Agenda - Council - 11/12/2013 - Laserfiche WebLink

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and are binding on the Developer and its successors and assigns. Until the City levies the special assessment, the special assessment constitutes a pending special assessment. If a subsequent final plat for a Phase subdivides one or more of the lots or outlots referenced on Exhibit F-1, the City must allocate the special assessment pending or levied against that lot or outlot among the lots or outlots created by such final plat. The Developer or a Secondary Developer, if applicable, must prepare and submit to the City, for its review, a proposed allocation of the pending or levied special assessments among the lots or outlots created by such final plat. The City must adopt the Developer's or, if applicable, a Secondary Developer's proposed allocation if the Developer's or, if applicable, a Secondary Developer's proposed allocation is done on a per square foot basis. The City may accept or reject other proposed allocations in its sole and absolute discretion. The City agrees that the City will not assess more than $514,810.00 against the Unsold Subject Property for the City Phase II Roadway Improvements. 31. Subject to Section 32, Section 7.13 of the Master Development Agreement is hereby deleted in its entirety and replaced with the following: "INTENTIONALLY OMITTED". 32. The modifications to Sections 7.8 through 7.13 of the Master Agreement set forth in Sections 27, 28, 29, 30 and 31 of this First Amendment are subject to a condition subsequent as follows: If the Developer or any other Interest Parties objects to one or more of the special assessments described in Section 24, Section 30, Section 35 or Section 37 of this First Amendment prior to or at the Assessment hearing or appeals one or more of such special assessments pursuant to Minnesota Statutes Section 429.081 or challenges such special assessments on any other basis the provisions of Sections 27 through 31 of this First Amendment are, at the option of the City, of no further force and effect and the provisions of Sections 7.8 through 7.13 of the original Master Agreement shall be reinstated in their entirety. If neither the Developer nor any Interested Party objects to or appeals the assessments described in Section 24, Section 30, Section 35 or Section 37 of this First Amendment above within the appeal periods provided under Minnesota Statutes Chapter 429, the condition subsequent described above shall be deemed satisfied, and the City will execute documentation consenting to the release of the escrowed funds currently held pursuant to Section 7.13 of the Master Agreement under the terms of the Escrow Agreements among and between the City, the Developer and D.R. Horton , Inc.; the City, the Developer and NAU, Inc.; and the City, the Developer and Amcon Housing Development, LLC, respectively. The City's consent to the release of the escrowed funds shall be expressly conditioned upon the Escrow Agent's disbursement of escrowed funds first to the City to reimburse the City for the amounts, if any, the Developer owes to the City under the terms of the Master Agreement, including, but not limited to amounts owed to the City pursuant to Section 12.3 of the Master Agreement, as of the date of the escrowed disbursement. If neither the Developer nor any Interested Party objects to or 12