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issuance of the Guaranty Note pursuant and subject to the terms of this Agreement, and the <br />taking by the City of such additional actions as bond counsel for the Guaranty Note may require <br />in connection therewith, are hereby authorized and approved by the City. <br />Section 4.4 Real Property Taxes. The Developer shall pay all real property taxes <br />payable with respect to all and any parts of the Development Property and the Easement Property <br />acquired and owned by it and pursuant to the provisions of the Assessment Agreement and any <br />other statutory or contractual duty that shall accrue subsequent to the date of its acquisition of <br />title to the Development Property and the Easement Property (or part thereof) and until the <br />earlier of: (i) the Agreement Termination Date, (ii) the Developer's obligations have been <br />assumed by any other person pursuant to the provisions of this Agreement or (iii) title to the <br />Development Property is vested in another person. <br />Except as otherwise provided in Section 4.1, the Developer agrees that prior to the <br />Agreement Termination Date: <br />(1) It will not seek administrative review or judicial review of the applicability or <br />constitutionality of any tax statute relating to the taxation of real property contained on the <br />Development Property determined by any tax official to be applicable to the Project or the <br />Developer or raise the inapplicability or constitutionality of any such tax statute as a defense in <br />any proceedings, including delinquent tax proceedings; provided, however, that "tax statute" <br />does not include any local ordinance or resolution levying a tax; and <br />(2) It will not seek any tax deferral or abatement, either presently or prospectively <br />authorized under Minnesota Statutes, Section 469.181, or any other State or federal law, of the <br />taxation of real property contained in the Development Property with regard to taxes assessed <br />between the date of execution of this Agreement and the Agreement Termination Date. <br />Nothing in this Agreement shall prohibit the Developer from seeking through the exercise <br />of legal or administrative remedies a reduction in the market value of the Development Property <br />for property tax purposes, provided however, that the Developer shall not seek a reduction of <br />such market value below the Assessor's Minimum Market Value for any year's assessment so <br />long as the Assessment Agreement shall remain in effect for that year's assessment. <br />2139197v6 <br />Doc# 2561638 \9 <br />17 <br />