessed value of his or its <br />leasehold interest, and (b) that if for any reason the taxes <br />levied on the property in any year during the term of the lease <br />or contract are less than the taxes which would have been <br />levied if the entire property had been assessed and taxed in <br />the same manner as privately owned property, the lessee shall <br />pay such difference to the Agency within thirty (30) days after <br />the taxes for the year become payable to the taxing agencies <br />and in no event later than the delinquency date of such taxes <br />established by law, All such payments shall be treated as <br />Pledged Tax Revenues, and when received by the Agency shall be <br />used as provided herein. <br /> <br />Section 20, Fiscal Agent and Paying Agents. The Agency <br />hereby appoints Security Pacific National Bank as Fiscal Agent <br />hereunder, to act as the agent, trustee and depositary of the <br />Agency for the purpose of receiving Pledged Tax Revenues and <br />other funds in trust as provided in this Resolution, to hold, <br />allocate, use and apply the Pledged Tax Revenues and other <br />funds in trust as provided in this Resolution, and to perform <br />the other duties and powers of the Fiscal Agent as are <br />prescribed in this Resolution. <br /> <br />The Agency may remove the Fiscal Agent initially appointed, <br />or any successor, and shall forthwith appoint a successor <br />thereto, with written notice to the Bond Insurer, but any <br />successor shall be a bank or trust company doing business and <br />having an office in the City of Los Angeles, having a combined <br />capital and surplus of at least $50,000,000. The Fiscal Agent <br />or any substituted Fiscal Agent may at any time resign by <br />filing written notice thereof with the Agency and the Bond <br /> <br />05-23-86 <br />l665kj2281j06 <br /> <br />-27- <br />