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to name the third appraiser within said thirty (30) days, then either party shall request the chief judge of the Washington County District Court to name the third appraiser. The three appraisers shall, within sixty (60) days of the appointment of the third, determine the market value of the Exempt Property by consensus, or if no consensus can be reached, by agreement of any two of the three. The determination of the appraisers shall be binding on the parties. If the parties agree to a single appraiser, each party shall pay one-half of the appraiser's fees. If the pa1-ties cannot agree upon a single appraiser, then each party shall pay the fee of the appraiser it selects and one- 11a1f of the third appraiser's fees. For purposes hereof, the market value of the Exempt Property shall, insofar as possible and consistent with the intention of the parties as expressed herein, be based upon the statutory definitions and procedures used in the valuation of real property for purposes of determining ad valorem real property taxes in Minnesota, which may or may not approximate the actual fair market value of the Exempt Property. In the event the market value of the Exempt Property has not been determined by the appraiser(s) such that the amount of the payment due in any year cannot be calculated and timely payments made with reference thereto, the Developer shall nevertheless be required to make payments when due but the amount of such payments shall be calculated with reference to the Assessor's most recent determination of market value. If following the completion of the appraisals, the actual payment required to be made by the Developer hereunder is less than the amount heretofore paid by the Developer, the difference shall be refunded by the City to the Developer without interest within thirty (30) days If the actual payment required to be made by the Developer hereunder is more than the amount heretofore paid, the difference shall be paid by the Developer to the City without interest within thirty (30) days. Section 3.06. Legislative Chan~° es. In the event the methods and procedures for determining property taxes are altered by the Minnesota State Legislature such that the methods and procedures set forth in this Agreement are no longer adequate to permit the parties to achieve the intent hereof as set forth in Section 3.02, the parties shall negotiate in good faith an amendment to this Agreement directed at producing a comparable result. Section 3.07. Alterations. In the event the Exempt Property is substantially altered, improved or damaged such that the market value as established pursuant to the provisions hereof is no longer a reasonably accurate estimate of the market value of the Exempt Property, the parties shall negotiate in good faith an equitable adjustment of such market value and reduce their agreement thereto in writing. ARTICLE IV SCELL ®TJS Section 4.01. Governing Law, The parties agree that this Agreement shall be governed and construed in accordance with the laws of the State of Minnesota. Section 4.02. Time is of the Essence. Time shall be of the essence of this Agreement. Section 4.03. Counterparts. If this Agreement is executed by any number of counterparts, each which shall be an original, but all of which shall constitute one in the same instrument.