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3. Payments. The voluntary assessments will he spread over twelve (12' .) years With a two -year repaym ent de feffal wi th no interest ac cruin g and ten ( 10) ye ar repay M e rat schedule beginning M* 2014. Interest shall accrue starting in 2014 at the rate of six percent (6%) per year on the unpaid balance of the Assessment Amount. If the Owners fail to make any payment of the Assessment Amount when due, the it may take all necessary enforcement action, includm'g the n"ght to impose penalties and interest and to commence j u d i 6 al acti on to col legit the paymeat. 4. Assessment Process. The parties shall cooperate with the Ramsey County 4. Assessor's office and other County officials as necessary to effectuate the terms of this Agreement'. W 5. Sale of Property. In the event the Property is sold, i the entire rernanm g balance of the Assessment Amount shall be due and owing to the City upon closing of the transaction. In the event a porti on of the Property i s so I d, a prorated p or ti on 0 f th e remaining balance of the Assessment Amount proportionate to the percentage of the Property being sold shall be due and owing to the City upon closing of the transaction. The Owners shall make this a condition of any purchase agreement concerning the sale of the Property. 6. Priority of Assessment, Pursuant to Minnesota Statutes section 514.67, the voluntary assessment against the Property shall constitute and be a first and prior lien en on flhc Property ,, 7. Indemnification for Environmental Matters. The Owners hereby indemnify, and shall protect and hold the City harmless from and against all liabilities, losses, claims, demands, costs, expenses, obligations, including penalties and reasonable attorney's fees, or losses resulting from any claims, actions, suits or proceedings of any nature arising, or alleged to arise from or in connection with a release or threat of release of any hazardous substances, pollutants, or contaminants which may have existed on, or which relate to, the Property and the City's actions in furtherance of this Agreement. 8. Rights of Pu bi i c. The Owners do not intend that the pub 1 is should h av e any interest in the above -described land by virtue of this Assessment Agreement. It is expressly agreed by and between the parties hereto that the Owners rctain ownership of the Property and all incidents of ownership. Owners do not 'Intend that the public should have any interest in the land or right to trespass thereon by virtue of this Assessment Agreement or otherwise, except as herein set forth. 9. Indemnification. To the extent permitted by Minnesota law, the City hereby indemnifies, and shall protect and hold the Owners harmless from and against all 5 liabilities, losses. claims demands, costs, expenses, and judgments of any nature arising., 7