R2010-167 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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: X 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 rea] estate taxes. This Section 73 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 tl�at the Redeveloper (or assignee of the Redevelop�r 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 December 31, 2025 and that the covenants provided in Sections 7.2 hereof shall remain effective without any time limitation; 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. 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, 7.2 and 73 above shall be covenants running with the land and Sections 7.1 and 73 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, and with regard to Section 7.2 hereof, the City, the State of Illinois and the United States of America. 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 Forms of Covenants and Restrictions. Certain of the covenants, uses and restrictions referred to in this Article IX shall substantially be in the form of the Declaration of Covenants, Uses and Restrictions attached hereto and made a part hereof as E�►ibit 3 which shall be executed 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. ARTICLE IIX: INDEMNIFICATION 8.1 Redeveloper Indemnification of the City. So long as the Redeveloper maintains a direct interest in the Project or Project Site or any part thereof(excluding, for example, an interest therein solely as a creditor or inortgagee) and notwithstanding anything to the contrary in this Agreement, the Redeveloper agrees to indemnify, defend and save the City, its officers, employees, Council members, Mayor, agents and representatives and each of their successors and assigns harmless from and against any and all claims, City of Decatur/Slumberland Redevelopment Agreement 12