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6. Deferred Assessments. The Assessments for Outlots B and D of the Plat shall be <br />payable in equal semi - annual installments over a period of twenty (20) years, the first installment of <br />which shall be due not sooner than May 15, 2015, except that if Owner conveys either of said <br />outlots to a party unaffiliated with Owner, the due date of the first installment of the Assessments <br />for that outlot may be accelerated by the City to the May 15 next succeeding the date of such <br />conveyance. The interest rate on the Assessments levied against Outlots B and D shall be the same <br />as the interest rate specified in Section 5 above. Said interest will accrue beginning on the date of <br />the bond sale. <br />7. CITY Option to Terminate. The CITY reserves the right to opt out of this <br />Agreement if the cost of the Improvements exceeds the Assessment Amount prior to execution of <br />this Agreement. <br />8. Counterparts. This Agreement may be executed in multiple counterparts, each of <br />which shall be an original, but all of which together shall constitute a single agreement. <br />CITY OF RAMSEY <br />By: <br />Its: Mayor <br />ATTEST <br />By: <br />Its: City Administrator <br />STATE OF MINNESOTA ) <br />) ss. <br />COUNTY OF ANOKA ) <br />The foregoing instrument was acknowledged before me this day of <br />, 2011, by Bob Ramsey and Kurtis G. Ulrich, the Mayor and City <br />Administrator, respectively, of City of Ramsey, a Minnesota municipal corporation pursuant to <br />the authority granted by its City Council. <br />Notary Public <br />ALPHA DEVELOPMENT /Legacy Christian Academy <br />Development Contract <br />Page 16 of 18 <br />