09-07-2021 EDA Packet - Laserfiche WebLink

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H-2 3. The minimum market value herein established shall be of no further force and effect and this Minimum Assessment Agreement shall terminate on the Termination Date. The Authority shall execute a certificate or affidavit upon the occurrence of a termination event referred to in this Section 3 indicating that this Minimum Assessment Agreement has terminated and shall supply such certificate to the Developer for recording. 4. This Minimum Assessment Agreement shall be promptly recorded by the Authority. The Developer shall pay all costs of recording. 5. Neither the preambles nor provisions of this Minimum Assessment Agreement are intended to, nor shall they be construed as, modifying the terms of the Contract. 6. This Minimum Assessment Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 7. Each of the parties has authority to enter into this Minimum Assessment Agreement and to take all actions required of it, and has taken all actions necessary to authorize the execution and delivery of this Minimum Assessment Agreement. 8. In the event any provision of this Minimum Assessment Agreement shall be held invalid and unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 9. The parties hereto agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements, amendments and modifications hereto, and such further instruments as may reasonably be required for correcting any inadequate, or incorrect, or amended description of the TIF District Property or the Minimum Improvements or for carrying out the expressed intention of this Minimum Assessment Agreement. 10. This Minimum Assessment Agreement may not be amended nor any of its terms modified except by a writing authorized and executed by all parties hereto. 11. This Minimum Assessment Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 12. This Minimum Assessment Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota.