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s located <br />within the boundaries of the City. <br /> 8. Once the City has imposed special assessments to finance Improvements located <br />within the boundaries of the City, the City must collect and transfer all collections of the <br />assessments upon receipt to the Port Authority for application to the payment of the applicable <br />Loan(s) or Bond(s). The City will take all actions permitted by law to recover the assessments, <br />including without limitation, reinstating the outstanding balance of assessments when the land <br />returns to private ownership, in accordance with Minn. Stat. Section 429.071, Subd. 4. The City <br />acknowledges that the Lender is a third- <br />respect to the imposition, collection and transfer of special assessments described herein. <br /> 9. Unless otherwise provided by concurrent action of the Port Authority and the <br />City, this Agreement will terminate upon the retirement or defeasance of all Loan(s) or Bond(s), <br />and this Agreement may not be terminated in advance of such retirement or defeasance. <br /> 10. This Agreement may be amended by the Port Authority and the City, at any time, <br />by an instrument executed by both of them. The Port Authority or the City may not amend this <br />Agreement, however, if the effect of the amendment would impair the rights of the holder of the <br />Loan(s) or Bond(s), unless the holder has consented to the amendment. <br /> 11. This Agreement may be executed in any number of counterparts, each of which <br />when taken together will constitute a single agreement. <br />\[Remainder of page intentionally left blank\] <br />Joint Powers Agreement <br />4 <br />9840817v6 <br />