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3. This Agreement shall be recorded by the City with the County Recorder of Anoka <br />County, Minnesota. Developer shall pay all costs of recording. <br />4. Nothing in this Agreement limits the discretion of the Assessor to assign a market <br />value to the Development Property in excess of the minimum market values set forth herein nor <br />prohibits Developer from seeking, through the exercise of legal or administrative remedies, a <br />reduction of the Development Property's market value for ad valorum real estate tax purposes, <br />but Developer may not seek a reduction of the Development Property's market value for ad <br />valorum real estate tax purposes below the applicable minimum market value with respect to any <br />year during which this Agreement remains in effect. <br />5. Neither the preambles nor provisions of this Agreement are intended to, or shall <br />they be construed as, modifying the terms of the Development Agreement between the City and <br />Developer. <br />6. This Agreement shall inure to the benefit of and be binding upon the successors <br />and assigns of the parties. <br />IN WITNESS WHEREOF, the City, Developer and the Assessor have caused this <br />Agreement to be executed in their names and on their behalf all as of the date set forth above. <br />CITY OF RAMSEY, MINNESOTA <br />(SEAL) <br />By <br />Its Mayor <br />By <br />Its City Administrator <br />STATE OF MINNESOTA ) <br />): ss <br />COUNTY OF ANOKA ) <br />The foregoing instrument was acknowledged before me this <br />2012, by , the Mayor and <br />Administrator, of the City of Ramsey on behalf of said City. <br />Notary Public <br />day of <br />the City <br />F-2 <br />2695614v12 <br />