RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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3.02. Filing. Prior to the recording of any mortgage, security agreement or other instrument creating a lien on the Land, the Master Developer shall cause this Assessment Agreement and a copy of Minnesota Statutes, Section 469.177, subdivision 8, attached hereto as Exhibit B, to be recorded in the office of the County Recorder or Registrar of Titles of Ramsey County, and shall pay all costs of such recording. Section 4. Relation to Development Agreement. The covenants and agreements made by the Developer in this Assessment Agreement are separate from and in addition to the covenants and agreements made by the Developer in the Development Agreement and nothing contained herein shall in any way alter, diminish or supersede the duties and obligations of the Developer under the Development Agreement. Section 5. Miscellaneous Provisions. 5.01. Binding Effect. This Assessment Agreement shall inure to the benefit of and shall be binding upon the HRA and the Developer and their respective successors and assigns, and upon all subsequent owners of the Land and the portion of the Project located thereon. 5.02. Severability. In the event any provision of this Assessment Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 5.03. Amendments, Changes and Modifications. Except as provided in Section 5.04, this Assessment Agreement may be amended or any of its terms modified only by written amendment authorized and executed by the HRA and the Developer and otherwise in compliance with Section 469.177, subdivision 8, of the Act. 5.04. Further Assurances and Corrective Instruments. The HRA and the Developer agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged or delivered, such supplements hereto and such further instruments as may reasonably be required for correcting any inadequate or incorrect description of the Land or the portion of the Project located thereon, or for carrying out the expressed intention of this Assessment Agreement. 5.05. Execution Counterparts. This 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. 5.06. Applicable Law. This Assessment Agreement shall be governed by and construed in accordance with the internal laws of the State of Minnesota. 5.07. Captions. The captions or headings in this Assessment Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions or Sections of this Assessment Agreement. 5.08. Effective Date. This Assessment Agreement shall be effective as of \[__________\], 2021. E-2