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On January 2, 1996, the minimum market value of the Property shall be based on a <br />valuation of Eight Hundred and Fifty Thousand Dollars and no cents ($850,000.00). Said <br />minimum markel value shall remain in effect for the term of this Agreement as described in <br />paragraph 4 hereof. <br /> <br />Nothing in this Agreement shall limit the discretion of the count), assessor or an), other <br />public official or body having the duty to determine the market value of the Property for ad <br />valorem tax purposes to assign to the Property a market value in excess of the minimum <br />market value specified in this Agreement. <br /> <br />Neither the preambles nor the provisions of this Agreement are intended nor shall they be <br />construed as modifying the terms of the Development Agreement. <br />This Agreen-tent shall remain in effect and inure to the benefit and be binding upon the <br />successors and assigns of the parties through the real estate taxes due and payable in 2012. <br />As provided in Minnesota Statutes, Section 469.17'7, Subdivision 8, nothing contained <br />herein shall be deemed to timit the right or opportunity of the Developer to challenge <br />through any legal means that part of any valuation on the market value of the Property <br />which is in excess of the stipulated minimum market value contained in this Agreement, <br />provided, however, that the Developer may not institute or prosecute any challenge to the <br />excess which if successful would also result in a reduction of the assessment below the <br />stipulated value. <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br />By <br /> It's Mayor <br /> <br />It's Administrator <br /> <br /> <br />