2006-102 APPROVING A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR, ILLINOIS AND IP PLAZA, LLC, IN CONNECTION WITH THE EASTGATE COMMONS REDEVELOPMENT PROJECT AREA

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' t� o�S : :�"r'01 t='a t�e : #�:�`� 6. CHANGES IN LAVVS OR P120CEDURES The City and the Developer agree that, if the Act is amended �o allow parties such as the Developer to obtain new or additional benetits, the City will, at ��the Developer's cost and e�pense, amend the Itedevelopment Plan ar Redevelopment Pro��ct if so requested by the Developer if such action will not cause the City to lose any reven e or incur any additional liabilities which are not reimbursable out of the real estate tax increm nt. The City and tl-�e Ded�eloper also agree that if the Act is rep aled, or if the method by which real estate taxes are assessed or levied or other action is take (such as a change in the rnethod of funding public education) with the effect that the Dev loper is unable to obtairi reimbursernent of'all or a portion of its Eligible Redevelopm�nt Proje t Costs in the manner and tin�etable contemplated by this Agreement, the City agrees to take al� necessary action to assist the Developer in recovering the lost benefits provided that such ac�tions do not result in any revenue luss to the City in excess of that which would have resulted f�om the continuation of the Redevelopment Proju�:t .Ar;,�a or results in any general obligation of t e cit� or any claim against its fuil faith and credit. "I his includes ��ithout lirnitation adopt'ng plans or proj�ets ar par�icipating in tax-incentive �r subsidti programs which w•ould allo the Developer to.j6e�over the unreimbursed Eligible Redevelopmen+ Project Costs (or any o her costs incurred �,y the De��tloper v��hich are eli.gible far reimbursement or set-off under any s�ch law). ,�;;� 7. llEFAU�.,'I'; CLJI�E; REMEDIES ln the event of a detiiult unde�� this Redevelopment Agreement }� any party heretc� (the "Det:�trlting Party"), which default is not cured within the cure p�rio pro��ided for belo��. then the other party (the "Non-defaulting Party") shall have an action for,damages, or, in the event damages w�ould nut fairly� compensate the I��on-defaulting Parties or the Defaulting i'arty's breach of this Redevelopment Aareement, the Non-defaulting Party s�iall have such other rights and remedies as are avail�ble to them at law or in equity . Any da ages payable by the City - hereunder shall be limited lc� cuirent ar future funds within �he IP Plaz , �_L.0 S�ecial Acc�unt of thc fi��ecial Tax Alic�catiori Fund under the terms oi`this ��greement, a d not otherwise. �:xcept in the event of misapplication of funds due Developer, or willfiul failure t� perf�rm eii behaif of th;,� C it,y�. {n the event a Defaultin�; Party sh�ll faii to perform a mon tary covenant wh.ich it is re��uired to perform t�nd�r this Redevelopment Agreer.�ent, it shall nut e deemed tc� be in default under tliis RedevelopiYierat ��greement unless it shall have failed t� perform such monetary covenz�r.i within ter (I('i) days of'its receipt of a notice from a Non- efaulting Party specifying that it has failed to perform such monetary covenant. In the �vent Defaulting Party fails to p�rform any nonmonetary covenant as and when it is required to nder this Kedevelopment Agreement, it shall not ue deemed te t�e in default if it shall have cure such default within thirty (30) days of its receipt i>f a notice from a Non-defaulting Party sp cifying the nature of the default, provided, however, with respect to those nonmonetary default which are not capable of bein��. cured within such thirty (30) day period, it shall not be dee ed to be iri default if it Page 13 of 32 �