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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 years, the first <br />i 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 % per a in m in excess ofthe "primp 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°0 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 salve <br />as the interest rate specified in Section 5 above. Said interest will accrue beginning on the date of <br />the bond sate. <br />7. Counterparts. This Agreement may be ,executed in multiple counterparts, each of <br />which shall be are original, but all of which together shall constitute a single agreement. <br />CITY OF RA1SEY <br />ATTEST <br />By: <br />Its: itv Administrator <br />STATE OF MIN ESOTA <br />. <br />COUNTY OF ANOKA <br />The foregoing instrument was acknowledged before me this- av of <br />2011, by Bob Ramsey and Kurtis G. Ulrich. the Ma\for and City <br />Adniinistr(or, respectively. of City of Ramsey, Minne eta municipal dor por <br />- p 1 <br />the authority granted by its City Council. <br />41W <br />ilePr <br />1 <br />rsuant to <br />Notr> <br />r <br />Public <br />• <br />my <br />•" JOANN TRIELIN <br />Notary Public <br />Minnesota <br />Commission E Tres January 31, 2015 <br />