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City shall be entitled to a tax lien on Company' s above described <br /> property, all improvements thereon, and all tangible personal <br /> 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 /> 9 <br />