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Section 4.04. Interpretation; Severability. If any one or more of the provisions, sentences, phrases or words of this Agreement or any application thereof shall be held or determined to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining phrases, sentences, phrases or words of this Agreement and any other application thereof s11a11 in no way be affected or impaired and shall remain in full force and effect. Section 4.05. Successors and Assigns. This Agreement is binding on and inures to the benefit of the successors and assigns of the parties hereto. Section 4.06. Notices and Demands. Except as otherwise expressly provided in this Agreement, a notice, demand or other communication under this Agreement by any party to any other pal-ty shall be sufficiently given or delivered if it is dispatched by registered or certified snail, postage prepaid, return receipt requested, or delivered personally to the following address: The City: City of Woodbury City Hall 8301 Valley Creek Road Woodbury, Minnesota 55125 The Developer: Minnesota School of Business, or at such address as either party may, from time to time, designate in writing and forward to the other party. Section 4.07. Arbitration. Any controversy or dispute, of whatever nature, between the Developer and the City arising out of this Agreement shall be finally and conclusively settled by arbitration in accordance with the Minnesota Uniform Arbitration Act, Minn. Stat. Chapter 572, as amended. Determinations of market value are not, however, subject to arbitration except where the parties have been unable to come to an agreement thereon under circumstances described in Section 3.07 hereof. All questions as to the meaning of this Section 4 or as to the arbitrability of any dispute shall be resolved by the arbitrators, and their decision on such questions shall be final and binding and not subject to judicial review, except to the extent provided in the Minnesota Uniform Arbitration Act. Section 4.08. Termination. The term of this Agreement shall commence on the effective date hereof, and shall remain in full force and effect until the effective date that the Exempt Property ceases to be exempt from real property taxation. Section 4.09. Reasonableness. The parties agree that where any consent or approval is provided for this Agreement, each will give reasonable consideration to all factors affecting such consent or approval and such consent or approval will not be unreasonably withheld or delayed. Section 4.10. Recordation. Either party hereto may record this Agreement.