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1.7. Recital Seven. Pursuant to Section 7.1 of the Development Agreement, <br />the Developer executed an Assessment Agreement dated December 9, 2003, and <br />recorded in the office of the Ramsey County Recorder on January 14, 2004, as Document <br />No. 3719505 (the "Assessment Agreement "). <br />1.8. Recital Eight. Section 7.2 of the Development Agreement provides that <br />upon the EDA's issuance of a Certificate of Completion and Release pursuant to Section <br />6.5 of the Development Agreement, the property subject to the Certificate of Completion <br />and Release is also released from the terms of the Development Agreement and the terms <br />of the Assessment Agreement. <br />1.9. Recital Nine. The Developer has completed the Minimum Improvements <br />located on the portion of the Townhoine Development Property described on Exhibit 13 <br />and has otherwise satisfied the Developer's obligations under Section 6.3 of the <br />Development Agreement and has requested this Certificate of Completion and Release <br />from the EDA. <br />2. Certificate of Completion and Release. The EDA hereby certifies that the <br />Developer has satisfied its obligations with respect to the construction of Minimum <br />Improvements on the real property legally described on the attached Exhibit B (the "Completed <br />Property "). The EDA further acknowledges and agrees that the Completed Property is released <br />from the Right of Re -Entry, the Development Agreement and the Assessment Agreement. As a <br />result of this release, the minimum market value set forth in the Assessment Agreement is <br />automatically reduced as follows: (i) the minimum market value assessed as ofJanuary 2, 2004, <br />shall be not less than $0; (ii) the minimum market value assessed as ofJanuary 2, 2005, shall be <br />not less than $5,649,540; and (iii) the minimum market value assessed as ofJanuary 2, 2006, and <br />as of each January 2 thereafter through and including January 2, 2021, shall be not less than <br />$10,492,260. <br />IN WITNESS WHEREOF, the EDA has caused this Certificate to be duly executed on its <br />behalf by the President and Secretary this day of , 2004. <br />ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF LITTLE CANADA <br />By <br />Its President <br />And <br />By <br />Its Secretary <br />2 <br />4 <br />