Agenda - Council Work Session - 09/21/2004

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26. when and as they become due. The pending special assessment described in this Section 7.12 are allocated among the lots and outlots the Master Final Plat creates in the rnmmer set forth on the attached Exhibit F. If a subsequent Final Plat for a Phase subdivides one or more of the lots or outlots referenced on Exhibit F, the City must allocate the special assessment pending or levied against that lot or ontlot among the lots and 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 assessment among the lots and outlots created by such Final Plat. The City n'mst 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 and the Developer agree that notwithstanding the actual cost of the Phase II Roadway Improvements, the City will not assess more than $604,280.00 against the Subject Property for the City Phase II Roadway Improvements. Section 7.13 of the Master Development Aom-eement 'is hereby amended to read as follows: 7.13 PREPAYMENT OF CITY PHASE II ROADWAY IMPROVEMENTS: SPECL~.L ASSESSMENTS UPON SALE OR TI~A. NSFER. Under Mirmesota Statutes, Chapter 429, the City may cause the amounts assessed against the Subject Property to be payable in a single installment or an equal armual installment extending over a period not to exceed 30 years. The City will make the special .assessment described in Section 7.12, payable in armuat installments extending.over 5 yem's in consideration for the Developer's a~'eernent subject to Section 16.6 to pay the entire, unterrified balance of the assessment levied pursuant to Section 7.~2 against any lot or outlot that is part of the Residential Property (whether such lot or outlot is created in the Master Final Plat or is created as a result of a subsequent subdivision of all or a portion of a lot or outlot that is part of the Residential Property created in the Master Final Plat or a Final Plat for a Phase) upon the sale or other trans~er (including, but not limited to, the conveyance of equitable ownership pursuant to a contract for deed) of that lot or outlot. If the Developer conveys or otherwise t~:ansfers ownership of a lot or outiot subject to the assessment described in Section 7.~2 before the City levies the assessment, the Developer must subject to Section 16.6 escrow the portion of the pending special assessment attributable to that lot or outlot that is part of the ~esidential Property with the City or with a title insurance company reasonably acceptable to the City to provide for the payment_of the special assessment attributable to that lot or outlot when the City levies the special assessment, and the purchaser must, in the escrow agreement, acknowledge and agree that it is subject to and bound by the consents and