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2. The City hereby waives any requirement otherwise applicabie that Owner pays to <br /> the City any fee for filing the petition referred to in paragraph 1 hereof. <br /> 3. Upon receipt of said annexation petition, the City shall annex the territory described <br /> therein to the City as provided by law. <br /> 4. During the term of this agreement, and subject to paragraph 5 hereof, and as limited <br /> herein, the City shall pay to Owner, or his/her heirs, successors or assigns, annually, an <br /> amount equal to the real property tax levied by the City and Decatur City Library for which the <br /> owner of the Premises is liable during that year. Such payment shall be made by the City <br /> upon presentment to the Finance Department of a copy of the tax bill for said Premises as <br /> prepared by the Macon County Treasurer, and shall be made in one (1) installment. It is the <br /> purpose of this payment, and the intent of the parties hereto, to abate that portion of real <br /> property tax caused by the annexation of the Premises. <br /> 5. If the Premises are subdivided, or subject to an equivalent procedure, during the <br /> term of this agreement, as provided in Ordinance No. 80-56 of the City of Decatur (the <br /> "Subdivision Ordinance"), then the City shall be liable only for payments, as described in <br /> paragraph 4, for property not covered by an approved final plat, or its equivalent. <br /> 6. The provisions of this agreement shall supersede the provisions of any ordinance, ; <br /> code or regulation of the City which may be in conflict with the provisions of this agreement. <br /> 7. If any provision of this agreement is held invalid, the remainder hereof shall not be <br /> affected thereby. <br /> 8. Time is of the essence of this agreement. <br /> 9. This agreement shall run with the land, subject to the terms of paragraph 10 below. <br /> 10. The term of this agreement is for a period of finrenty (20) years from the date <br /> hereof. <br />