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14. Deficits, Surpluses, Annual Audit and Audit Riehts. On or before the 60th day of each fiscal year the City will determine if the actual Parking Maintenance Costs for the prior fiscal year were more than or less than the amount set forth in the City Council's approved budget for that prior fiscal year and will mail to the owner of each Parcel, at the address the Anoka County Assessor's office maintains for the distribution of real estate tax statements for the Parcel, a notice stating the amount of the deficit or surplus or a statement that there is no deficit or surplus. If there is a deficit, each owner is obligated to pay to the City, within 30 days after the owner's receipt of the notice described in this Section 14, an amount determined by multiplying the amount of the deficit by the Allocated Share assigned to the owner's parcel during the prior fiscal year. If there is a surplus, the City must credit against the amounts due from each Parcel owner in the following fiscal year an amount determined by multiplying the amount of the surplus by the Allocated Share assigned to the owner's Parcel during the prior fiscal year. The notice described in this Section 14 must, in addition to stating the amount of the surplus or deficit, state the Allocated Share assigned to each Parcel in the prior fiscal year and, in the case of a deficit, the additional amount each Parcel owner is obligated to pay pursuant to this Section 14 or, in the case of a surplus, the amount of the credit each owner will receive. The City must maintain a separate fund which isolates the financial activities relating to the operation, maintenance, repair and replacement of the District A Parking Improvements. The City will have this fund included in the City's annual audit. Any additional auditing cost the City incurs to include this separate fund in the City's annual audit is a Parking Maintenance Cost for the year in which the audit is conducted. The City must make the City's books and records relating to the Parking Maintenance Costs the City incurs and the City's allocation of the Parking Maintenance costs among and collection of Parking Maintenance Costs from the Parcel owners available for to Parcel owners for inspection, examination and copying during the City's regular business hours. The City may require a Parcel owner that desires to inspect, examine or copy the City's books and records to provide the City with reasonable advance notice to allow the City to assemble the books and records and may charge the Parcel owner the City's actual cost for i) any staff time devoted to assembling the books and records and monitoring the Parcel owner or its representative during his or her inspection and examination and ii) any copies the Parcel owner requests. At the request of a Parcel owner, the City will submit the City's books and records to an independent certified accountant selected by the Parcel owner for review and audit. If the review and audit discloses an error in the City's calculation or allocation of Parking Maintenance Costs, the City will determine the amount of the deficit or surplus resulting from such error and refund such surplus or collect such deficit from the Parcel owners in the manner described in this Section; provided, however, the City will only address errors occurring during the fiscal year in which the audit is conducted and the preceding two fiscal years. The Parcel owner or owners who commissioned the review and audit are solely responsible for its cost. 15. The Citv's Lien for Unpaid Parking Maintenance Cost. The City has a lien on each Parcel for the amount of the Parking Maintenance Costs the City Council allocates to the Parcel pursuant to Section 9 and for any additional amounts due with respect to the Parcel under Section 14. To provide record notice of its lien, the City must record a notice of lien in the Anoka County land records. A notice of lien must include the legal description of the Parcel subject to the City's lien and the amounts due with respect to the Parcel as of the date of the notice of lien. The City's lien has priority over all liens, encumbrances and other interests that are first recorded in the Anoka County land records after the City's recording of its notice of lien. The City may only foreclose its lien by judicial action. Foreclosure by advertisement is not A-7 2707737v11 09/27/11