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Assessment Agreement relating to the Phase I Development <br />Property shall be filed for record in the office of the <br />county recorder or registrar of titles of Ramsey County, and <br />such filing shall constitute notice to any subsequent <br />encumbrancer or purchaser of the Phase I Development <br />Property, whether voluntary or involuntary, and such <br />Assessment Agreement relating to the Development Property <br />Phase I shall be binding and enforceable in its entirety <br />against any such subsequent purchaser or encumbrancer, <br />including the holder of any First Mortgage. <br />(b) The Developer shall agree to, and with the City and <br />the County Assessor shall execute, prior to commencement of <br />construction of the Phase II Minimum Improvements, an <br />Assessment Agreement relating to the Phase II Development <br />Property pursuant to the provisions of Minnesota Statutes, <br />Section 469.177, Subdivision 8, specifying the Assessor's <br />Minimum Market Value for the Phase II Development Property <br />for calculation of real property taxes. Specifically, the <br />Developer shall agree to a market value for the Phase II <br />Development Property and the Phase II Minimum Improvements <br />in an amount of $695,663 as of January 2, 2001 (such minimum <br />market value is herein referred to as the "Assessor's Phase <br />II Minimum Market Value "). Nothing in the Assessment <br />Agreement or this Agreement shall limit the discretion of <br />the County Assessor to assign a market value to the property <br />in excess of such Assessor's Phase II Minimum Market Value <br />nor prohibit the Developer from seeking through the exercise <br />of legal or administrative remedies a reduction in such <br />market value for property tax purposes, provided however, <br />that the Developer shall not seek a reduction of such market <br />value below the Assessor's Phase II Minimum Market Value in <br />any year so long as the Assessment Agreement shall remain in <br />effect. The Assessment Agreement and this Agreement shall <br />remain in effect until (i) December 31, 2015 (the <br />"Termination Date "). The Assessment Agreement relating to <br />Phase II shall be certified by the County Assessor as <br />provided in Minnesota Statutes, Section 469.177, Subdivision <br />8, upon a finding by the County Assessor that the Assessor's <br />Phase II Minimum Market Value represents a reasonable <br />1054867.2 <br />Page 73 <br />