2014-05-14 CC Packet - Laserfiche WebLink

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d. The Owner further specifically waives notice and right to appeal reapportionment of such special assessments upon land division pursuant to Minn. Stat. section 429.071, subd. 3. 6. The Owner understands and agrees that the City may provide for the payment of such special assessments in installments over a period of five(5) years bearing an interest rate of 5%. However, the decision regarding the period of time over which the special assessments may be paid and the interest rate to be applied is in the absolute and sole discretion of the city council, subject only to limitations imposed by law. 7. Except for its classification as "Green Acres" under Minnesota Statute Section 273.111, Owner represents and warrants that the Subject Property is not otherwise classified for tax purposes as to result in deferral of the obligation to pay special assessments. Owner agrees that it will take no action to secure such tax status for the Subject Property during the term of this Agreement, and agrees that it shall not seek deferral of payments of this special assessment. As a guarantee to ensure that no payments are deferred, Owner agrees to give the City a Mortgage in the amount of the Project Cost, Design Cost, or other costs or expenses incurred pursuant to this Agreement ("Indebtedness")% a. The Owner hereby Mortgages, with power of sale, the Subject Property, for the amount of the Indebtedness agreed herein, and payments shall be due as specified herein and in paragraph three. b. If Owner (i) pays the Indebtedness to the City according to the terms of the promissory note, and/or as set forth in this Agreement and all renewals, extensions, and modifications thereto (the "Note"); (ii) pays interest on the Indebtedness as provided in the Note; (iii) keeps and performs all the covenants and agreements contained herein, then the Owner's obligations under this Mortgage will be satisfied, and the City will deliver an executed satisfaction of Mortgage to Owner. It is the Owner's responsibility to record any satisfaction of the Mortgage at the Owner's expense. C. Owner makes and includes in this Mortgage the following covenants and provisions set forth in Minn. Stat. section 507.15, and the relevant statutory covenant equivalents contained therein are hereby incorporated by reference: i. To warrant title to the Subject Property; ii. To pay the Indebtedness as herein provided; iii. To pay all taxes and assessments; iv. That the Subject Property shall be kept in repair and no waste shall be committed; v. To pay principal and interest on prior mortgages (if any). d. In case of default (i) in the payment of the sums to paid under the Note, this Mortgage or this Agreement, when the same becomes due, (ii) in any of the 3 81