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II Improvements and provide for a rent adjustment pursuant to Section 3.4 of the Development Agreement, and the City, Winfield, Venture I and Venture II feel it is desirable and appropriate to treat the Minimum Improvements and Venture II Improvements uniformly for purposes of calculation of an Assessor's Minimum Market Value for the Development Property and the improvements thereon, and that such treatment would not be achieved by execution of a Supplemen tal Assessment Agreement pertaining solely to Parcels Band C; NOW, THEREFORE, in consideration of the mutual obliga- tions of the parties hereto, each of them does hereby cove- nants and agree as follows: Section 1. Def ini tions. All terms defined in Section 1.1 of the Development Agreement and used herein shall have the same meaning as in the Development Agreement, unless the contract clearly indicates otherwise. Section 2. Execution of Amended Assessmen t Ag reemen t . The City and Winfield have executed and filed for record in the offices of the County Recorder in Ramsey County, Minne- sota, an assessment agreement consti tuting the "Or ig inal Assessment Agreement," as that term is defined in the Development Agreement, establishing an Assessor's Minimum Market Value of $2,366,000 for the Development Property as of January 2, 1986. As consideration for the covenants of the Ci ty contained in this Agreement, Winf ield, Venture I and Venture II agree that they will execute a new assessment agreement (the "Amended Assessment Agreement") establishing an Assessor's Minimum Market Value of $4,300,000 as of January 2, 1985 for the Development Property, the Minimum Improvements and the Venture II Improvements; allocable between Parcels A, Band C as provided therein. The Amended Assessment Agreement shall provide that the Amended Assess- ment Agreement supercedes the Original Assessment Agreement, and that the filing of the Amended Assessment Agreement for record in the offices of the County Recorder of Ramsey County shall render the Original Assessment Agreement in all respects null, void and of no further effect. The Amended Assessment Agreement shall be substantially the form attached hereto as Exhibit A. The Amended Assessment Agree- ment shall be certified by the Assessor for Ramsey County and shall be filed for record in the office of the County Recorder of Ramsey County, all as provided in Minnesota Statutes, Section 273.76, Subd. 8. The City and Winfield agree that the Amended Assessment Agreement shall be deemed to be and constitute the "Assess- ment Agreement If (as def ined in the Development Agreement) for all purposes under the Development Agreement, except that the Amended Development Agreement shall also be deemed - 3 -