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Assessment Agreements (as defined in the Development Agreement). In the event the Mortgagee <br />shall foreclose on the Development Property, or any portion thereof, or accepts a deed in lieu of <br />foreclosure to the Development Property or any part thereof, the Mortgagee consents to the <br />Assessor's Minimum Market Values as set forth in the Phase I and Phase 11 Assessment Agreements <br />contemplated by the Development Agreement. <br />10. This Agreement is made and executed under the laws ofthe State ofMinnesota and is <br />intended to be governed by the laws of said State. <br />11. This Agreement and each and every covenant, agreement and other provision hereof <br />shall be binding upon the City and its successors and assigns, and shall inure to the benefit of the <br />Mortgagee and its successors and assigns. <br />12. The unenforceability or invalidity of any ofthe provisions hereof shall not render any <br />other provision or provisions herein contained unenforceable or invalid. <br />13. Any nntirrc which any party hereto, may may Lc raq ih u' w sivp to any <br />other party shall be in writing and the mailing thereof by certified mail, or said equivalent, to the <br />addresses as set forth above, or to such other places and parties as any party hereto may by notice in <br />writing designate, shall constitute service of notice hereunder. <br />14. This Agreement may be executed in any number of counterparts, each of which when <br />so executed and delivered shall be deemed to be an original and all of which counterparts of this <br />Agreement taken together shall constitute but one and the same instrument. <br />S0'd <br />THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND HIE <br />FOLLOWING PAGES ARE THE SIGNATURE AND NOTARY PAGES. <br />£4:45 800E- 8? —AdW <br />