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exemption from real property taxation for the Improvements authorized by the Act and the TIF <br />Ordinance, to enable the County to collect Service Payments thereunder and disburse such payments <br />to the Village. The Village will assist and cooperate with Mayfran in connection with the <br />preparation and filing of the required exemption applications. <br />It is intended and agreed, and it shall be so provided by Mayfran in any future deed from <br />Mayfran conveying the Property or any part thereof, that the covenanWvided in this Section 2 <br />shall be covenants running with the land and that they shall, in any ONentWwithout regard to <br />technical classification or designation, legal or otherwise be binding to the fulleslWnt permitted <br />by law and equity, for the benefit and in favor of a enf ble by, the Village, against Mayfran <br />and its successors and assigns, to all of the Property o?art t o terest therein, including, <br />without limitation, any grantee in a con ope?any part thereof through judicial <br />process, whether or not this Agree' re in ef or whether or not such provision is <br />included by Mayfran in succe 'ng de M o its successors and assigns. It is further <br />intended and agreed that the eeme d co ants shall remain in effect for the full period of <br />exemption penmitted in WordailWwith tlT requirements of the Act and the Village's TIF <br />any other na?`Eed pursuant thereto. <br />Se7MJhU,JWec1aratioiW Restrictions. The Property shall be made subject to the covenants <br />running with thlWd prAWed in Section 2 hereof, by the signing and recording by Mayfran of a <br />declaration of restrict?fis (the "Declaration") in form and substance satisfactory to the Village, and <br />which Declaration shall be signed by Mayfran and recorded in the official records of Cuyahoga <br />County prior to passage by the Village Council of its ordinance authorizing entering into a loan <br />agreement with the State of Ohio, or issuance of the Village's notes, to finance costs of the Public <br />Draft of T.I.F. Agreement between Mayfield Village and MF Real Estate Partners, LLC <br />Page 5 of 18 As of 11/18/05 4:19 PM