Tax and Related Payment Obligations. The Developer agrees to pay and discharge, promptly and when the same shall become due, all general ad valorem real estate taxes and assessments, all applicable interest and penalties thereon, and all other charges and impositions of every kind and nature which may be levied, assessed, charged or imposed upon the Property or any part thereof that at any time shall become due and payable upon or with respect to, or which shall become liens upon, any part of the Property. The Developer, including any others claiming by or through it, also hereby covenants and agrees not to file any application for property tax exemption for any part of the Property under any applicable provisions of the Property Tax Code of the State of Illinois (35 ILCS 200/1-1 et seq.), as supplemented and amended, unless the City and the Developer shall otherwise have first entered into a mutually acceptable agreement under and by which the Developer shall have agreed to make a payment in lieu of taxes to the City, it being mutually acknowledged and understood by both the City and the Developer that any such payment of taxes (or payment in lieu thereof) by the Developer is a material part of the consideration under and by which the City has entered into this Agreement. This covenant of the Developer shall be a covenant that runs with the land being the Property upon which the Project is undertaken and shall be in full force and effect until December 31, 2037, upon which date this covenant shall terminate and be of no further force or effect (and shall cease as a covenant binding upon or running with the land) immediately, and without the necessity of any further action by City or Developer or any other party; provided, however, upon request of any party in title to the Property, the City shall execute and deliver to such party an instrument, in recordable form, confirming for the record that this covenant has terminated and is no longer in effect. Nothing contained within this Section 5.4 shall be construed, however, to prohibit the Developer from initiating and prosecuting at its own cost and expense any proceedings permitted by law for the purpose of contesting the validity or amount of taxes, assessments, charges or other impositions levied or imposed upon the Property or any part thereof.
Tax and Related Payment Obligations. 7.3.1 Following conveyance of a Parcel or Phase to Developer, the Developer agrees to pay and discharge all ad valorem real estate taxes and assessments, all applicable interest and penalties the property (“Property Taxes”) and all other material impositions that may be levied, assessed, charged, or imposed upon the Parcel or Phase on or before the date that those Property Taxes become due.
7.3.2 The Developer (including its successors and assigns) hereby covenants and agrees not to file any application for an exemption from any Property Taxes for any part of or interest in the Project unless the City and the Developer have first entered into a mutually acceptable agreement under which the Developer has agreed to make a payment in lieu of taxes to the City such that the tax revenue received by the City and attributable to the Project Site is equivalent to that tax revenue which would have been received if no part or interest in the Project Site was exempt from Property Taxes.
7.3.3 The parties acknowledge that the Developer’s payment of Property Taxes (or payment in lieu thereof) is a material part of the consideration under and by which the City has entered into this agreement.
7.3.4 Nothing in this Section is to be construed to prohibit the Developer from initiating and prosecuting, at its own costs and expense, any proceeding permitted by law for the purpose of contesting the validity or amount of any taxes, assessments, charges, or other impositions levied or imposed upon any portion of the Project Site (including any Parcel), but the Developer shall first give the City written notice of its intent to do so at least 15 days before initiating any such proceeding.
7.3.5 To the extent that any fine, penalty, interest, or cost for nonpayment pursuant to such returns or pursuant to any assessment is required to be paid, the Developer shall timely pay such fine, penalty, interest, or cost for nonpayment.
Tax and Related Payment Obligations. The Developer agrees to pay and discharge, promptly and when the same shall become due, all general ad valorem real estate taxes and assessments, all applicable interest and penalties thereon, and all other charges and impositions of every kind and nature which may be levied, assessed, charged or imposed upon the Property or any part thereof that at any time shall become due and payable upon or with respect to, or which shall become liens upon, any part of the Property. The Developer, including any others claiming by or through it, also hereby covenants and agrees not to file any application for any reduction in the equalized assessed valuation or any property tax exemption in connection with the Property or any part thereof under any applicable provisions of the Property Tax Code of the State of Illinois (35 ILCS 200/1-1 et seq.), as supplemented and amended, it being mutually acknowledged and understood by both the City and the Developer that any such payment of the ad valorem real estate taxes by the Developer is a material part of the consideration under and by which the City has entered into this Agreement. This covenant of the Developer shall be a covenant that runs with the land being the Property upon which the Project is undertaken and shall be and remain in full force and effect during the term of this Agreement, upon which date this covenant shall terminate and be of no further force or effect (and shall cease as a covenant binding upon or running with the land) immediately, and without the necessity of any further action by City or Developer or any other party; provided, however, upon request of any party in title to the Property, the City shall execute and deliver to such party an instrument, in recordable form, confirming for the record that this covenant has terminated and is no longer in effect.
