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Revised July 7, 1997 <br /> default shall be signed by the Mayor or the Clerk/Administrator of the City. Copies of said notice <br /> shall also be served on the Lender. <br /> In the event the City does not recoup its costs in completing the Developer Improvements under <br /> the provisions of this paragraph, as an additional remedy, the City may at its option, assess the <br /> benefitted property in the manner provided by Minnesota Statutes 429.01 et seq. <br /> 7. TERMS OF AGREEMENT. This Agreement shall expire on November 1, 1998. This <br /> Agreement shall automatically be extended for successive six month periods unless the Lender gives <br /> written notice to the City thirty (30) days prior to any expiration date. If the Lender chooses not to <br /> extend the Agreement, and the City desires continued financial security for the Developer's <br /> obligations under the Development Agreement, the City may request the Lender to disburse to the <br /> City the remaining unadvanced amounts of this Disbursement Agreement which funds the City shall <br /> hold in escrow for the exclusive purpose of completing the Developer Improvements or other <br /> obligations of the Developer under the Development Agreement. Upon final completion of the <br /> Developer's obligations under the Development Agreement, the City shall pay any remaining funds <br /> to the Lender to be applied as a payment on the Developer's behalf. <br /> 8. REQUESTS. Any request made by the City under paragraphs 6 and 7 to the Lender shall <br /> be honored by the Lender within three (3) business days after demand is made by the City. <br /> 9. NOTICES. Any notice provided for in this Agreement may be delivered or mailed as <br /> follows: <br /> Lender: <br /> Developer: Royal Oaks Realty <br /> 4196 Lexington Avenue <br /> Shoreview, MN 55126 <br /> Attn: Mr. Keith Eibensteiner <br /> City: 1880 Main Street <br /> Centerville, MN 55038 <br /> Attn: Mr. Jim March <br /> Such notices shall be deemed to have been given when received by all parties. <br /> 10. GOVERNING LAW. The Agreement shall be govemed in all respects by the laws of the <br /> State of Minnesota. <br /> 11. ASSIGNMENT. The rights of the City under this agreement cannot be assigned. <br /> 12. BINDING EFFECT. This Agreement shall insure and bind the parties hereto and their <br /> successors and assigns. <br /> 260/083- 2010.feb Page 3 <br />