2005 048 Ordinance - Laserfiche WebLink

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Section 1. Expansion of the Facility. Mayfran hereby covenants and agrees, that if economically feasible to expand or improve the Facility in a manner consistent with Mayfran Project described in Exhibit B attached hereto. Section 2. Covenant to Make Payments in Lieu of Taxes With Respect to Property. For the period that all or part of the "Improvements" with respect to the have the meaning as defined in Ohio Revised Code Section 5709.40) taxation (sometimes herein the "Exemption Period") Ordinance and any additional ordinances amendin* or hereafter adopted, Mayfran, for itself and any Property, or any part thereof or interest in lieu of taxes (sometimes herein t?' the Improvements pursuA the TIF Ordinance and any made semiann ally to the Payment or before for the Im e s. Any l at the same rat in semiannual Service P en ts of the Act, and pursuant to Such Service Payments shall be to his designated agent for collection of the Service real property taxes would otherwise be due and payable Payments shall bear interest and shall be subject to penalties amount and payable at the same time as delinquent taxes. Each shall be in the same amount as the real property taxes that would have been charged and payable against the exempted portion of the Improvements had an exemption from taxation not been granted. The obligations of Mayfran, and its successors and assigns, to make the Service Payments shall be unconditional, and shall not be terminated for any cause, and there shall be no right to suspend or set off such Service Payments for any cause, including without limitation ("Improvements" shall to the Act, and real property to the TIF ting the TIF Ordinance, heretofore to the Facility and/or semiannual service payments respect to the exempted portion of Draft of T.I.F. Agreement between Mayfield Village and MF Real Estate Partners, LLC Page 3 of 18 As of 11/18/05 4:19 PM