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Development Contract Clearwater Creek 3'd Addn. — Phase One C. Security, Levy of Special Assessments and Required Payment Therefore. 1. Prior to the preparation of final plans and specifications for the construction of said City Improvements, the Developer shall provide to the City a cash escrow or letter of credit in an amount equal to thirty-five (35 %) percent of the total estimated assessments as established by the City Engineer. (See Attachment B) 2. Said letter of credit or cash escrow including accrued interest thereon, may be used by the City upon default by Developer in the payment of special assessments pursuant hereto, whether accelerated or otherwise. That such cash escrow or letter of credit shall remain in full force and effect throughout the term of the special assessments, except, the amount of such escrow or letter of credit may be reduced, upon the request of the Developer, at the City's option, but in no event shall be less than 35% of the outstanding special assessments against all properties within the Subdivision. The entire cost of the installation of such City Improvements, including any reasonable engineering, legal and administrative costs incurred by the City, shall be assessed against the benefited properties within the Subdivision in accordance with City policy existing the date of this agreement, in equal annual principal installments plus interest on the unpaid installments at a rate not to exceed the maximum allowed by law. 3. All special assessments levied hereto shall be payable to the City Clerk in semi - annual installments 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 such 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 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 waives any appeal rights otherwise available pursuant to M.S.A. 429.081. D. Required Payments of Special Assessments by Developer. 1. Developer, its heirs, successors or assigns hereby agrees that within thirty (30) days after the issuance of a certificate of occupancy for a residence on a lot located within the Subdivision which is assessed for the cost of such City page 8