R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

Home Browse Search

, instrument now or hereafter executed, or at law or in equity (including, without limitation, any right of reimbursement or contribution pursuant to CERCLA), and shall not in any way be deemed a waiver of any such rights. The provisions of this Section 16 and the obligations contained herein shall survive the Closing. 18. TERM OF THE AGREEMENT This Agreement shall automatically expire with no further action being required by Municipality upon the expiration of the Redevelopment Plan and the TIF District (adopted by the Municipality) and the receipt of the tax increment. The Redevelopment Plan shall have the ma�cimum term permitted by law at the time of its adoption or any extension permitted by law hereafter. If the Redevelopment Plan is scheduled to terminate prior to payment of all Eligible Project Costs, the Municipality agrees to take all steps necessary to extend the term of the Redevelopment Plan for a time period sufficient to allow repayment of all Eligible Project Costs to the Developer and the term of this Agreement shall be extended for a corresponding period of time as allowed under the Act. 19. INTERPRETATION Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality, or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable. 20. COUNTERPARTS This Agreement may be executed in one or more counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same Agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to each of the parties hereto. 21. GOVERNING LAW This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. 22. CONSTRUCTION The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against either party, regardless of which is the drafter. 23. HEADINGS All headings contained in this Agreement are for convenience of reference only and shall not be interpreted to expand or limit any provision hereof. 24. AUTHORITY Each of the above said parties represents and warrants that each of -22 -