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The Village No. 5 Development Contract May , 2013 page 7 Publ ic Improvements the City shall require a Performance Bond or Cash Escrow to cover the one -year warranty provisions of the agreement. The amount shall be reasonably determined by the City Engineer. III. CITY IMPROVEMENTS A. Special Assessments. The City shal l assess the Property for the Sanitary Sewer and Water Trunk Unit Charges in the total amount of $81,800 as shown on Attachment A. The assessments shall be made pursuant to Minnesota Statute 429 and City Charter and applicable City policies. The assessments shall be payable in equal annual principal installments plus interest on the unpaid installments at a rate not to exceed the maximum allowed by law. All special assessments levied hereto shall be payable to the City Clerk in semi -annual install ments over fifteen (15) years commencing on April 15 of the year after the levy of such assessment and on each September 15 and April 15 thereafter until the entire balance plus accrued 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 hereunder for su ch default. The Developer waives any and all procedural and substantive objections to the installation of the City Improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the be nefit to the property. B. Acceleration Upon Default. In the event the Developer violates any of the covenants, conditions or agreements herein contained to be performed by the Developer, violates any ordinance, rule or regulation of the City, County of Anok a, State of Minnesota or other governmental entity having jurisdiction over the plat, or fails to pay any installment of any special assessment levied pursuant hereto, or any interest thereon, when the same is to be paid pursuant hereto, the City at its op tion, in addition to its rights and remedies hereunder, after ten (10) days' written notice to the Developer, may declare all of the unpaid special assessments which are then estimated or levied pursuant to this agreement due and payable in full, with inte rest. The City may seek recovery of such special assessments due and payable from the security provided herein. In the event that such security is insufficient to pay the outstanding amount of such special assessments plus accrued interest the City may c ertify such outstanding special assessments in full to the County Auditor pursuant to M.S. 429.061, Subd. 3 for collection the following year. The City, at its option, may commence legal action against the Developer to collect the entire unpaid balance of the special assessments then estimated or levied pursuant hereto, with interest, including reasonable attorney's fees, and Developer shall be liable for such special assessments and, if more than one, such liability shall be joint and several. Also, if D eveloper violates any term or condition of this agreement, or if any payment is not made by Developer pursuant to this agreement the City, at its option, may