CCP 08-31-1987 - Laserfiche WebLink

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. ~ ~~~~~~~:~';~~'~~"~:~:.i~l{~:itt~: Developer only be obliqated to pay one- sixth tl/6th) of the outstandinq balance of the assessments, p~us interest, each year, Accordinqly, if, for example, the Developer pays one-third (l/3rd) of the balance due of the assessments, plus interest accrued thereon, in the first year, he need not pay any further assess- ments until the third year the assessments are due havinq paid one-sixth ll/6thl thereof (plus interest tbereon) each for tbe first and second years of the six (6) year terlll during which the assessments are to be paid off. ~Waiver of Right to Object to Special / ~ Assessments, Because the City is affordinq Developer the benefit of its , -\-- financing by means of special assessments, ~" ~~,0- I which financing is cheaper to Developer . than were the Developer to finance the ~. 'B- cost of both the City and Developer ~, ' . i..rP Improvements by means of a private, market u.-- ~ rate loan, Developer hereby agrees to v' ~ waive its rights under Chapter 429 of ~_, ~ Minnesota Statutes to challenqe or object ~l~ . to the special assessments levied upon all ".", \ 9' lots in the Subdi vision by the City to ~ defray all costs of the City Improvements and City services incurred in connection with the Developer's Improvements, whether or not any such Improvements are located inside the Subdivision. (dl Acceleration of Balance of Assessments Due Upon Default, In the event either of the Developers violates any of the covenants and agreements herein contained to be perforllled by Developer, or fails to pay any installment of any special assessment levied pursuant hereto when the same is to be paid, or any interest thereon, the City may--at. its option, in addition to the rights and remedies hereunder by written notice given to the Developer--declare due . and payable in full the entire balance of the unpaid special assessments levied by the Citv aaainst all lots in the Subdivi-