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9. Payment of Assessment. <br /> a. No annual or semi-annual assessment payments are required until the Alan Pearson parcel is <br /> sold. Interest shall accrue on the assessment. The fixed interest rate applied to the <br /> Assessment shall be set at the ten(10)year U.S. Treasury rate on the date of this agreement <br /> plus 2 percent. Certified assessments shall be paid in full upon transfer of ownership of the <br /> Alan Pearson parcel. <br /> 10. Collateral. <br /> a. No additional collateral required. <br /> 11. Successors and Assigns. The covenants, waivers and agreements contained in this Agreement shall <br /> bind the successors and assigns of Alan Pearson and shall run with the Property and bind all its <br /> successors in interest. It is the intent of the parties hereto that this Agreement be in a form that is <br /> recordable in the land records of Anoka County, Minnesota, and they agree to make any changes in <br /> this Agreement that may be necessary to effect the recording of this Agreement against the title to the <br /> Property. <br /> 12. Termination. This Agreement shall terminate upon the final payment of all special assessments levied <br /> against the Property from the Improvement Project. The City shall then execute and deliver such <br /> documents,in recordable form, as are necessary to extinguish its rights hereunder. <br /> 13. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an <br /> original,but all of which together shall constitute a single agreement. <br /> Page 3 of 20 <br />