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- 2 - <br /> NOW, THEREFORE, for and in consideration of the mutual promises and <br /> obligations made and assumed herein, and pursuant to the authority of 65 ILCS 5/11- <br /> 15.1-1 et seq., the City, Pheasant Run and Westerman agree as follows: <br /> 1. Pheasant Run and Westerman shall file not later than July 1, 1994, an <br /> annexation petition with the City, in compliance with 65 ILCS 5/7-1-8, said petition to <br /> describe the Premises and to request that the same be annexed to and included within the <br /> corporate limits of the City. The terms of this paragraph 1 are unconditional and <br /> unaffected by Pheasant Run's failure to obtain Tax Credits described in paragraph 4 <br />, below. <br /> 2. The Ci hereb waives an re uirement otherwise a licable that said <br /> tY Y Y q PP <br /> parties pay to the City any fee for filing the petition referred to in paragraph 1 hereof. <br /> 3. That upon receipt of said annexation petition, the Ciry shall annex the <br /> Premises to the City as provided by law. <br />� 4. On or before July 31, 1994 Pheasant Run shall file an application with the <br /> Illinois Housing Development Authority (the "Authority") seeking Low Income Housing <br /> Tax Credits ("Tax Credits") under the terms of Section 42 of the Internal Revenue Code <br /> for the Project and will thereafter use due diligence to obtain such Tax Credits for the <br /> Project. All obligations of City and Pheasant Run to one another under the terms of this <br /> re erva i the Auth ' <br /> A reement are contin ent u on the s t on of Tax Credits b on for the <br /> g <br /> g P Y tY <br /> Project not later than September 17, 1994. If such reservation of Tax Credits by the <br />' Authoriry does not occur on or before September 17, 1994, neither City nor Pheasant <br />