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Section 6.4 Right t9 Collect Delinquent Taxes. The Developer acknowledges that the City is <br />providing substantial aid and assistance in furtherance of the development through tax increment f'mancing. The <br />Developer understands that the increment will be used to reimburse the City for the cost of the Site Improvements <br />and, therefore, the real estate taxes must be promptly and timely paid. To that end, the Developer agrees for itseli:, <br />its successors and assigns, in addition to the obligation pursuant to statute to pay real estate taxes, that it is also <br />obligated by reason of this Agreement to pay before delinquency all real estate taxes due and payable with respect to <br />the Development Property prior to the Maturity Date based upon the minimum market value as stipulated in the <br />Assessment Agreement. The Developer acknowledges that tl~is obligation creates a contractual right on behalf of the <br />City to sue the Developer or its successors and assigns to collect such delinquent real estate taxes and any penalty or <br />interest thereon and to pay over the same as a tax payment to the county auditor. In any such suit, the City shall also <br />he entitled to recover its costs, expenses and reasonable attorney fees. <br /> <br />Page 15 <br /> <br />I <br />I <br />I <br />! <br /> <br />iI <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />