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returned to the City. Remaining fiends in the Escrow shall be returned to the <br />Partnership. <br />(6) Annual Payment. Beginning in the year in which the Project qualifies and is <br />obligated to pay real estate taxes at the 4(d) class rate (taxes payable in 1999), the <br />Partnership shall pay the City an annual fee equal to the actual difference in the City's <br />portion of real estate taxes for the Project attributable to the current year's actual real <br />estate taxes and the real estate taxes that would have been generated by the Project <br />utilizing a blended class rate of 2.5698% applied against the current year's estimated <br />market value and multiplied by the current year's City tax capacity rate. The method <br />of calculating the payment is as provided for in Exhibit "C" attached hereto and made <br />part hereof. The Partnership shall make such payment on or before the time at which <br />the second installment of real estate taxes is due and payable without penalty, or <br />November 1 ", whichever is earlier. The Partnership's obligation to make such <br />payment shall cease if the 4(d) class rate or other such similar rate is eliminated. The <br />Partnership's obligation shall terminate when all bonds issued to tinance the Project <br />or any refunding bonds are paid in full. <br />(7) Successors and Assigns. This Agreement shall inure to the benefit of and shall be <br />binding upon the Partnership and the City and their respective successors and assigns. <br />(8) Counterparts. This Agreement may be executed in several counterparts, each of <br />which shall be an original and all of which shall constitute but one and the same <br />instrument. <br />N WITNESS WHEREOF, the Partnership and the City have caused this :Agreement to be <br />executed by their duly authorized officers. <br />This instrument drafted by: <br />Todd B. Urness <br />Winthrop & Weinstine <br />3000 Dain Rauscher Plaza <br />60 South Sixth Street <br />Minneapolis, MN 5 401 <br />(612) 347 -0657 <br />LITTLE CANADA LEASED HOUSING <br />ASSOCIATES, L.L.P., a Minnesota limited liability <br />partnership h 'y <br />By Irk \.'c <br />Paul Sween, A Partner <br />CITY OF LITTLE CANADA, MINNESOTA, <br />a Minnesota municipal corporation <br />Michael I. Fahey, MayorC <br />CITY OF LITTLE CANADA, MINNESOTA. <br />a Minnesota municipal corporation <br />Jo R. Hanson. City Administrator <br />12- <br />