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TAX INCREMENT FINANCING AGREEMENT <br />This Tax Increment Financing Agreement (the "Agreement"), made and entered into as <br />of this day of , 2000, by and between Mayfield Village, Ohio (the "Village"), a <br />municipal corporation organized and existing under the constitution and the laws of the State of <br />Ohio, and Governor's Village L.L.C., a Michigan corporation registered in Ohio as a foreign <br />limited liability company, with its main offices located at 8506 Hendricks Road, Mentor, Ohio, <br />44060 (the ``Company"). <br />WITNESSETH: <br />WHEREAS, the Company owns title to certain real property located in the Village and <br />described in Exhibit A attached hereto (the "Property"), and the Company will construct assisted <br />living facilities and related improvements thereto, and potentially also will construct nursing care <br />and office building facilities, as further described in Exhibit B attached hereto (the "Company <br />Project"); <br />WHEREAS, the Company desires that the public improvements described in Exhibit C <br />attached hereto (the "Public Improvements'.') be constructed and installed by the Village, and agrees <br />that the Public Improvements will directly benefit the Property; and <br />WHEREAS, in connection with financing the Public Improvements the Village has <br />determined that it is necessary and in the best interests of the Village to provide for the making of <br />service payments in lieu of taxes by the Company and its successors and assigns with respect to the <br />Property, pursuant to and in accordance with Ohio Revised Code Sections X709.40, 5709.42 and <br />5709.43 (the "Act"); and the Village intends to pass an ordinance pursuant to the Act (the "TIF <br />