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2695614v62 <br />1412/297/10 <br />not less than thirty (30) days written notice to the City. <br />In that event, the City will continue to make Tax <br />Increment payments to Developer on the TIF Note <br />Payment Dates, but the payments will be based on 85% <br />of the tax increments that would have been derived from <br />the Development Property based on the minimum <br />market values set forth in the Assessment Agreement for <br />the applicable time periods rather than on the Tax <br />Increments, and the City will withhold the difference <br />until such time as the City can determine the actual Tax <br />Increments for the year in question based on the assessed <br />value of the Development Property as finally determined <br />upon the conclusion of Developer's attempts to have the <br />assessed value reduced. <br />(e) It will pay, when due, all real <br />property taxes due and payable with respect to the <br />Development Property. <br />Section 11.2 Assessment Agreement. <br />Contemporaneously with the HRA's conveyance of the <br />Development Property to Developer, Developer will <br />execute the Assessment Agreement, deliver the <br />Assessment Agreement to the City and record the <br />Assessment Agreement in the Anoka County land <br />records. Developer must record the Assessment <br />Agreement against title to the Development Property <br />prior to the recording of any mortgage or other lien on <br />the Development Property that Developer grants to third <br />party or, if such third party mortgage or lien is recorded <br />first, must obtain and record an instrument whereby the <br />holders of such mortgage or lien acknowledge and agree <br />that they and their successors and assigns are subject to <br />the rights of the City under the Assessment Agreement. <br />ARTICLE XII <br />RESTRICTIONS ON ASSIGNMENTS AND TRANSFERS AND PRIORITY <br />Section 12.1 Prohibition against Transfer <br />of the Development Property; Assignment of <br />Development Agreement and Assignment of the TIF <br />Note. Prior to Developer's substantial completion of the <br />Minimum Improvements and the City's issuance of the <br />Certificate of Completion described in Section 5.5, <br />Developer may not, except as set forth in Section 12.2, <br />convey; mortgage; lease, other than in the ordinary <br />19 <br />