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the assessment agreement nor prohibit the developer or <br /> redeveloper from seeking, through the exercise of <br /> administrative and legal remedies, a reduction in market <br /> value for property tax purposes; provided, however, that the <br /> developer or redeveloper shall not seek, nor shall the city <br /> assessor, the county assessor, the county auditor, any board <br /> of review, any board of equalization, the commissioner of <br /> revenue or any court of this state grant a reduction of the <br /> market value below the minimum market value contained in the <br /> assessment agreement during the term of the agreement filed <br /> of record regardless of actual market values which may <br /> result from incomplete construction of improvements, <br /> destruction or diminution by any cause, insured or <br /> uninsurcd, except in the case of acquisition or <br /> reacquisition of the property by a public entity. Recording <br /> or filing of an assessment agreement complying with the <br /> terms of this subdivision shall constitute notice of the <br /> agreement to any subsequent purchaser or encumbrancer of the <br /> land or any part thereof, whether voluntary or involuntary, <br /> and shall be binding upon them. <br /> 11 <br />