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Statutes, Section 469.177, Subdivision 8, upon a finding by the <br />Assessor that the Assessor's Minimum Market Value represents a <br />reasonable estimate based upon the plans and specifications for <br />the Minimum.Improvements to be constructed on the Development <br />Property and the market value previously assigned to the <br />Development Property. Pursuant to Minnesota Statutes, Section <br />469.177, Subdivision 8, the Assessment Agreement shall be filed <br />for record in the office of the county recorder or registrar of <br />titles of Anoka County, and such filing shall constitute notice to <br />any subsequent purchaser or encumbrancer of the Development <br />Property (or part thereof), whether voluntary or involuntary, .and <br />such Assessment Agreement shall be binding and enforceable in its <br />entirety against any such subsequent purchaser or encumbrancer, <br />including the holder of any mortgage. <br /> <br /> Section 3.5. Developer's Aqreement to Pay Tax <br />Increment Deficiency. If as of any February 1 or August <br />1, commencing August 1, 2002 to and including February 1, <br />20 , the Tax Increments received by the City in the <br />prior 6 months is less ~than $ , the Developer will <br />upon fifteen (15) days written notice from the City to the <br />Developer pay to the City an amount equal to the <br />deficiency. <br /> <br /> Section 3.6. Transfer of Development Property. The <br />Developer shall not transfer any part of the Development <br />Property prior to the City's reimbursement from Tax <br />Increments of $__,000 for the Development Property <br />without the prior written consent of the City. If the <br />consent of the City is obtained and the Developer sells <br />all or a portion of the Development Property the Developer <br />shall sell such land for not less than its fair market <br />value and the Developer shall Pay net proceeds from the <br />sale to the City in an amount equal to the portion of the <br />$ that the City has not been reimbursed from Tax <br />Increments. <br /> <br />~o624~.4 9 <br /> <br /> <br />