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I <br /> I <br />:1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />DRAFT 3/18/98 <br /> <br />the lien amount may become immediately due and payable in full if the improvements are not completed <br />by October 31, 1998 unless the said improvements are subject to Unavoidable Delays as defined in the <br />Development Agreement. <br /> <br />The Lien shall automatically become null and void upon issuance by the City of a Certificate of <br />Completion for the Minimum Improvements. <br /> <br />This Agreement shall run with the Development Property and shall insure to the benefit of, and be binding <br />upon, the parities hereto and their respective heirs, executors, representatives, successors and assigns. <br /> <br />In the event that the Owner or any of its successors or assigns fails or refuses to make the repayment <br />required by this agreement, within the time established, the City may, with or without notice, foreclose said <br />lien in the same manner as is provided by statute for action for the foreclosure of mortgages upon real <br />property. <br /> <br />This Agreement shall be subordinate to any first mortgage granted by the Developer to f'mance the <br />construction of the Minimum Improvements. The City will execute any agreements reasonably requested <br />by the Developer and/or Holders of any first mortgage to evidence such subordination. <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br />PECK CONSTRUCTION, INC. <br /> <br />By <br /> <br /> Its: <br /> <br />By <br /> <br />Mayor Its: President <br /> <br />By <br /> <br />Its: <br /> <br />City. Administrator <br /> <br />By <br /> <br />Its: <br /> <br />STATE OF MINNESOTA ) <br /> ) SS. <br />COUNTY OF ANOKA ) <br /> <br />On this day of ,1998, before me, a Notary Public, personally appeared Thomas G. Gamec and <br />James E. Norman to me personally known, who, being each by me duly sworn did say that they are respectively the <br />Mayor and City Administrator of the City of Ramsey, the Municipal Corporation named in the foregoing <br />instrument, and the seal affixed to said instrument is the corporate seal of said Municipal Corporation, and the said <br />instrument was signed and sealed on behalf of said Municipal Corporation by authority of its City Council and said <br />Thomas G. Gamec and James E. Norman acknowledge said instrument to be the free act and deed of said Municipal <br />Corporation. <br /> <br />Notary Public <br /> <br />Page 33 <br /> <br /> <br />