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X709.40) are exempt from real property taxation (collectively the "Exemption Period") pursuant to <br />the Act, and pursuant to the TIF Ordinance and any additional ordinances amending or <br />supplementing the TIF Ordinance, heretofore or hereafter adopted, the Company, for itself and any <br />successors in interest to the Property, or any part thereof or interest therein, hereby agrees to make <br />semiannual service payments in lieu of taxes (the "Service Payments") with respect to the exempted <br />portion of the Improvements pursuant to and in accordance with the requirements of the Act, and <br />pursuant to the TIF Ordinance and any amendments or supplements thereto. Such Service <br />Payments shall be made semiannually to the County Treasurer (or to his designated agent 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 bear interest <br />and shall be subject to penalties at the same rate and in the same amount and payable at the same <br />time as delinquent taxes. Each semiannual Service Payment shall be in the same amount as the real <br />property taxes that would have been charged and payable against the exempted portion of the <br />Improvements had an exemption from taxation not been granted, and otherwise shall be in <br />accordance with the requirements of the Act. The obligations of the Company, and its successors <br />and assigns, to make the Service Payments shall be unconditional, and shall not be terminated for <br />any cause, and there shall be no right to suspend or set off such Service Payments for any cause, <br />including without limitation any acts or circumstances that may constitute failure of consideration, <br />destruction of or damage to the Company Project, commercial frustration of purpose, or any failure <br />by the Village to perform or observe any obligation, or covenant, whether express or implied, <br />arising out of or connection with this Agreement. <br />The Company further agrees for itself and its successors and assigns to prepare and file <br />in cooperation with the Village all necessary applications and supporting documents to obtain the <br />-~- <br />