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(2) It is understood that any investor acquiring fee simple title to the <br /> property within the Project Area from the UCRC will be entitled to consideration <br /> for the ad valorem tax abatement benefits of Section 353.110 R.S.Mo. , 1978, for a <br /> period not exceeding twenty-five (25) years from the commencement of such tax <br /> abatement, or some portion of the benefits detailed in Section 353.110 R.S.Mo. , <br /> 1978. <br /> (3) Notwithstanding the opportunity for such tax abatement, the Agreement <br /> between UCRC and the Investor will require that the Investor agree that, with <br /> respect to property owned by the Investor and taxed pursuant to Section 353.110 <br /> R.S.Mo. , 1978, the investor, and its successors and assigns will pay to the City <br /> of University City annually in addition to the ad valorem taxes computed <br /> thereunder, an amount equal to the amount by which the tax payable pursuant to <br /> 353.110 R.S.Mo. , 1978, is less than the tax which would have resulted in such <br /> taxable year against such property, had the assessed valuation of such property <br /> (land and improvements) remained the same as the assessed valuation of said <br /> property (land and improvements) on the 1st day of January of the calendar year <br /> prior to the year in which the UCRC acquired title to the property. <br /> (4) In the event of the sale or other disposition by the investor of real <br /> property to which the ad valorem tax abatement benefits of Section 353.110 <br /> R.S.Mo. , 1978, apply, whether by reason of the foreclosure of any mortgage or <br /> other lien, through insolvency or bankruptcy proceedings, by order of any court <br /> of competent jurisdiction, by voluntary transfer or otherwise and the purchaser <br /> of such real property shall continue to use, operate and maintain such real <br /> property in accordance with the uses of the Development Plan, said property shall <br /> continue to receive the partial tax relief provided in Section 353.110 R.S.Mo. , <br /> 1978, the remainder of the tax abatement period upon approval by the City <br /> Council. If such real property shall be used for a use different than that <br /> -7- <br />