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