07/24/2000 Council Packet - Laserfiche WebLink

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• • Development Contract Clearwater Creek 4th Addition issue a certificate showing the assessments are paid in full. Notwithstanding the issuance of said certificate, the Developer shall 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 will be paid interest on all assessments paid before the levy of such assessments 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 covenants, conditions or agreements herein contained to be performed by the Developer, violates any ordinance, rule or regulation of the City, County of Anoka, 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 option, 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 interest. 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 certify 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 Developer 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 refuse to issue building permits to any of the property within the plat on which the assessments have not been paid. IV. RECORDING AND RELEASE A. The Developer agrees that the terms of this Development Contract shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1 hereof. City shall provide to Developer upon payment of all the special assessments levied against a parcel a release of such parcel from the terms and conditions of this Development Contract subject to provisions contained in this contract. page 9