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Watermark 8th Addition <br />Development Agreement <br />September 9, 2024 <br /> page 10 <br />City upon default by Developer in the payment of special assessments. The cash <br />escrow or letter of credit shall remain in place throughout the term of the special <br />assessments. The letter of credit may not be terminated without the City’s <br />written consent. <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 of Special Assessments upon Default. In the event the Developer <br />violates any of the covenants, conditions or agreements herein, violates any <br />ordinance, rule or regulation of the City, County of Anoka, State of Minnesota or <br />other governmental entity having jurisdiction over the plat or development, or <br />fails to pay when due any installment of any special assessment levied pursuant <br />to this agreement, or any interest thereon, the City at its option, in addition to its <br />rights and remedies hereunder, after 10 days written notice to the Developer, <br />may declare all of the unpaid special assessments which are then estimated or <br />levied pursuant to this agreement due and payable in full, with interest. The City <br />may seek recovery of such special assessments due and payable from the <br />security provided herein. In the event that such security is insufficient to pay the <br />outstanding amount of such special assessments plus accrued interest the City <br />may certify such outstanding special assessments in full to the County Auditor <br />pursuant to Minnesota Statutes section 429.061, subdivision 3, for collection the <br />following year. The City, at its option, may commence legal action against the <br />Developer to collect the entire unpaid balance of the special assessments then <br />estimated or levied pursuant hereto, with interest, including reasonable <br />attorney's fees, and Developer shall be liable for such special assessments and, if <br />more than one, such liability shall be joint and several. 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 <br />Subdivision until such time as such default has been corrected to the satisfaction <br />of the City. The Developer agrees to reimburse the City for all costs incurred by <br />the City in the enforcement of this agreement, or any portion thereof, including