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SECTION 4. BINDING NATURE OF OBLIGATIONS; SECURITY FOR PAYMENT.
<br />Anything herein to the contrary notwithstanding, upon the effective date of this Agreement, the Owners'
<br />obligation hereunder to pay Service Payments and to perform and observe any other agreements on their
<br />part contained herein, shall be absolute and unconditional and shall be covenants running with the land
<br />and shall be binding and enforceable by the City against the Owners, but only to the extent of the
<br />respective Owners' obligations and only with respect to its or their interest in the TIF Site and the
<br />Improvement, or any part thereof or any interest therein. Each Owner's obligation to pay the Service
<br />Payments shall be secured by a lien on its interest in the TIF Site and the Improvement, as provided by
<br />law and described in Section 12. Notwithstanding any provision of this Agreement to the contrary,
<br />Developer's and each Owner's liability under this Agreement shall be limited its right, title and interest in
<br />the Development. In no event shall Developer, any other Owner, or any of their respective employees,
<br />officers, managers, directors, partners, beneficiaries, members, joint venturers, shareholders, owners or
<br />affiliates be personally liable for any obligations hereunder.
<br />SECTION 5. PAYMENT OF TAXES; CONTESTS. Each Owner shall pay, cause, or require to
<br />be paid, as the same become due, all taxes, assessments, whether general or special, and governmental
<br />charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect
<br />to the TIF Site (except as otherwise provided herein) or any personal property or fixtures installed or
<br />brought therein or thereon (including, without limiting the generality of the foregoing, and by way of
<br />example, any taxes levied against an Owner with respect to the receipts, income or profits from leasing or
<br />subleasing space within the Improvement, which, if not paid, may become or be made a lien on all or any
<br />portion of the TIF Site).
<br />Notwithstanding the foregoing, and pursuant to the Development Agreement, the Developer or
<br />any individual Owner may, at their own expense and in good faith, contest the amount of any property
<br />taxes. Developer intends to consider the effect of changes in property values for all affected parties when
<br />participating in valuation challenges related to the TIF Site, as either a complainant or a counter -
<br />complainant.
<br />SECTION 6. NOTICES. All notices, designations, certificates, requests or other communications
<br />under this Agreement shall be sufficiently given and shall be deemed given on receipt when personally
<br />delivered, or 48 hours after being mailed by registered or certified mail, postage prepaid: if to the City, at
<br />12650 Detroit Ave. Lakewood, Ohio 44107, with a copy to the Law Department at 12650 Detroit Ave.
<br />Lakewood, Ohio 44107, if to the Developer, at c/o Alex B. Solove, 14837 Detroit Avenue, #339,
<br />Lakewood, Ohio 44107, with copies to Chris L. Connelly, Esq., Taft Stettinius & Hollister LLP at 65 E.
<br />State Street, Suite 1000, Columbus, Ohio 43215 and to Jared E. Oakes, Esq., Benesch Friedlander Coplan
<br />& Aronoff LLP, 200 Public Square, Suite 2300, Cleveland, Ohio 44114, and, if to the Owners, at their
<br />address or addresses of record on file in the office of the County Auditor of Cuyahoga County, Ohio. The
<br />City, the Developer, and any individual Owner may, by notice given under this Agreement, designate any
<br />further or different addresses to which subsequent notices, designations, certificates, requests or other
<br />communications shall be sent, and shall provide copies of all such communications to any of the others to
<br />all of the others.
<br />SECTION 7. EXEMPTION APPLICATIONS. Promptly upon the execution of this Agreement,
<br />the City shall file the required DTE form (or any other applicable or required forms) to evidence the
<br />City's application for exemption from real property taxation with respect to the TIF Site pursuant to
<br />O.R.C. Section 5709.911(A)(1). The City, the Developer, and any individual Owner shall cooperate with
<br />each other, and execute such further documents and provide such further information as are reasonably
<br />required in connection with the filing and processing of such applications. The parties hereto intend that
<br />such exemption from real property taxation will apply initially on the date on which the TIF Ordinance is
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