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<br />exceed six (6) years and shall' bear <br />. interest at the maximum rate allowable by <br />Minnesota law until paid in full. It is <br />I the intent of the parties that the <br />Developer only be obligated to pay one- <br />sixth 1l/6th) of the outstanding balance <br />of the assessments, p~us interest, each <br />year. Accordingly, if, for example, the <br />Developer pays one-third (l/3rd) of the <br />balance due of the assessments, plus <br />interest accrued thereon, in the first <br />year, he need not pay any further assess- <br />ments until the third year the assessments <br />are due havin9 paid one-sixth (l/6th) <br />thereof (plus interest thereon) each for '",,/" <br />the first and second years of the six (61 \ ((5'> <br />Year term during which the assessments are, J/~' I,--,~ , <br />-\\ 'Ii ~ <br />to be paid off. " ~,~," ,c,' <br />" \ ,\ '. }-J !\ .II''l'' <br />\ " ; \ Cj \1 ~t " _~"....~ <br />\\' ,.)- JG\', <br />(c) Waiver of Right to Object to, Speci~l ',I.) :t2:r'" ,t-'r'- <br />Assessments. Because the Cl.ty loS' "'\:> ,!~;.,' <br />affording Developer the benefit of its i'~ ,';', <br />financing by means of special assessments, 'u ,';>i~-'v"'\ <br />which financing is cheaper to Developer Lr,\'~~ ,A, <br />than were the Developer to finance the - IS '\/:\ <br />cost of both the City and Developer <br />4It Improvements by means of a private, market <br />rate loan, Developer hereby agrees to <br />waive its rights under Chapter 429 of <br />Minnesota Statutes to challenge or object <br />to the special assessments levied upon all <br />lots in the Subdivision by the City to <br />defray all costs of the City Improvements <br />and City services incurred in connection <br />with the Developer's Improvements, whether <br />or not any such Improvements are located <br />inside the Subdivision. <br /> <br />(d) Acceleration of Balance of Assessments Due <br />Upon Default. In the event either of the <br />Developers violates any of the covenants <br />and agreements herein contained to be <br />performed by Developer, or fails to pay <br />any installment of any special assessment <br />levied pursuant hereto when the same is to <br />be paid, or any interest thereon, the City <br />may--at its option, in addition to the <br />rights and remedies hereunder by written <br />notice given to the Oeveloper--declare due <br />and payable in full the entire balance of <br />. the unpaid special assessments levied by <br />the City against all lots in the Subdivi- <br />sion owned by that Developer, together <br /> <br /> <br /> <br />- l3 - <br /> <br />" - ~_'" __,_._"....~_..__~ ..._._..._~'~~"_"__.._^ .....__.o__.'. ,-,- ___ <br />