The comparator, together with R1/2/3/4/5 and C4, form a schmitt-trigger oscillator. Without C3 connected, it will oscillate at some low frequency (in the vicinity of 0.6/R2/C4 Hz). The voltage on C4 will oscillate between 1/3*Vcc and 2/3*Vcc, the comparator output will be either 0V or Vcc (roughly), and the comparator +ve input will be either 1/3*Vcc or 2/3*Vcc.
When you connect C3 and the LC resonant circuit, things change. When the comparator changes state, some charge will flow through C3 and will excite the LC tank. The LC tank will resonate and will trigger the comparator, which will in turn provide another charge through C3 (every half cycle) to keep the LC circuit oscillating. The frequency output by the oscillator is now determined (mostly) by the L and C values.