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' ' annexation petition with the City, in compliance with <br /> I11.Rev.Stat. 1991, ch. 24, par. 7-1-8, ("7-1-8 petition") <br /> said petition to describe the Premises and to request that <br /> the same be annexed to and included within the corporate <br /> limits of the City. <br /> 2 . The City hereby waives any requirement otherwise <br /> applicable that the Schnakes pay to the City any fee for <br /> filing the petition referred to in paragraph 1. hereof. <br /> 3 . Upon receipt of said annexation petition, the City <br /> shall annex the Premises to the City as provided by law. <br /> 4 . If the Premises are annexed to the City at any time <br /> subsequent to the date on which the Council received this <br /> Agreement and scheduled a public hearing to be held thereon, <br /> pursuant to law, and if such annexation is pursuant to a <br /> petition other than a 7-1-8 petition, which other petition <br /> is joined in by the Schnakes, such other petition and such <br /> annexation shall be considered by the parties hereto as <br /> fully complying with the terms of paragraph 1 through 3 <br /> hereof, and all remaining tems and conditions of this <br /> Agreement shall be binding on said parties as set forth <br /> herein. <br /> 5. During the term of this Agreement, the City shall <br /> pay to the Schnakes, annually, an amount equal to the real <br /> property tax levied by the City on the Premises for which <br /> the Schnakes are liable during that year. Such payment <br /> shall be made by the City upon presentment to the Finance <br />