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<br />Clearwater Creek Business Park <br />Development Agreement <br />September 26, 2016 <br /> page 8 <br /> <br />as reasonably approved by the City. The letter of credit or cash escrow may be <br />used by the City upon default by Developer in the payment of special <br />assessments. The cash escrow or letter of credit shall remain in place <br />throughout the term of the special assessments. The letter of credit may not be <br />terminated until the assessments are paid in full. <br />c. Developer, its heirs, successors or assigns, agrees that within 30 days after the <br />date of sale of a lot, the Developer, its heirs, successors or assigns, at its own <br />cost and expense, shall pay the entire unpaid charges assessed or to be assessed <br />under this agreement against such property. <br />d. If a certificate of occupancy is issued before the special assessments have been <br />levied, the Developer, its heirs, successors or assigns shall pay the City the sum <br />of cash equal to 120% of the Engineer's estimate of the special assessments for <br />such Charges that would be levied against the property. Upon such payment the <br />City shall issue a certificate showing the assessments are paid in full. <br />Notwithstanding the issuance of said certificate, the Developer shall be liable to <br />the City for any deficiency and the City shall pay the Developer any surplus <br />arising from the payment based upon such estimate. <br />e. Acceleration upon Default. If, after written notice and a 30 day cure period <br />(unless the default cannot reasonably be cured within such 30 day period, in <br />which event City will provide Developer with a reasonable period of additional <br />time [not to exceed 120 days] to cure the default) Developer violates any of the <br />covenants, conditions or agreements herein, violates any ordinance, rule or <br />regulation of the City, County of Anoka, State of Minnesota or other <br />governmental entity having jurisdiction over the plat or development, or fails to <br />pay when due any installment of any special assessment levied pursuant to this <br />agreement, or any interest thereon, the City at its option, in addition to its rights <br />and remedies hereunder, may declare all of the unpaid special assessments <br />which are then estimated or levied pursuant to this agreement due and payable <br />in full, with interest as a rate equal to the lesser of 8% or the highest rate <br />allowed by law. The City may seek recovery of such special assessments due and <br />payable from the security provided herein. In the event that such security is <br />insufficient to pay the outstanding amount of such special assessments plus <br />accrued interest the City may certify such outstanding special assessments in full <br />to the County Auditor pursuant to Minnesota Statutes section 429.061, <br />subdivision 3, for collection the following year. The City, at its option, may <br />commence legal action against the Developer to collect the entire unpaid <br />balance of the special assessments then estimated or levied pursuant hereto, <br />with interest, including reasonable attorney's fees. In addition to any other <br />rights and remedies upon Developer’s default, the City may refuse to issue <br />building permits and/or Certificates of Occupancy for any property within the