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� Y <br /> 5. Payment of Lot 1, Block 1 Assessment. The Assessment for Lot 1, Block 1 of the <br /> Plat shall be payable in equal semi-annual installments over a period of twenty (20) years, the first <br /> installment of which shall be due not sooner than October 15, 2012. The fixed interest rate applied <br /> to the Assessment shall be: (a) if the City elects to finance the Project Costs internally, a fixed rate <br /> not greater than two percent(2%)per annum in excess of the"prime rate"as published in The Wall <br /> Street Journal on the date of this Agreement; or (b) if the City elects to finance Project Costs <br /> through issuance of bonds (the`Bonds"),the fixed rate payable on the Bonds plus any discount and <br /> costs of issuance of the Bonds actually payable by the City, not to exceed two percent (2%) of the <br /> aggregate amount of the Bonds. <br /> 6. Deferred Assessments. The Assessments for Outlots B and D of the Plat shall be <br /> payable in equal semi-annual'installments over a period of twenty(20)years, the first installment of <br /> which shall be due not sooner than May 15, 2015, except that if Owner conveys either of said <br /> outlots to a party unaffiliated with Owner, the due date of the first installment of the Assessments <br /> for that outlot may be accelerated by the City to the May 15 next succeeding the date of such <br /> conveyance. The interest rate on the Assessments levied against Outlots B and D shall be the same <br /> as the interest rate specified in Section 5 above. Said interest will accrue beginning on the date of <br /> the bond sale. <br /> 7. Counterparts. This Agreement may be•executed in multiple counterparts, each of <br /> which shall be an original,but all of which together shall constitute a single agreement. <br /> CITY OF RAMSEY <br /> By: <br /> Its: Mayor <br /> ATTEST <br /> By: <br /> Its: Vity Administrator <br /> STATE OF MINNESOTA ) <br /> ss. <br /> COUNTY OF ANOKA ) <br /> The foregoing instrument was acknowledged before me thiC5 4y of <br /> 12011,by Bob Ramsey and Kurtis G. Ulrich, the May r and City <br /> Administr ,or,respectively, of City of Ramsey, a Minne to municipal orporatio p suant to <br /> the authority granted by its City Council. <br /> Notar Public <br /> JOANN THIELING <br /> 9COMMI <br /> Notary Public <br /> Minnesota <br /> ssl®n fres January 31,2015 <br />