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(i) The Developer shall agree to reimburse the City <br />for all costs described above pertaining to improve- <br />ments within ten (10) years from the date of the levy <br />of the special assessments for said improvements, or <br />proportionately as the Developer sells each lot, which- <br />ever occurs first. <br />(ii) The Developer agrees to notify the City of all <br />sales of lots within the plat. The Developer further <br />guarantees that he will notify all lending institutions <br />or persons involved in the sale of the individual lots <br />within said plat that they are obligated to reimburse <br />the City for that lot's portion of the total cost of <br />the improvements. The Developer shall further agree <br />to direct the lending institutions to pay to the City <br />out of the proceeds of sale on or before the date of <br />closing on each individual lot, its proportionate <br />share of the cost of the improvements covered by this <br />Contract. <br />(iii) The Developer and the City shall agree that the <br />costs described above pertaining to improvements shall <br />be assessed against the benefited property on a ten <br />(10) year basis, pursuant to Minnesota Statutes Chapter <br />429. <br />4) That the Developer shall escrow with the City in an escrow <br />form acceptable to the City an amount equal to the first two (2) years in- <br />terest and principal payments which sum may be used to retire the bond debt <br />should there be a payment default. <br />