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In the event this Note shall be in default, Borrowers agree to allow the City to place a special <br /> assessment on the Subject Property pursuant to Minnesota Statutes Chapter 429, in the amount of <br /> the Note, along with reasonable costs, fees, and subject to annual interest of 5%. To this end the <br /> Borrowers agree to waive the normal statutory requirements of petitioning, public hearings, and <br /> other requirements for placing a special assessment on the Subject Property. At such times as a <br /> special assessment is perfected against the Subject Property,the terms of this Note are satisfied and <br /> the City shall release the security interest granted in this note. <br /> The Borrowers, whether as corporate officers, endorsers, guarantors or sureties waive demand, <br /> presentment and protest and all notices thereto and further agree to remain bound,notwithstanding <br /> any extension, modification, waiver, or other indulgence by any holder or upon the discharge or <br /> release of any obligor hereunder or to this Note,or upon the exchange,substitution,or release of any <br /> security interest granted by this Note. <br /> Signed and sealed under penalty of perjury this_day of , 2015. <br /> Borrower, Willie J. Lessard, as an individual and/or for Lakes Area Utility Contracting, Inc. <br /> Borrower, Sharon K. Lessard, as an individual and/or for Lakes Area Utility Contracting, Inc. <br /> This document prepared by: <br /> Kurt B. Glaser <br /> Centerville City Attorney <br /> Smith& Glaser, LLC <br /> 333 Washington Avenue North <br /> 405 Union Plaza Building <br /> Minneapolis, MN 55401 <br /> 612-333-6513 <br /> Page 2 of 2 <br /> Z'O/ <br />