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MINUTES 03 SECONDS W, 412.83 FEET; THENCE S 01 DEGREES <br />50 MINUTES 43 SECONDS W, 114.07 FEET; THENCE S 42 <br />DEGREES 08 MINUTES 51 SECONDS E, 32.00 FEET; THENCE S <br />71 DEGREES 37 MINUTES 52 SECONDS E, 107.79 FEET TO A <br />POINT ON SAID EAST LINE OF TRACT C, DISTANT 10 FEET <br />NORTHERLY FROM THE SOUTHEAST CORNER OF TRACT C; THENCE <br />EAST ALONG A LINE PARALLEL TO AND 10 FEET NORTHERLY OF <br />THE EASTERLY EXTENSION OF THE SOUTH LINE OF TRACT C A <br />DISTANCE OF 20 FEET AND THERE TERMINATING. <br />The connection of the above described property to City's <br />water system is subject to the following conditions: <br />1. Owner shall pay to City the following charges: <br />(a) A connection charge of Ninety -five Thousand <br />Thirty -three and No /100 Dollars ($95,033.00), as <br />determined by City, pursuant to Minn. Stat. <br />§444.075 and applicable Little Canada ordinances. <br />Said payment shall be made in fifteen (15) equal, <br />annual installments with the first installment due <br />prior to connection and each subsequent payment <br />due twelve (12) months thereafter. Interest shall <br />accrue on the outstanding balance at the rate of <br />seven percent (7%) per annum. Owner may prepay <br />the entire outstanding balance at any time without <br />penalty. Interest will accrue to the date of <br />payment. <br />(b) Meter charges as determined by the City based upon <br />the cost of the meter(s) needed to serve Owner's <br />property shall be paid prior to the time of <br />connection or within five (5) days of demand by <br />City; and <br />-3- <br />Page 140 <br />