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L' <br />1. on January 2, 1990, the minimum market value which <br />shall be assessed for the Redevelopment Property described <br />in Exhibit A, with the Minimum Improvements constructed <br />thereon, for ad valorem tax purposes, shall be One Million <br />Eight Hundred Seventy-five Thousand one Hundred and no/100 <br />($1,875,100.00) Dollars. <br />2. The minimum market value herein established shall <br />be of no further force and effect and this Agreement shall <br />terminate on the earlier of the following: (a) January 2, <br />2009; or (b) The date when the tax increment bonds issued by <br />the City and referred to in the Redevelopment Contract as <br />the Bonds have been paid in full and retired. <br />The event referred to in Section 2(b) of this Agreement <br />shall ba evidenced by a certificate or affidavit executed by <br />the City. <br />3. This Agreement shall be promptly recorded by the <br />Redeveloper with a copy of Lnnnesota Statutes, Section <br />469.177 Subdivision 8, set forth in Exhibit B hereto. The <br />Redeveloper shall pay all costs of recording. <br />4. Neither the preambles nor provisions of this <br />Agreement ar: intended to, nor shall they be construed as, <br />modifying the terms of the Redevelopment Contract between Y.. <br />the City and the Redeveloper. <br />5. This Agreement shall inure to the benefit of and <br />be binding upon the successors and assigns of the parties. <br />6. Each of the parties has authority to enter into <br />this Agreement and to take all actions required of it, and <br />has taken all actions necessary to authorize the execution <br />and delivery of this Agreement. <br />7. In the event any provision of this Agreement shall <br />be held invalid and unenforceable by any court of competent <br />jurisdiction, such holding shall not invalidate or render <br />unenforceable any other provision hereof. <br />S. The parties hereto agree that they will, from time <br />to time, execute, acknowledge and deliver, or cause to be <br />executed, acknowledged and delivered, such supplements, <br />amendments and modifications hereto, and such further <br />instruments as may reasonably be required for correcting any <br />inadequate, or incorrect, or amended description of the <br />Redevelopment Property or the Minimum Improvements, or for <br />carrying out the expressed intention of this Agreement, <br />including, without limitation, any further instruments <br />required to delete from the description of the Redevelopment <br />3 <br />