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boundaries of the City. Evidence that the City has imposed such special assessments is a precondition to the Port Authority’s obligation to provide financing to any Improvements located within the boundaries of the City in accordance with the following process: A. The Port shall provide to City an application from an Applicant under the Program which includes the following documentation: 1) A copy of the Application containing the legal name of the Applicant, its legal status, its legal address, a description of the Project, the cost of the Improvements, the total amount to be assessed against the Property and the address, legal description and tax identification code for the Property upon which the Improvements are to be constructed or installed. 2) A statement from the Port that the proposed Project as described in the Application qualifies under the requirements of the Act and the Port Authority. 3) A fully-executed copy of the Applicant’s Petition and Assessment Agreement suitable for evidencing, and recording if necessary, Applicant’s agreement to be assessed for the amount of the Improvements. B. Upon receipt of the documentation described in Subparagraph A above, City agrees that it will levy an assessment against the Property for the amount to be assessed as set forth in Section 7.A. above. C. Evidence that the City has imposed such special assessments is a precondition to the Port Authority’s obligation to provide financing to any Improvements located within the boundaries of the City. D. In the event that, after the City levies an assessment against the Property for the costs of the Improvements and related costs as provided for in Subparagraph B above, the Port does not fund the cost of the Improvements as contemplated by this Agreement, the Port shall promptly notify City that it has not and will not fund the costs of the Improvements under the Program and City shall thereafter the St. Louis County Auditor to remove the subject assessment from the Property. 8. Once the City has imposed special assessments to finance Improvements located within the boundaries of the City, the City transfer all collections of the assessments received by it upon receipt to the Port Authority for application to the payment of the applicable Loan(s) or Bond(s). The City will take all actions permitted by law for the recovery of the assessments, including without limitation, reinstating the outstanding balance of assessments when the land returns to private ownership, in accordance with Minn. Stat. Section 429.071, Subd. 4. The City acknowledges that the Lender is a third-party beneficiary of the City’s covenants herein with respect to the imposition and transfer of special assessments described herein. 9. Unless otherwise provided by concurrent action of the Port Authority and the City, this Agreement will terminate upon the retirement or defeasance of all Loan(s) or Bond(s), and this Agreement may not be terminated in advance of such retirement or defeasance. 4 Joint Powers Agreement