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administrative fees, legal fees, inspection fees, interest fees, costs of acquisition of <br /> necessary ieasements, if any, and any other cost incurred by the CITY relating to this <br /> Devel~pm~ nt Agreement and the installation of the aforementioned improvements. In <br /> addition, the DEVELOPER agrees as follows: <br /> <br /> (a) Tge DEVELOPER agrees to reimburse the CITY for all costs described above <br /> Peltai~ing to improvements by special assessments to be levied against the <br /> Subject <br /> <br /> ?r~pe~y payable over five (5) years. However, special assessments against each lot in <br /> th~, Subject Property must be paid in full upon occurrence of any of the following with <br /> re~PeC~ to each such individual lot: Prior to transfer of title, prior to issuance of an <br /> Oc~uPahcy permit, or upon filing of any liens whichever occurs first. No Certificates <br /> of~Oc0?pancy:, wall be issued w~thout prior payment of all outstanding special <br /> as~essrhents against any such lot. <br /> <br /> (b) Th~ DEVELOPER agrees to notify the CITY of all sales of lots within the Plat. <br /> <br /> (c) Th~ DEVELOPER and the CITY agree that the costs described above pertaining to <br /> th~ imOrovements shall be assessed against the benefitted property on a five (5) year <br /> tcr[n, p~rsuant to City Code and that the financial guarantee, described in paragraph 10 <br /> beI~ow, !will be in force and effect until all such special assessments are paid and all <br /> otli. er 9bhgatmns of DEVELOPER under this Agreement are satisfied. The <br /> a~ssffient and the specific terms of the assessment shall be pursuant to the terms of <br /> th{"Suhny Ponds Special Assessment Agreement", attached hereto as Exhibit "C" and <br /> inc~rpqrated herein by reference. The financial guarantee described in para~aph 10 <br /> may beBpplied by the CITY to any of the obligations set forth in this Agreement in the <br /> ab,~olut~ and sole discretion of the City Council. The CITY may pursue any other <br /> rcr~edy!for enforcement of such obligations or collection for the costs incurred by the <br /> CI~I'Y in connection therewith, and is under no obligation to apply the financial <br /> gu~ant~e to any one or number of obligations as long as the CITY determines that <br /> there isl a reasonable basis for believing that the dollars remaining in the financial <br /> guarantee may be needed to assure compliance with other remaining obligations of the <br /> DE[vELOPER. <br /> <br />10. DevelqPer'~ Financial Guarantee. The DEVELOPER agrees and understands that <br /> the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter <br /> <br /> <br />