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rd <br /> • (1) Any proposed transferee shall have the qualifications and financial responsibility, <br /> in the reasonable judgment of the City, necessary and adequate to fulfill the obligations <br /> undertaken in this Agreement by the Developer. <br /> (2) Any proposed transferee, by instrument in writing satisfactory to the City shall, <br /> for itself and its successors and assigns, and expressly for the benefit of the City, have expressly <br /> assumed all of the obligations of the Developer under this Agreement and agreed to be subject to <br /> all the conditions and restrictions to which the Developer is subject. <br /> (3) There shall be submitted to the City for review and prior written approval all <br /> instruments and other legal documents involved in effecting the transfer of any interest in this <br /> Agreement or the Project. <br /> Section 3.7 Real Property Taxes. The Developer shall, so long as this Agreement <br /> remains in effect, pay all real property taxes with respect to all parts of the Tax Abatement <br /> Property acquired and owned by it which are payable pursuant to any statutory or contractual <br /> duty that shall accrue subsequent to the date of its acquisition of title to the Tax Abatement <br /> Property (or part thereof) and until title to the property is vested in another person. The <br /> Developer agrees that for tax assessments so long as this Agreement remains in effect: <br /> (a) It will not seek administrative review or judicial review of the <br /> applicability of any tax statute relating to the ad valorem property taxation of real <br /> property contained on the Tax Abatement Property determined by any tax official to be <br /> applicable to the Project or the Developer or raise the inapplicability of any such tax <br /> statute as a defense in any proceedings with respect to the Tax Abatement Property, <br /> including delinquent tax proceedings; provided, however, "tax statute" does not include <br /> any local ordinance or resolution levying a tax; <br /> (b) It will not seek administrative review or judicial review of the <br /> constitutionality of any tax statute relating to the taxation of real property contained on <br /> the Tax Abatement Property determined by any tax official to be applicable to the Project <br /> or the Developer or raise the unconstitutionality of any such tax statute as a defense in <br /> any proceedings, including delinquent tax proceedings with respect to the Tax Abatement <br /> Property; provided, however, "tax statute" does not include any local ordinance or <br /> resolution levying a tax; <br /> (c) It will not seek any tax deferral or abatement, either presently or <br /> prospectively authorized under Minnesota Statutes, Section 469.181, or any other State or <br /> federal law, of the ad valorem property taxation of the Tax Abatement Property so long <br /> as this Agreement remains in effect. <br /> Section 3.8 Business Subsidies Act. <br /> (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to <br /> 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the <br /> • amount of the "Business Subsidy" granted to the Developer under this Agreement is the value of <br /> a portion of the Tax Abatement Property, which is approximately $103,978, and that the <br /> 1797281v1 6 <br />