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✓n <br /> �U <br /> 7.3 Property Taxes. Redeveloper acknowledges that the City in executing this Agreement <br /> has relied upon its reasonable expectation that the construction and operation of the <br /> 40 <br /> IM Project will increase the amount of real property taxes with respect to the Project and the <br /> b Project Site. The Redeveloper covenants that in the event it applies for, seeks, or <br /> i1 <br /> authorizes any exemption from the imposition of general real property taxes on the <br /> Project or Project Site, or any portion thereof, and, as a result thereof, the property taxes <br /> J1 are not or will not be paid with respect to the Project or the Project Site, or a portion <br /> `t thereof, the City, no less than sixty(60) days after written notice to the Redeveloper, shall <br /> ■■ be entitled to rescind the grant of benefits by the City to the Redeveloper pursuant to this <br /> 0 <br /> Agreement and after such rescission the Redeveloper shall promptly reimburse the City <br /> 0 for the cost of all the benefits granted by the City to the Redeveloper pursuant to this <br /> Agreement that have theretofore been received by the Redeveloper. Notwithstanding the <br /> above, if, within sixty (60) days following the receipt of the written notice from the City <br /> to the Redeveloper, the Redeveloper takes such action as is necessary to void such <br /> application for, attempt for, or authorization of such exemption from the imposition of <br /> general real property taxes on the Project or the Project Site, or a portion thereof, the <br /> City's right to rescind, pursuant to this provision, the grant of benefits shall be null and <br /> void and the Redeveloper shall not be obligated to convey, repay or otherwise reimburse <br /> the City for any benefits granted and received pursuant to this Agreement. Nothing <br /> herein shall be construed so as to prevent the City from enforcing any other rights it may <br /> have pursuant to this Agreement. Also,nothing herein shall be construed so as to prevent <br /> the Redeveloper from otherwise contesting the assessment or collection of any real <br /> property taxes under procedures set forth in the laws of the State of Illinois or any <br /> political subdivision thereof, provided that the Redeveloper gives the City fifteen (15) <br /> days prior written notice of its intent to contest the assessment or collection of real <br /> property taxes; provided, however, that the Redeveloper covenants and agrees that <br /> nothing contained herein shall relieve the Redeveloper from complying with all laws, <br /> rules and regulations of the State of Illinois and any political subdivision thereof <br /> pertaining to the levy and collection of said general real estate taxes. This Section 7.3 <br /> shall be an obligation of the Redeveloper (or assignee of the Redeveloper or subsequent <br /> Owner of the Project or Project Site or any portion thereof, as the case may be) only <br /> during the period that the Redeveloper (or assignee of the Redeveloper or subsequent <br /> Owner of the Project or Project Site or any portion thereof, as the case may be) owns a <br /> direct or indirect interest in the Project or Project Site or any portion thereof. <br /> 7.4 Duration of Covenants. It is intended and agreed that the covenants provided in <br /> Sections 7.1 and 7.3 of this Agreement shall remain in effect until December 31, 2035 <br /> and that the covenants provided in Sections 7.2 hereof shall remain effective without any <br /> time limitation; provided, that all such covenants shall be binding on the Redeveloper <br /> only for such period as the Redeveloper maintains a direct interest in the Project Site or <br /> the Project or part thereof(excluding, for example, an interest therein solely as a creditor <br /> or mortgagee), and only with respect to such direct interest in the Project Site or the <br /> Project or part thereof. <br /> 7.5 Covenants Running with the Land. Subject to Section 7.4, it is intended and agreed <br /> that the covenants set forth in Sections 7.1, 7.2 and 7.3 above shall be covenants running <br /> with the land and Sections 7.1 and 7.3 shall in any event be binding to the fullest extent <br /> permitted by law and equity, for the benefit and in favor of and enforceable by the City, <br /> and with regard to Section 7.2 hereof, the City, the State of Illinois and the United States <br /> of America. Provided, however, this Agreement is not intended to create any obligations <br /> for a bona fide purchaser of a condominium unit beyond the ownership of that unit. <br /> City of Decatur/Jackson Ford Redevelopment Agreement 8 <br />