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Attachment C 250 Payments. 2513.The voluntary assessments will be spread over twelve (12) years with 252a two-year repayment deferral with no interest accruing and ten (10) year repayment 253schedule beginning in 2014. Interest shall accrue starting in 2014 at the rate of six 254percent (6%) per year on the unpaid balance of the Assessment Amount. If the Owners 255fail to make any payment of the Assessment Amount when due, the City may take all 256necessary enforcement action, including the right to impose penalties and interest and to 257commence judicial action to collect the payment. 258 Assessment Process. 2594.The parties shall cooperate with the Ramsey County 260 261Agreement. 262 Sale of Property. 2635. In the event the Property is sold, the entire remaining balance 264of the Assessment Amount shall be due and owing to the City upon closing of the 265transaction. In the event a portion of the Property is sold, a prorated portion of the 266remaining balance of the Assessment Amount proportionate to the percentage of the 267Property being sold shall be due and owing to the City upon closing of the transaction. 268The Owners shall make this a condition of any purchase agreement concerning the sale of 269the Property. 270 Priority of Assessment. 2716. Pursuant to Minnesota Statutes section 514.67, the 272voluntary assessment against the Property shall constitute and be a first and prior lien on 273the Property. 274 Indemnification for Environmental Matters. 2757. The Owners hereby indemnify, 276and shall protect and hold the City harmless from and against all liabilities, losses, 277claims, demands, costs, expenses, obligations, including penalties and reasonable 278 279nature arising, or alleged to arise from or in connection with a release or threat of release 280of any hazardous substances, pollutants, or contaminants which may have existed on, or 281 282 Rights of Public. 2838. The Owners do not intend that the public should have any 284interest in the above described land by virtue of this Assessment Agreement. It is 285expressly agreed by and between the parties hereto that the Owners retain ownership of 286the Property and all incidents of ownership. Owners do not intend that the public should 287have any interest in the land or right to trespass thereon by virtue of this Assessment 288Agreement or otherwise, except as herein set forth. 289 Indemnification. 2909. To the extent permitted by Minnesota law, the City hereby 291indemnifies, and shall protect and hold the Owners harmless from and against all 292liabilities, losses, claims, demands, costs, expenses, and judgments of any nature arising, 7