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payments under paragraph 5 hereof shall cease and terminate as of <br /> the date of said occurrence. No payments under paragraph 5 <br /> hereof shall be made by the City on any tax bill presented after <br /> the date of any occurrence listed herein, regardless of the fact <br /> that the tax liability evidenced thereby accrued prior to the <br /> date of such occurrence. The City shall be liable for payment to <br /> the Corporation, or its assigns, on any tax bill presented prior <br /> to the date of any such occurrence. <br /> 7. The Corporation shall, within 60 days of the execution <br /> of this Agreement, convey to the City, by Warranty Deed, the <br /> following described real property: <br /> A 70-foot wide right of way 35 feet each side of the <br /> following described center line: <br /> Beginning on the Northeast corner of Lot 7 of the <br /> Northeast Business and Industrial Complex First Addition <br /> as per Plat recorded in Book 1575 Page 228 of the <br /> records in the Recorder' s Office of Macon County, <br /> I1Zinois, thence East to a point, said point being on <br /> the West right of way line of the Illinois Central <br /> Railroad and 415 feet North of the South line of the <br /> Northeast Quarter of Section 6 Township 16 North, Range <br /> 3 East of the 3rd P.M. I <br /> 8. The provisions of this Agreement shall supersede the I� <br /> provisions of any ordinance, code or regulation of the City which li <br /> may be in conflict with the provisions of this Agreement. I� <br /> 9. Time is of the essence of this Agreement. <br /> 10. This Agreement shall run with the land, subject to the <br /> terms of paragraph 11 below. <br /> 11. The term of this Agreement is for a period of 20 years <br /> from the date hereof. <br />