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Preserve at Lino Lakes Development Contract May, 2013 page 10 3. All special assessments levied hereto shall be p ayable to the City Clerk in semi-annual installments over fifteen (15) years co mmencing on April 15 of the year after the levy of such assessment and on e ach September 15 and April 15 thereafter until the entire balance plus a ccrued interest is paid in full unless paid earlier. In the alternative, the City, at its option, may certify the entire assessment roll to the Anoka County Auditor for collection with the Real Estate Taxes. In the event any payment is not made on the dates set out herein, the City may exercise its rights granted he reunder for such default. The Developer waives any and all procedural and sub stantive objections to the installation of the City Improvements and the s pecial assessments, including but not limited to hearing requirements a nd any claim that the assessments exceed the benefit to the property. In the event the total of all City Installed Improvements is less than originally estimated by the City Engineer in his feasibility report, Developer waive s any appeal rights otherwise available pursuant to M.S.A. 429.081. D. Required Payments of Special Assessments by Deve loper. 1. Developer, its heirs, successors or assigns here by agrees that within thirty (30) days after the issuance of a certificate of oc cupancy for a residence on a lot located within the Subdivision which is assesse d for the cost of such City Improvements, the Developer, its heirs, successors or assigns, agrees, at its own cost and expense, to pay the entire unpaid City Improvement Costs assessed or to be assessed under this agreement aga inst such property. 2. If a certificate of occupancy is issued before t he special assessments have been levied, the Developer, its heirs, successors o r assigns shall pay the City the sum of cash equal to one hundred twenty percent (120%) of the Engineer's estimate of the special assessments for such City Improvements that would be levied against the property. Upon su ch payment the City shall issue a certificate showing the assessments are pai d in full. Notwithstanding the issuance of said certificate, the Developer sha ll be liable to the City for any deficiency and the City shall pay the Developer any surplus arising from the payment based upon such estimate. Developer wi ll be paid interest on all assessments paid before the levy of such assess ments by the City at the bond interest rates paid by the City. E. Acceleration Upon Default. 1. In the event the Developer violates any of the c ovenants, conditions or agreements herein contained to be performed by the Developer, violates any ordinance, rule or regulation of the City, County o f Anoka, State of Minnesota or other governmental entity having juris diction over the plat, or fails to pay any installment of any special assessm ent levied pursuant hereto, or any interest thereon, when the same is to be pai d pursuant hereto, the City