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Lakeland Hills CITY COPY
<br /> Development Agreement Revised July 7, 1997
<br /> until the entire balance plus accrued interest is paid in full unless paid earlier. In the
<br /> alternative, the City, at its option, may certify the entire assessment roll to the Anoka
<br /> County Auditor for collection with the real Estate Taxes. In the event any payment
<br /> is not made on the dates set out herein, the City may exercise its rights granted
<br /> hereunder for such default. The Developer waives any and all procedural and
<br /> substantive objections to the installation of the public improvements and the special
<br /> assessments, including but not limited to hearing requirements and any claim that the
<br /> assessment exceeds the benefit to the property. In the event the total of all City
<br /> Installed Improvements is less than originally estimated by the City Engineer in his
<br /> feasibility report, Developer waives any appeal rights otherwise available pursuant to
<br /> MSA 429.081.
<br /> 4. Require Payments of Special Assessments by Developer. Developer, its heirs,
<br /> successors, or assigns hereby agrees that prior to or on issuance of certificate of
<br /> occupancy, to pay the entire unpaid improvement costs assessed or to be assessed
<br /> under this Agreement against such property.
<br /> If a certificate of occupancy is issued before the special assessments have been levied,
<br /> the Developer, its heirs, successors, or assigns shall pay the City the sum of cash equal
<br /> to the Engineer's estimate of the special assessments for such improvements that would
<br /> be levied against the property. Upon such payment, the City shall issue a certificate
<br /> showing the assessments are paid in full. Notwithstanding the issuance of said
<br /> certificate, the Developer shall be liable to the City for any deficiency and the City
<br /> shall pay the Developer any surplus arising from the payment based upon such
<br /> estimate.
<br /> 5. Acceleration Upon Default. In the event the Developer violates any of the covenants,
<br /> conditions, or agreements herein contained to be performed by the Developer, violates
<br /> any ordinance, rule, or regulation of the City, County of Anoka, State of Minnesota,
<br /> or other governmental entity having jurisdiction over the plat, or fails to pay any
<br /> installment of any special assessment levied pursuant hereto, or any interest thereon,
<br /> when the same is to be paid pursuant hereto, the City, at its option, in addition to its
<br /> rights and remedies hereunder, after ten (10) days' written notice to the Developer,
<br /> may declare all of the unpaid special assessments which are then estimated or levied
<br /> pursuant to this Agreement due and payable in full, with interest. The City may seek
<br /> recovery of such special assessments due and payable from the security provided in
<br /> Paragraph (B) hereof. In the event that such security is insufficient to pay the
<br /> outstanding amount of such special assessments plus accrued interest, the City may
<br /> certify such outstanding special assessment in full to the County Auditor pursuant to
<br /> MS 429.061, Subdivision 3, for collection the following year. The City, at its option,
<br /> may commence legal action against the Developer to collect the entire unpaid balance
<br /> of the special assessments then estimated or levied pursuant hereto, with interest,
<br /> including reasonable attorney's fees and Developer shall be liable for such special
<br /> assessments and, if more than one, such liability shall be joint and several. Also, if
<br /> the Developer violates any term or condition of this agreement, or if any payment is
<br /> not made by Developer pursuant to this agreement, the City, at its option, may refuse
<br /> 260/083- 1904.feb Page 7
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