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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 17:00 P.20 • ARTICLE VI- ASSESSMENT I...ASSESSMENT AGREEMENT AND OTHER COVENANTS Section 6.1 . Execution of Assessment Agreement . The Developer shall agree to, and with the City and the County Assessor shall execute, prior to commencement of construction of the Minimum Improvements, an Assessment Agreement pursuant to the provisions of Minnesota Statutes, Section 469. 177, Subdivision 8, specifying the Assessor's Minimum Market Value for the Development Property for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property and the Minimum Improvements in an amount of $ as of January 2, 2Q00 (such minimum market value is herein referred to as the "Assessor's Minimum Market Value") . Nothing in the Assessment Agreement or this Agreement shall limit the discretion of the County Assessor to assign a market value to the property in excess of such Assessor' s Minimum Market Value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such market value for property tax purposes. The Developer may seek a reduction of such market value provided that it shall not seek a reduction below the Assessor's Minimum Market Value in any year so long as the Assessment Agreement shall remain in effect. The Assessment Agreement and this Agreement shall remain in effect until the earlier of the date the Tax Increment Bonds are paid in full, or (ii) the date on which the Tax Increment District expires or is otherwise terminated in its entirety (the "Termination Date") . The Assessment Agreement shall be certified by the County Assessor as provided in Minnesota Statutes, Section 469 .177, Subdivision 8, upon a finding by the County Assessor that the Assessor' s Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Minimum Improvements to be constructed on the Development Property and the market value previously assigned to the Development Property. Pursuant to Minnesota Statutes, Section 469. 177, Subdivision 8, the Assessment Agreement shall be filed for record in theoffice 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 Development Property, whether voluntary or involuntary, and such Assessment Agreement 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 965316.Red v3 Co VI; 2.3/11/38 16