Loading...
925 Cliff Rd - Assessment Deferral AgreementReceipt#: 69339 TORRENS FEE Return to: SEVERSON SHELDON DOUGHERTY ETAL 7300 WEST 147TH STREET STE 600 APPLE VALLEY, MN 55124 $46.00 T653040 Recorded on 10 26/2009 09:00:01AM By KMP, Deputy Certificate 128438 Joel T. Beckman Registrar of Title Dakota County. MN ASSESSMENT DEFERRAL AGREEMENT This Assessment Deferral Agreement "Agreement is made this 2O4 day of &eerier', 2009, by and between Vladislav Gokhberg and Liliya Gokhberg, husband and wife, (hereinafter "Landowner and the CITY OF EAGAN, a Minnesota municipal corporation (hereinafter "City (Landowner and City are hereinafter collectively referred to as the "Parties WHEREAS, Landowner is the fee owner of property located in the City of Eagan, County of Dakota, State of Minnesota and legally described as Lot Three (3), Block One (1), ACORN POND ADDITION, according to the recorded plat thereof. (the "Property WHEREAS, as part of City Public Improvement Project 905R (hereinafter the "Project the City assessed the Property for storm sewer trunk improvements iw the amount of Five Thousand Eight Hundred Sixty -four and 05/100 Dollars ($5,864.05) (the "Assessment WHEREAS, the Landowner has requested that the City defer the Assessment until the Property is sold, subdivided or developed; and WHEREAS, the City is willing to defer collection of the Assessment upon the terms and conditions contained herein. Page 2 /ASSESSMENT DEFERRAL AGREEMENT WHEREAS, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby agree as follows: 1. DEFERRED ASSESSMENT. Pursuant to Minn. Stat. 429.061, subd. 2, the Parties agree that the payment of the first installment of the Assessment, including interest thereon, shall be deferred until the Property is sold, subdivided, platted or otherwise developed, whichever occurs first, at which time the first installment of the Assessment shall become due and payable. The Assessment shall bear interest at the rate of six percent (6%) per annum as set forth in the assessment roll for the Project. When the first installment of the Assessment becomes due and payable, interest accrued on the Assessment from April 21, 2009, to December 31 of the year that the first installment of the Assessment becomes due and payable shall be added to the original principal amount of the assessment, and the totals of those amounts shall become the "Principal Assessment Amounts Payable." The Principal Assessment Amounts Payable shall be divided for payment into fifteen equal annual installments, or such lesser number of equal annual installments as is necessary for the last installment thereof to be payable not more than 30 years after the levy of the Assessment. The first installment of the Principal Assessment Amounts Payable, plus one year interest thereon until December 31 of the year in which the first installment is to be paid, shall be included in the first tax rolls completed after it becomes due and payable, and shall be paid in the same year as the taxes contained therein, and to each subsequent installment shall be added interest for one year on the remaining unpaid installments which shall be paid in a like manner. The Parties agree that, notwithstanding anything in this Agreement to the contrary, the Assessment and all interest thereon must be paid in full no later than December 31, 2039. In the event the Assessment has not been paid prior to December 31, 2019, the Principal Assessment Amounts Payable shall be payable in 15 annual installments commencing January 1, 2020, together with interest thereon at the rate of six percent (6 per annum. WAIVER. The Landowner hereby accepts the Assessment and hereby waives the right to object or appeal the Assessment pursuant to MINN. STAT. 429.081 and further waives notice of hearing on this Agreement. Page 3 /ASSESSMENT DEFERRAL AGREEMENT 3. BINDING EFFECT. This Agreement shall be binding upon and inure to the b e n e f i t of the parties' heirs, successors and assigns an hall run with the land. STATE OF MINNESOTA) )ss. COUNTY OF DAKOTA Vladi lav Gokhberg Liliya Gokhberg CITY OF EAGAN: By: Mike Maguire Its: Mayor By: Or( Maria Petersen Its: Clerk The foregoing instrument was acknowledged before me this I of fxtogE¢— 2009, by Vladislav Gokhberg and Li 'ya Gokhberg, husband and wife. day of Notary Itublic John D. Bolling [j 'ya F➢ NOTARY PUBLIC A8 St �s�a.Fe of M'selnesota w r 'su romniision [zptres 1- 31 -2013 Page 4 /ASSESSMENT DEFERRAL AGREEMENT STATE OF MINNESOTA) )ss. COUNTY OF DAKOTA The foregoing instrument was acknowledged before me this ?-04.1%. day of Oc. ober' 2009, by Mike Maguire and Maria Petersen, the Mayor and Clerk of the City of Eagan, a Minnesota municipal corporation, on behalf of the municipal corporation. APPROVED AS TO FORM: City Attorney's Office Dated: j4.5l' Publi orks Department Dated: /0 —AO— 0 9. THIS INSTRUMENT WAS DRAFTED BY: Severson, Sheldon, Dougherty Molenda, P.A. 7300 West 147 Street, Suite 600 Apple Valley, MN 55124 (952) 432 -3136 (RBB: 206 28146) ti JUDY M. JE NK1NS NOTARY PUBLIC MINNESOTA My Commission Expin es Jan. 31, 2010