07-28-1999 Council Agenda - Laserfiche WebLink

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estimate based upon the plans and specifications for the Phase II Minimum Improvements to be constructed on the Phase II Development Property and the market value previously assigned to the Phase II Development Property. Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the Assessment Agreement relating to the Phase II Development Property shall be filed for record in the office of the county recorder or registrar of titles of Ramsey County, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Phase II Development Property, whether voluntary or involuntary, and such Assessment Agreement relating to the Phase II Development Property shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of any First Mortgage. Section 6.2. Real Property Taxes. The Developer shall prior to the Termination Date pay all real property taxes payable with respect to all parts of the Development Property acquired and owned by it and pursuant to the provisions of the Assessment Agreement and any other statutory or contractual duty that shall accrue subsequent to the date of its acquisition of title to the Development Property (or part thereof) and until title to the property is vested in another person. The Developer agrees that prior to the Termination Date: 1054867,2 (a) It will not seek administrative review or judicial review of the applicability of any tax statute relating to the ad valorem property taxation of real property contained on the Development Property determined by any tax official to be applicable to the Project or the Developer or raise the inapplicability of any such tax statute as a defense in any proceedings with respect to the Development Property, including delinquent tax proceedings; provided, however, "tax statute" does not include any local ordinance or resolution levying a tax; Page 74