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a reduction in market value for property tax purposes; provided, however, that the Developer shall not seek a reduction of the market value below the minimum market value contained in Paragraph No. 1 of this Agreement during the term of this Agreement, regardless of actual market values which may result from incomplete construction of improvements, or destruction or diminution of the improvements by any cause, insured or uninsured, except in the case of the acquisition or reacquisition of the property by a public entity. 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on the earlier of the following: (a) ; or (b) The date when the tax increment bonds issued by the City and referred to in the Redevelopment Contract as the Bonds have been paid in full and retired. The event referred to in Sections 2(b) of this Agreement shall be evidenced by a certificate or affidavit executed by the City. 3. This Agreement shall be promptly recorded by the Redeveloper with a copy of Minnesota Statutes, Section 273.76, Subdivision 8, set forth in Exhibit B hereto. The Redeveloper shall pay all costs of recording. Recording and filing of this Assessment Agreement shall constitute notice of the Agreement to any subsequent purchaser or encumbrancer of the land or any part thereof, whether voluntary or involuntary, and shall be binding upon them. 4. Neither the preambles nor provisions of this Agreement are intended to, nor shall they be construed as, modifying the terms of the Redevelopment Contract between the City and the Redeveloper. S. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 6. Each of the parties has authority to enter into this Agreement and to take all actions required of It, and has taken all actions necessary to authorize the execution and delivery of this Agreement. 7. In the event any provision of this Agreement shall be hold invalid and unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 8. The parties hereto agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements, amendments and modifications hereto, and such further instruments as may reasonably be required for correcting any Inadequate, or incorrect, or amended description of the Redevelopment Property or the Minimum Improvements, or for carrying out the expressed intention of this Agreement, including, without limitation, any further instruments required to delete from the description of the Redevelopment Property such part or parts as may be Included within a separate assessment agreement. 9. Except as provided in Section 8 of this Agreement, this Agreement may not be amended nor any of its terms modified except by a writing authorized and executed by all parties hereto. E-2