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<br />Section 6.3. Right to Collect Delinquent Taxes. The Developer acknowledges that the <br />City is providing substantial aid and assistance in furtherance of the development through tax <br />increment financing. The Developer understands that the increment pledged to repay the TIP <br />District Fund in the form of real estate taxes must be promptly and timely paid. To that end, the <br />Developer agrees for itself, its successors and assigns, in addition to the obligation pursuant to <br />statute to pay real estate taxes, that it is also obligated by reason of this Agreement to pay, before <br />delinquency, all real estate taxes assessed against the Development Property based upon the <br />minimum market value as stipulated in the Assessment Agreement The Developer acknowledges <br />that this obligation creates a contractual right on behalf of the City to sue the Developer, or its <br />successors and assigns, to collect delinquent real estate taxes and any penalty, or interest thereon, <br />and to pay over the same as a tax payment to the county auditor. In any such suit, the City shall <br />also be entitled to recover its costs, expenses and reasonable attorney fees. <br /> <br />Page 15 <br />