Agenda - Council Work Session - 08/03/1998

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4. This Agreement shall remain in effect and inure to the benefit and be binding upon the successors and assigns of the parties through the Maturity Date as described in the Development Agreement. 5. As provided in Minnesota Statutes, ~469.177, Subd. 8, nothing contained herein shall be deemed to limit the right or opportunity of the Developer to challenge, through any legal means, that part of any valuation on the market value of the Property, which is in excess of the stipulated minimum market value contained in this Agreement, provided, however, that the Developer may not institute or prosecute any challenge to the excess which, if successful, would also result in a reduction of the assessment below the stipulated value. 6. Capitalized terms not otherwise defmed herein have the meanings given them in the Development Agreement. 7. The City will execute a termination agreement once this agreement tenninates. CITY OF RAMSEY, MINNESOTA FIRST STATE B ~ ~\ ~ ~ ':2 y .J... . "- ~ -- By ::~}~ Its: Its: City Administrator STATE OF MINNESOTA) ) 55. COUNTY OF ANOKA ) ~ ".-r On this .// day of ()~ , 1996, before me, a Notary Public, personally appeared Glen D. Hardin and Ryan R. Schroeder to me personally known, who, being each by me duly sworn did say that they are respectively the Mayor and City Administrator of the City of Ramsey, the Municipal Corporation named in the foregoing instrument, and the seal affixed to said instrument is the corporate seal of said Municipal Corporation, and the said instrument was signed and sealed on behalf of said Municipal Corporation by authority of its City Council and said Glen D. Hardin and Ryan R. Schroeder acknowledge said instrument to be the free act and deed of said Municipal Corporation. ~k~~ r NotaryP .c Page 30