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Clearwater Meadows Development Agreement C. 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 or letter of credit in an amount equal to thirty-five (35 percent of the total estimated cost of said improvements as established by the City Engineer. Said cash escrow, including accrued interest thereon, or letter of credit, may be used by the City upon default by Developer in the payment of special assessments pursuant hereto, whether accelerated or otherwise. That 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 benefited 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. Payment of the interest accrued on the special assessments Ievied shall be payable to the City Clerk on November 15, 1996. The balance of principal and interest of the special assessments levied hereto shall be payable to the City Clerk in semi- annual installments commencing on April 15, 1997 and on each November 15th and April 15th hereafter until the entire balance plus accrued interest is paid in full unless paid earlier pursuant to Paragraph (C) herein. In the event any payment is not made on the dates set out herein, the City may exercise its rights pursuant to Paragraph (D) hereof. 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 assessments exceed the benefit to the property. Developer waives any appeal rights otherwise available pursuant to M.S.A. 429.081, The City, at its option, may elect to certify the entire assessment roll to Anoka County for collection with the real estate taxes. D. Required PaMents of Special Assessments by Developer Developer, its heirs, successors or assigns hereby agree that prior to or on issuance of certificate of occupancy, to pay the entire unpaid improvement costs assess 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 K- GDEV.WPS Page 6