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Eagle Pass Development Agreement 4. Security. Levy of Special Assessments. and Required Payment Therefor Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow in an amount indicated in writing to provide for financing the cost of preparing said final plans and specifications by the City Engineer. Said cash escrow, including accrued interest thereon, may be used by the City upon default by Developer in the payment of special assessments pursuant hereto, whether accelerated or otherwise. 7hat such cash escrow or letter of credit shall remain in full force and effect throughout the term of the special assessments, except the amount of the request of the Developer, at the City's option, but in no event shall be less than the total of the outstanding special assessments against all properties within the Subdivision. The entire cost of the installation of such improvements, including any reasonable engineering, legal, and administrative costs incurred by the City, shall be assessed against the benefttted properties within the Subdivision in ten (10) equal annual installments with interest on the unpaid installments at a rate not to exceed the maximum allowed by law. All special assessments levied hereto shall be payable to the Deputy Clerk in semiannual installments over ten (10) years commencing on May 15, 1997, of the year after the levy of such assessment and on each October 15th and May 15th thereafter until the entire balance plus accrued interest is paid in full unless paid earlier. In the alternative, the City, at its option, may certify the entire assessment roll to the Anoka County Auditor for collection with the real Estate Taxes. In the event any payment is not made on the dates set out herein, the City may exercise its rights granted hereunder for such default The Developer waives any and all procedural and substantive objections to the installation of the public improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessment exceeds the benefit to the property. In the event the total of all City Installed Improvements is less than originally estimated by the City Engineer in his feasibility report, Developer waives any appeal rights otherwise available pursuant to MSA 429.081. 5. Required Payments of�pecial Assessments by Developer Developer, its heirs, successors, or assigns hereby agrees that prior to or on issuance of certificate of occupancy, to pay the entire unpaid improvement costs assessed or to be assessed under this Agreement against such property. If a certificate of occupancy is issued before-the special assessments have been levied, the Developer, its heirs, successors, or assigns shall pay the City the sum of cash equal to the Engineer's estimate of the special assessments for such improvements that would be levied against the property. Upon such payment, the City shall issue a certificate showing the assessments are paid in full Notwithstanding the issuance of said certificate, the Developer shall be liable to the City for any deficiency and the City shall pay the Developer any surplus arising from the payment based upon such estimate. 2601078- 2106.aug - Page 6