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<br />exemption from real property taxation for the Improvements authorized by the Act and the TIF <br />Ordinance to enable the Treasurer of the County to collect Service Payments thereunder and to <br />disburse such payments to or for the account of the City for deposit into the Berea Road <br />Redevelopment Area 5 Public Improvement Tax Increment Equivalent Fund (the "Fund"). The <br />City will cooperate with Developer in connection with the preparation and filing of the required <br />exemption applications. <br /> <br />3. Termination. <br /> <br />(a) This Agreement, together with all covenants and obligations set forth in <br />this Agreement, shall automatically terminate upon the earliêr to occur of (i) the expiration of the <br />Exemption Period referred to in Section 2 hereof, provided that the Bonds have been paid in full <br />or provision for their payment has been made, or (ii) the full payment of all Service Payments <br />payable with respect to such Exemption Period and all Service Payments which are accrued but <br />unpaid to the date of termination have been paid in full. <br /> <br />(b) Upon the termination of this Agreement, the exemption from real property <br />taxes shall cease and terminate and the City shall, within thirty (30) days of a request by <br />Developer (the "Termination Request"), sign one or more instruments in recordable form <br />evidencing such termination for filing with the Recorder's Office of the County. <br /> <br />4. Assignment. Prior to completion of the Improvements, Developer agrees <br />not to assign this Agreement or transfer Developer's interest in the Project Site or any part <br />thereof, without the prior written consent ofthe City. After completion of the Improvements and <br />obtaining a certificate of occupancy therefor, Developer may transfer the Improvements and <br />Developer may assign this Agreement, provided that Developer has provided the City with prior <br />notice of such transfer, and provided, further, that any instrument of transfer complies with the <br />provisions of Section 3(a) hereof. <br /> <br />5. Proiect Site Damage Insurance: Damage or Destruction. Developer agrees <br />that so long as this Agreement remains in effect, at its own cost and expense, it shall keep the <br />Project Site (including the improvements to be constructed thereon) with all improvements <br />thereon insured (1) against loss or damage by fire and lightning, including, by an extended <br />coverage endorsement, windstorm, hail, explosion (except boiler), riot, riot attending a strike and <br />civil commotion, damage from aircraft and vehicles and smoke damage with policies of special <br />form insurance· in an amount not less than the full replacement cost thereof (excluding <br />foundation, excavation and other uninsurable costs), (2) against loss or damage by any steam <br />boiler, pressure vessel or other such apparatus as the City may reasonably deem necessary to be <br />covered by such insurance, but in any event to covèr such equipment as is used in Developer's <br />business, and (3) against such other risks, of a similar or dissimilar nature, as are or shall be <br />customarily covered with respect to Project Site similar in construction, general location, use and <br />occupancy to the Project Site. <br /> <br />Such insurance shall be effected under standard form policies issued by insurers <br />of recognized responsibility, authorized to do business in the State of Ohio and well rated by <br />national rating organizations. Developer shall furnish or cause to be furnished to the City <br />certificates or other evidence of such insurance upon the commencement of the construction of <br />the Improvements. <br /> <br />3 <br />