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NorthPointe 2nd Addition Development Contract September, 2014 iii. All special assessments shall be payable to the City Clerk in semi-annual installments over 15 years commencing on April 15th of the year after the levy of such assessment and on each September 15th and April 15th thereafter until the entire balance plus accrued interest is paid in full. In the alternative, the City may, at its option, certify the entire assessment roll to the Anoka County Auditor for collection with real estate taxes. iv. Developer, its heirs, successors or assigns, agrees that within 30 days after the issuance of a certificate of occupancy for a residence on a lot located within the Subdivision that is assessed for the cost of the Charges, the Developer, its heirs, successors or assigns, agrees, at its own cost and expense, to pay the entire unpaid Charges assessed or to be assessed under this agreement against such property. v. If a certificate of occupancy is issued before the special assessments have been levied, the Developer, its heirs, successors or assigns shall pay the City the sum of cash equal to 120% of the Engineer's estimate of the special assessments for such City Improvements that would be levied against the property. Upon such payment the City shall 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 i. In the event the Developer violates any of the covenants, conditions or agreements herein, 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 when due any installment of any special assessment levied pursuant to this agreement, or any interest thereon, the City at its option, in addition to its rights and remedies hereunder, after 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 Minnesota Statutes section 429.061, subdivision 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, page 8