Agenda - Council - 10/28/1980 - Laserfiche WebLink

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and AGREEMENT Agreement by and between the City of Ramsey hereinafter referred to as "City" and Dellwood Construction Company hereinafter referred to as "Dellwood" and Kevin Lee Busch hereinafter referred to as "Homeowner ". WHEREAS, Dellwood sold to Homeowner a home legally described as follows, to wit: Lot 8 Block 7 Countryside Estates WHEREAS, the City has improved the street adjacent to the above described property, the payment for which improvement has been assessed to the property benefitted, and WHEREAS, the subject property was sold by Dellwood to the Home- owner during the improvement process and the cost of the improvement was not included in the purchase agreement between the parties, and WHEREAS, subsequent to the purchase agreement the Homeowner agrees to accept and assume the special assessment obligation to be collected with his real estate tax payments over a ten year period, and WHEREAS, the Homeowner financed his home through Minnesota Housing Finance funds as insured by the Veteran's Administration, and WHEREAS, because of written procedures the mortgage company was required to write a check to the City of Ramsey for payment of the special assessments, and WHEREAS, the Veterans Administration and Minnesota Housing Finance have no objections to the special assessment check being endorsed over by the City to Dellwood, as long as the Homeowner agrees to assume the special assessment payments which agreements have been verified by letter to the City, and WHEREAS, the City requires assurance that each annual special assessment payment is made as it becomes due. NOW THEREFORE, IT IS AGREED BY THE PARTIES HERETO, as follows: 1) The Homeowner agrees to assume the special assessment pay- . ments and make the required payment as each becomes due. 2) That Dellwood will obtain a Certificate of Deposit in an amount sufficient covering the special assessment, which Certificate of