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I <br />I <br />I <br /> <br />AGREEMENT <br /> <br />Agreement by and between the City of Ramsey hereinafter referred to as <br />"City" and Dellwood Construction Company hereinafter referred to as <br />"Dellwood" and Jeffery George Schmidkunz hereinafter referred to as <br />"Homeown er". <br /> <br /> WHEREAS, Dellwood sold to Homeowner a home located on property <br />legally described as follows, to-wit: <br /> <br />and <br /> <br />Lot 6, Block 7, Countryside Estates <br /> <br />I <br />I <br />I <br />I <br /> <br />! <br />I <br /> <br /> WHEREAS, Lhe City has improved the street adjacent to the above <br />described property, the payment for which improvement has been assessed <br />to the property benefitted, and <br /> <br /> WHEREAS, the subject property was sold by Dellwood to the Home- <br />owner during the improvement process and the cost of the improvement was <br />not included in the purchase agreement between the parties, and <br /> <br /> WHEREAS, subsequent to the purchase agreement the Homeowner agrees <br />to accept and assume the special assessment obligation to be collected <br />with his real estate tax payments over a ten year period, and <br /> <br /> WHEREAS, the Homeowner financed his home through Minnesota Housing <br />Finance funds and insured by the Veteran's Administration, and <br /> <br /> ~{EREAS, because of written procedures the mortgage company was <br />required to write a check to the City of Ramsey for payment of the <br />special assessments, and <br /> <br /> WHEREAS, the Veteran's Administration and Minnesota Housing <br />Finance have no objections to the special assessment check being endorsed <br />over by the City of Dellwood, as long as the Homeowner agrees to assume <br />the special assessment payments. <br /> <br /> WHEREAS, the City requires assurance that each annual special <br />assessment payment is made as it becomes due. <br /> <br />NOW, THEREFORE, IT IS AGREED BY THE PARTIES HERETO, as follows: <br /> <br />I <br />I <br />i <br />I <br />I <br /> <br /> 1) The Homeowner agrees to assume the special assessment payments <br />and make the required payment as each becomes due. <br /> <br /> 2) That Dellwood will obtain a Letter of Credit in an amount <br />sufficient covering~the special assessment, which Letter of Credit will <br />be in the City's nam~ and dra~n' on the First National Bank in Anoka, <br />Anoka, Minnesota and said Letter of Credit may be reduced in a pro ratio <br />amount as each special assessment payment is received and the total <br /> <br /> <br />