R2015-116 Redevelopment Agreement Evergreen Hospitality

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C m4550 50P em -38' . Exhibit 3 3. The Declarant covenants that it will pay all real estate taxes with respect to the Project Site or Project when due; and shall not apply for, seek, or authorize any exemption from the imposition of general real estate taxes on said Project Site or Project without first obtaining the prior written approval of the City of Decatur. Nothing herein shall be construed so to prevent Declarant from contesting the assessment or collection of any taxes under statutory procedures set forth in the Illinois Compiled Statutes;provided that the Declarant, its successors and assigns shall give the City of Decatur fifteen(15) days prior written notice of its intent to contest the assessment or collection of taxes. GENERAL PROVISIONS 4. It is intended and agreed that the covenants provided in Sections 1 and 3 of this Declaration shall remain in effect until the termination of the Agreement; provided, that all such covenants shall be binding on the Declarant only for such period as the Declarant maintains a direct ownership interest in the Project Site or Project or part thereof(excluding, for example, an interest therein solely as a creditor or mortgagee), and only with respect to such direct ownership interest in the Project Site or Project or part thereof. The termination of the covenants in Sections 1 and 3 shall be effective upon the happening of the events described in this Section 4 without any further action by either Declarant or the City and without the recording of any release or other document. 5. Subject to Section 4 above, it is intended and agreed that the covenants set forth in Sections 1 through 3 above shall be covenants running with the land and that they shall in any event and without regard to technical classification or designation as legal or otherwise,be binding to the fullest extent permitted by law and equity,for the benefit and in favor of and enforceable by the City and with regard to Section 2 above, the City,the State of Illinois,and the United States of America. 6. Failure by the City or as the case may be,by the State of Illinois or the United States of America to enforce any covenant or restriction herein contained, shall in no event be deemed a waiver of the right to do so thereafter. 7. Invalidation of any one of these covenants or restrictions by judgment or court order, shall in no way affect any other provisions,which shall remain in full force and effect. 8 Covenants and restrictions of this Declaration may be amended by the Declarant only by duly recording an instrument,executed and acknowledged by the City. Executed at Decatur, Illinois, on the date first above written. EVERGR dT?OSPITAL' Y LLC Illinois Li 't Lia ompany By: Print Name: �EJt RCS Title: Nb.V�OID�wQ Mey�bc�" City of Decatur/Evergreen Hospitality LLC 27