Laserfiche WebLink
<br />16 <br />516911v1 JAE MU205-47 <br />The Authority’s suspension of payments on the TIF Note pursuant to this Section shall not be <br />considered a default under Section 9.1 hereof. <br /> <br /> Section 6.3. Qualifications. Notwithstanding anything herein to the contrary, the parties <br />acknowledge and agree that upon Transfer of the Development Property to another person or entity, the <br />Developer will remain obligated under Sections 6.1 and 6.2 hereof, unless the Developer is released from <br />such obligations in accordance with the terms and conditions of Section 8.2(b) or 8.3 hereof. <br /> <br />Section 6.4. Minimum Assessment Agreement. <br /> <br />(a) On or before the date the Developer purchases the Development Property, the Developer <br />shall execute the Minimum Assessment Agreement pursuant to Section 469.177, subdivision 8 of the TIF <br />Act, specifying an assessor’s minimum market value for the Development Property with the Minimum <br />Improvements constructed thereon. <br /> <br /> (b) The Minimum Assessment Agreement shall be substantially in the form attached hereto as <br />EXHIBIT E. Nothing in the Assessment Agreement shall limit the discretion of the assessor to assign a <br />market value to the property in excess of such assessor’s minimum market value nor prohibit the Developer <br />from seeking through the exercise of legal or administrative remedies a reduction in such market value for <br />property tax purposes, provided however, that the Developer shall not seek a reduction of such market value <br />below the assessor’s minimum market value in any year so long as such Minimum Assessment Agreement <br />shall remain in effect. The Assessment Agreement shall remain in effect for the period described in <br />EXHIBIT E. <br /> <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.)