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<br />NOW, THEREFORE, in consideration of the premises and covenants contained <br />herein, and to induce the City to pay for the costs of the Public Infrastructure Improvements, the <br />parties hereto agree as follows: <br /> <br />1. Construction of the Improvements. Developer hereby covenants and <br />agrees to construct or cause to be constructed on the Project Site the Improvements described in <br />Exhibit Bl and B2 attached hereto in conformity with the Development Agreement to be entered <br />into between the City and Developer and to be dated as of even date herewith (the "Development <br />Agreement"). <br /> <br />2. General Covenants of the Developer. <br /> <br />(a) For the period that all or any part of the "Improvements" with respect to <br />the Project Site are exempt from real property taxation (the "Exemption Period"), or until earlier <br />termination of this Agreement as provided herein, pursuant to the Act and the TIP Ordinance and <br />any amendments or supplements thereto, heretofore or hereafter adopted, Developer, for itself <br />and any successors in interest to the Project Site, or any part thereof or interest therein, hereby <br />covenants and agrees to make (or cause to be. made) semiannual Service Payments in lieu of real <br />estate taxes with respect to the exempted portion of the Improvements pursuant to and in <br />accordance with the requirements of the Act, and pursuant to the TIP Ordinance and any <br />amendments or supplements thereto. The obligation to make Service Payments shall run with <br />the land. The Service Payments shall be made semiannually to the Treasurer of the County of <br />Cuyahoga, Ohio (the "County"), or to the designated agent of the Treasurer of the County for <br />collection of the Service Payments, on or before the date on which real property taxes would <br />otherwise be due and payable for the Improvements. Any late Service Payments shall include <br />interest and penalties at the same rate and in the same amount and payable at the same time as <br />delinquent real property taxes. Each semiannual Service Payment shall be in an amount equal to <br />the real property taxes that would have been charged and payable against the exempted portion <br />of the Improvements if an exemption from real property taxation had not been granted, plus all <br />interest and penalties thereon for nonpayment, and shall otherwise be in accordance with the <br />requirements of the Act. <br /> <br />It is intended and agreed, and it sIlall be so provided in any future deed conveying <br />the Project Site or any portion thereof, that the covenants provided in this Section 2 shall be <br />covenants running with the land and that they shall, in any event and without regard to technical <br />classification or designation, legal or otherwise, be binding to the fullest extent permitted by law <br />and equity, for the benefit and in favor of and enforceable by, the City, whether or not this <br />Agreement remains in effect and whether Of not such provision is included in any succeeding <br />deed to Developer's successors and assigns. It is further intended and agreed that these <br />agreements and covenants shall remain in effect for the full period of exemption permitted in <br />accordance with the requirements of the Act, the TIP Ordinance and this Agreement. <br /> <br />Such covenants running with the land in the Deed shall have priority over any <br />other lien or encumbrance on the Project Site other than the Permitted Encwnbrances set forth in <br />Exhibit D attached hereto. <br /> <br />(b) Developer shall prepare and file or cause to be prepared and filed in <br />cooperation with the City all necessary applications and supporting documents to obtain the <br /> <br />2 <br />