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referred to as the "Assessor's Minimum Market Value"). Nothing in the Assessment Agreement <br />shall limit the discretion of the Assessor to assign a market value to the property in excess of such <br />Assessor's Minimum Market Value. The Assessment Agreement shall remain in effect until <br />December 31, 2040. The Assessment Agreement shall be certified by the Assessor for the County <br />as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the Assessor <br />that the Assessor's Minimum Market Value represents a reasonable estimate based upon the plans <br />and specifications for the Project to be constructed on the Development Property and the market <br />value previously assigned to the Development Property. Pursuant to Minnesota Statutes, Section <br />469.177, Subdivision 8, the Assessment Agreement shall be filed for record in the office of the <br />county recorder or registrar of titles of the County, and such filing shall constitute notice to any <br />subsequent encumbrancer or purchaser of the Development Property (or part thereof), whether <br />voluntary or involuntary, and such Assessment Agreement shall be binding and enforceable in its <br />entirety against any such subsequent purchaser or encumbrancer, including the holder of any <br />mortgage recorded against the Development Property. <br />10 <br />76644791v2 <br />