O-1958-558 (first reading) - Laserfiche WebLink

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~ ~ • for the enforcement of this Agreement are cumulative of those otherwise resting in the City for the en~- forcement or collection of ad valorem taxes. 5. The payments to be made by each of the Industries hereunder to the City are tax payments and not payments in lieu of taxes. V. In the event the City should for any reason dissolve or become dis-established in any manner during the term hereof, the unaccrued obligations of the Indus- • tries.hereunder shall immediately cease. VI . The term of this Agreement shall be from Janu- ary 1, 1959 to and including December 31, 1963; provided, however, that in the event this Agreement is not renewed and/or extended in the same or an amended form on or be- f ore November 1, 1963, the agreement of the City not to annex additional portions of the properties of the Indus- tries shall terminate. No provision hereof shall prejudice the rights of any of the parties hereto after termination of this Agreement. • VII. The terms and provisions hereof shall be bind- ing upon, and inure to the benefit of, the successors and assigns of the parties hereto. Provided, however, that upon the sale, conveyance or lease, during the term hereof, to any person or corporation not a party hereto, by any of the Industries, of any of its land within the area, upon which no substantial improvements exist on the date hereof, the land so disposed of, and any substantial improvements thereaf ter placed thereon, shall thereupon not be further sub,~ect to the operation of this Agreement for all purposes, except that the annexation of said Amended Ordinance No.558 -7 -