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each to the other, do hereby agree as follows: <br /> 1. ) Upon substantial completion of construction of the <br /> above referenced improvements by the Developer, the minimum <br /> market value which shall be assessed for the land described in <br /> Exhibit A, with the industrial building constructed thereon shall <br /> be Construction of the above-referenced <br /> improvements will be completed on or before January 1, 1994. <br /> 2 . ) The minimum market value herein established shall be of <br /> no further force and effect and this Agreement shall terminate on <br /> the Termination Date set forth in the Development Contract. <br /> 3 . ) This Agreement shall be promptly recorded by the <br /> Developer with a copy of Minnesota Statutes, Section 469 . 177, <br /> Subdivision 8, set forth in Exhibit B hereto. The Developer <br /> shall pay all costs of recording. <br /> 4. ) Neither the preambles nor provisions of this Agreement <br /> are intended to, nor shall they be construed as, modifying the <br /> terms of the Development Contract between the EDA and the <br /> Developer. <br /> 5 . ) This Agreement shall inure to the benefit of and be <br /> binding upon the successors and assigns of the parties. <br /> THE ECONOMIC DEVELOPMENT <br /> AUTHORITY FOR THE CITY OF ELK <br /> RIVER <br /> By: <br /> Jeffrey Gongoll <br /> Its: President <br /> By: <br /> Patrick Klaers <br /> Its: Executive Director <br /> TESCOM CORPORATION, INC. <br /> By: <br /> Its: <br /> By: <br /> Its: • <br /> B-2 <br />