R2017-136 Authorizing Redevelopment Agreement Liaison Home Automation 288 N Park St

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45#99 age: 337 prevent the Redeveloper from otherwise contesting the assessment or collection of any real property taxes under procedures set forth in the laws of the State of Illinois or any political subdivision thereof nor shall the Redeveloper be penalized for contesting said assessment, provided that the Redeveloper gives the City fifteen (15) days prior written notice of its intent to contest the assessment or collection of real property taxes; provided, however, that the Redeveloper covenants and agrees that nothing contained herein shall relieve the Redeveloper from complying with all laws, rules and regulations of the State of Illinois and any political subdivision thereof pertaining to the levy and collection of said general real estate taxes.This Section 7.3 shall be an obligation of the Redeveloper(or assignee of the Redeveloper or subsequent Owner of the Project or Project Site or any portion thereof, as the case may be) only during the period that the Redeveloper (or assignee of the Redeveloper or subsequent Owner of the Project or Project Site or any portion thereof, as the case may be) owns a direct or indirect interest in the Project or Project Site or any portion thereof. 7.4 Duration of Covenants. It is intended and agreed that the covenants provided in Sections 7.1 and 7.3 of this Agreement shall remain in effect until the termination of the redevelopment plan;provided, that all such covenants shall be binding on the Redeveloper only for such period as the Redeveloper maintains a direct interest in the Project Site or the Project or part thereof (excluding, for example, an interest therein solely as a creditor or mortgagee), and only with respect to such direct interest in the Project Site or the Project or part thereof. And it is furthermore provided that such covenants shall be binding on the Project Site Owner only for such period of time as the Project Site Owner maintains a direct interest in the Project Site or part thereof,and only with respect to such direct interest. 7.5 Covenants Running with the Land. Subject to Section 7.4,it is intended and agreed that the covenants set forth in Sections 7.1 and 7.3 above shall be covenants running with the land and Sections 7.1 and 7.3 shall in any event be binding to the fullest extent permitted by law and equity, for the benefit and in favor of and enforceable by the City.Provided,however,this Agreement is not intended to create any obligations for a bona fide purchaser of a condominium unit beyond the ownership of that unit. 7.6 Covenants Binding for the Benefit of City. Subject to Section 7.5,it is also intended and agreed that the foregoing covenants set forth in Sections 7.1, 7.2 and 7.3 above shall in any event, and without regard to technical classification or designation as legal or otherwise,be,to the fullest extent permitted by law and equity, binding for the benefit of the City and enforceable by the City, the State of Illinois and the United States of America as provided in Sections 7.4 and 7.5. 7.7 Farms of Covenants and Restrictions. Certain of the covenants, uses and restrictions referred to in this Article VII shall substantially be in the form of the Declaration of Covenants,Uses and Restrictions attached hereto and made a part hereof as Exhibit 3 which shall be executed by the Project Site Owner and recorded with the Macon County Recorder of Deeds on or before the date that the Redeveloper commences construction of the Project or any phase thereof. City of Decatur/LIAISON HOME AUTOMATION,LLC 1 I