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ARTICLE VI Taxes Section 6.1. Tax Increment Certification. On or before the date of issuance of the Bonds, the City shall have established a tax Increment district within the Development District and shall request that the county auditor of the County certify the Assessed Market Value of all taxable real property in the Development District pursuant to Minnesota Staff Section 273.76. The City shall pledge and appropriate the tax increment generated by such real property to the payment of the principal of, premium, if any, and Interest on the Bonds. Section 6.2. Real Property Taxes. (a) The Redeveloper shall pay all real property taxes payable with respect to the Redevelopment Property. (b) The Redeveloper agrees that prior to the Maturity Date it se will not cau a reduction in the real property taxes paid in respect of the Redevelopment Property below the amount sufficient to pay the principal and Interest on the Bonds through: (A) willful destruction of the Redevelopment Property orduee art thereof; (B) a request to the city assessor of the City or the county assessor of the County to reduce the Assessed Market Value of all or any portion of the Redevelopment Property; (C) a petition to the board of equalization of the City or the board of equalization of the County to reduce the Assessed Market Value of all or any portion of the Redevelopment Property; (D) a petition to the board of equalization of the State or the commissioner of revenue of the State to reduce the Assessed Market Value of all or any portion of the Redevelopment Property; action in a District Court of the State or the Tax Court tithe State pursuant to Minnesota Statutes, Chapter 278, or any similar State or federal law, seeking a reduct on In the Assessed Market Value of the Redevelopment Property, (F) an application to the commissioner of revenue of the State requesting an abatement of real property taxes pursuant to linnesota Statute Chapter 270, or any similar State or federal law; and (G) any other proce or equitable, with any administrative body within the eCity,ther athe i County, eoregthe State or with any court of the State or the federal government. The Redeveloper shall not, prior to the Maturity Date, apply for a deferral of property tax on the Redevelopment Property pursuant to Minnesota Statutes, Section 273.86, or any similar law. (c) Prior to conveyance of the Redevelopment Property and Minimum Improvements to a condominium association formed under Minnesota law, the Redeveloper shall cause to be included in the condominium association declarations a covenant requiring individual association members to make timely payment of their real property taxes and assessments. Section 6.3. Assessment Agreement. Prior to execution of the Redevelopment Property Deed pursuant to Article Ul of this Agreement, the Redeveloper and the City shall execute the Assessment Agreement, substantially in the form of the Assessment agreement contained in Schedule E of this Agreement. The Minimum Market Value of the Minimum Improvements to be set forth In the Assessment Agreement shall be equal to the amount which, considering the existing mill rate and assessment ratios, will generate sufficient tax increment to amortize the Bonds in fifteen (15) years. 14