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• <br />Development Contract <br />Hailey Manor 5 -24 -2004 <br />certificate showing the assessments are paid in full. Notwithstanding <br />the issuance of said certificate, the Developer shall be liable to the <br />City for any deficiency and the City shall pay the Developer any <br />surplus arising from the payment based upon such estimate. <br />Developer will be paid interest on all assessments paid before the <br />levy of such assessments by the City at the bond interest rates paid <br />by the City. <br />Acceleration Upon Default. <br />1. In the event the Developer violates any of the covenants, <br />conditions or agreements herein contained to be performed by the <br />Developer, violates any ordinance, rule or regulation of the City, <br />County of Anoka, State of Minnesota or other governmental entity <br />having jurisdiction over the Subdivision, or fails to pay any <br />installment of any special assessment levied pursuant hereto, or any <br />interest thereon, when the same is to be paid pursuant hereto, the <br />City at its option, in addition to its rights and remedies hereunder, <br />after thirty (30) days' written notice to the Developer, may declare all <br />of the unpaid special assessments which are then estimated or levied <br />pursuant to this agreement due and payable in full, with interest. The <br />City may seek recovery of such special assessments due and payable <br />from the security provided herein. In the event that such security is <br />insufficient to pay the outstanding amount of such special <br />assessments plus accrued interest the City may certify such <br />outstanding special assessments in full to the County Auditor <br />pursuant to M.S. 429.061, Subd. 3 for collection the following year. <br />The City, at its option, may commence legal action against the <br />Developer to collect the entire unpaid balance of the special <br />assessments then estimated or levied pursuant hereto, with interest, <br />including reasonable attorney's fees, and Developer shall be liable <br />for such special assessments and, if more than one, such liability <br />shall be joint and several. Also, if Developer violates any term or <br />condition of this agreement, or if any payment is not made by <br />Developer pursuant to this agreement the City, at its option, may <br />refuse to issue building permits for any parcel with the Subdivision <br />for which the assessments have not been paid. <br />III. CITY'S IMPROVEMENTS <br />A. No City improvements are proposed under this agreement. <br />page 8 <br />