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property thereon, in the event of default in payment of "in lieu of taxes" <br />payments hereunder, which shall accrue penalty and interest in like manner <br />as delinquent taxes, and which shall be collectible by City in the same <br />manner as provided by law for delinquent taxes. <br />VIII. <br />This Agreement shall inure to the benefit of and be binding upon City <br />and Company, and upon Company's successors and assigns, affiliates and <br />subsidiaries, and shall remain in force whether Company sells, assigns, <br />or in any other manner disposes of, either voluntarily or by operation <br />of law, all or any part of the property belonging to it within the <br />territory hereinabove described, and the agreements herein contained <br />shall be held to be covenants running with the land owned by Company <br />situated within said territory, for so long as this Agreement or any <br />extension thereof remains in force. Company shall give City written notice <br />within ninety (90) days, with full particulars as to property assigned <br />and identity of assignee, of any disposition of the Land, and assignment <br />of this Agreement. <br />IX. <br />If City enters into an Agreement with any other landowner with respect <br />to an industrial district or enters into a renewal of any existing <br />industrial district agreements after the effective date hereof and while <br />this Agreement is in effect, which contains terms and provisions more <br />favorable to the landowner than those in this Agreement, Company and its <br />assigns shall have the right to amend this Agreement and City agrees to <br />amend same to embrace the more favorable terms of such agreement or <br />renewal agreement. <br />X. <br />The parties agree that this Agreement complies with existing laws <br />pertaining to the subject and that all terms, considerations and <br />conditions set forth herein are lawful, reasonable, appropriate, and not <br />unduly restrictive of Company's business activities. Without such <br />agreement neither party hereto would enter into this Agreement. In the <br />event any one or more words, phrases, clauses, sentences, paragraphs, <br />sections, articles or other parts of this Agreement or the application <br />thereof to any person, firm, corporation or circumstances shall be held <br />by any court of competent jurisdiction to be invalid or unconstitutional <br />for any reason, then the application, invalidity or unconstitutionality <br />of such words, phrase, clause, sentence, paragraph, section, article or <br />other part of the Agreement shall be deemed to be independent of and <br />separable from the remainder of this Agreement and the validity of the <br />remaining parts of this Agreement shall not be affected thereby. <br />XI. <br />Upon the commencement of the term of this Agreement, all other <br />previously existing industrial district agreements with respect to <br />E <br />