1286 Carriage Hill Dr - Assessment Deferral AgreementReceipt#: 72681
TORRENS FEE $46.00
Return to:
SEVERSON SHELDON DOUGHERTY ETAL
7300 WEST 147TH STREET
STE 600
APPLE VALLEY, MN 55124
lg( C,422t A-i-S dn.
T654188
Recorded on: 11/17/2009 12:00:02PM
By: RMS, Deputy
Certificate 099972
Joel T. Beckman Registrar of Title
Tl,irnth f n.mttr TVINT
ASSESSMENT DEFERRAL AGREEMENT
This Assessment Deferral Agreement "Agreement) is made this ri day of 9.,akertc er
2009, by and between EVAN SHADDUCK, AS TRUSTEE OF THE ALFRED C. AND
MARJORIE G. SHADDUCK LIVING TRUST (hereinafter "Landowner and the CITY OF
EAGAN, a Minnesota municipal corporation (hereinafter "City (Landowner and City are
hereinafter collectively referred to as the "Parties
r WHEREAS, Landowner is the fee owner of property located in the City of Eagan,
County of Dakota, State of Minnesota and legally described as:
Cx
\3 That part of the North 1 /2 of the South 1 /2 of Section 34, Township 27, Range 23
described as follows: Commencing at a point on the west line of the Northeast 1/4
of Southwest quarter 1/4 of said Section 34, distant 365 feet north of the southwest
corner thereof, thence running North 85 degrees East 1476 feet, thence South 95.7
feet, thence South 88 degrees West 149 feet to the point of beginning of land
being described, thence South 88 degrees West 201 feet, thence South 5 degrees
30 minutes East 200.37 feet, thence North 88 degrees East 164.78 feet; thence
South 2 degrees East to the south line of said North 1 /2 of South 'h of Section 34,
thence Easterly on said South line 24 feet, thence North 2 degrees West to the
point of beginning.
(the "Property
WHEREAS, as part of City Public Improvement Project 905R (hereinafter the "Project
the City assessed the Property for a trunk storm sewer assessment in the amount of 54,617.36.
(the "Assessment and
Page 2 /ASSESSMENT DEFERRAL AGREEMENT
WHEREAS. the Landowner has requested that the City defer one -half of the Assessment
until the Property is sold or until December 31, 2029, whichever occurs first; and
WHEREAS, the City is willing to defer collection of one -half of the Assessment and to
levy the balance of the Assessment upon the terms and conditions contained herein.
NOW, THEREFORE, in consideration of the mutual promises contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Parties hereby agree as follows:
1. IMMEDIATE ASSESSMENT. The sum of $2,308.68 is hereby assessed
against the Property in accordance with the terms of the Assessment Roll
adopted by the City on April 21, 2009. Said Assessment shall be over a
term of 15 years and shall bear interest at the rate of six percent (6 per
annum from the date such Assessment was levied. The Assessment,
together with any accrued interest may be prepaid at any time.
2. DEFERRED ASSESSMENT. The balance of $2,308.68 shall be the deferred
assessment (hereinafter the "Deferred Assessment Pursuant to MINN.
STAT. 429.061, subd. 2, the Parties agree that the payment of the first
installment of the Deferred Assessment, including interest thereon, shall
be deferred until the Property is sold or until December 31, 2029,
whichever occurs first, at which time the first installment of the Deferred
Assessment shall become due and payable. The Deferred 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
Deferred Assessment becomes due and payable, interest accrued on the
Deferred Assessment from April 21, 2009 to December 31 of the year that
the first installment of Deferred Assessment becomes due and payable
shall be added to the original principal amounts of the Deferred
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 five 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 Deferred 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,
Page 3 /ASSESSMENT DEFERRAL AGREEMENT
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 Deferred Assessment and all interest thereon must be paid in
full no later than December 31, 2039. In the event the Deferred
Assessment has not been paid prior to December 31, 2029, the Principal
Assessment Amounts Payable shall be payable in five annual installments
commencing January 1, 2030, together with interest thereon at the rate of
six percent (6 per annum and payable over the next five years
3. FORGIVENESS OF DEFERRED ASSESSMENT. Notwithstanding anything
contained herein to the contrary, in the event that the Landowner sells the
Property to Dakota County for park purposes prior to December 31, 2029,
the Deferred Assessment, together with any accrued interest, shall be
forgiven.
4. 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.
5. BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of the parties' heirs, successors and assigns and shall run with the
land.
Evan Shadduck, as Trustee of the A1�P'red C.
and Marjorie G. Shadduck Living Trust
CITY OF EAGAN:
By:
Mike Maguir
Its: Mayor
BY: RQ xi� �4e%.r�
Maria Petersen
Page 4 /ASSESSMENT DEFERRAL AGREEMENT
STATE OF MINNESOTA)
)ss.
COUNTY OF DAKOTA
Its: Clerk
The foregoing instrument was acknowledged before me this /24/ day of
1Vove 2009, by Evan Shadduck, as Trustee of the Alfred C. and Marjorie G. Shadduck
Living Trust, on behalf of the living trust.
LOLA L. VE KE
NOTARY PUBLIC MINNESOTA
PJIy Commission Expires Jan, 31, 2010
ai
Notary Public
STATE OF MINNESOTA)
)ss.
COUNTY OF DAKOTA
TI e foregoing instrument was acknowledged before me this 34- day of
�o Jam ber 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: (140
Public Works De art ent
Dated: 1/13/1/
y Publi
JUDY M. JE AKINS
\kY PUBLIC MINNESOTA
toy Comrussion Expin es Jan. 31, 2010
Page 5 /ASSESSMENT DEFERRAL AGREEMENT
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- 29101)
Receipt#: 72681
TORRENS FEE
Return to:
SEVERSON SHELDON DOUGHERTY ETAL
7300 WEST 147TH STREET
STE 600
APPLE VALLEY, MN 55124
$46.00
T654187
I 1 II I I I II II
Recorded on: 11117 2009 12:00:01 PM
By RMS, Deputy
Certificate 099972
Joel T. Beckman Registrar of Title
Tlaknta f mitntcr TAN
640
CERTIFICATE OF TRUST Meer Miller/Davis Company Minneapolis, MN (612) 312 -1570
by Individual Minnesota Uniform Conveyancing Blanks
Minn. Stat. 50113.56 (Top 3 inches reserved for recording data) Form 90.1.1 (2006) (40.1 -M)
State of Minnesota County of Dakota
Eyan_Shadd_iick being first duly sworn,
on oath says:
1. The name of the Trust is: Alfred C.-Shadduck and Marjorie LShadduck Revocable Trust Agreement
2. The date of the Trust Instrument is: November 23, 1993
3. The name of each Grantor of the Trust is: Alfred C. Shadduck and_Marjorie G. Shadduck
4. The name of each original Trustee is: Alfred C Shadduck and Marjorie G Shadduck
5. The name and address of each Trustee empowered to act under the Trust Instrument at the time of execution of this
Certificate is:
Evan Shadduck
1286 Carriage Hills Drive
Eagan, MN 55123
6. The Trustees are authorized by the Instrument to sell, convey, pledge, mortgage, lease, or transfer title to any interest in
real or personal property, EXCEPT as limited by the following: (if none, so indicate) none.
7. Any other Trust provisions the undersigned wishes to include: none.
WARNING: UNAUTHORIZED COPYING OF THIS FORM PROHIBITED. Page 1
Receipt#: 72681
TORRENS FEE
Return to:
SEVERSON SHELDON DOUGHERTY ETAL
7300 WEST 147TH STREET
STE 600
APPLE VALLEY, MN 55124
$46.00
T654187
I 1 II I I I II II
Recorded on: 11117 2009 12:00:01 PM
By RMS, Deputy
Certificate 099972
Joel T. Beckman Registrar of Title
Tlaknta f mitntcr TAN
640
Page 2
I
8. The Trust has has not terminated or been revoked.
(check one box)
9. The statements contained in this Certificate of Trust are true and correct and there are no other provisions in the Trust
Instrument or amendments to it that limit the powers of the Trustee(s) to sell, convey, pledge, mortgage, lease, or transfer title to
interests in real or personal property.
Signed and sworn to before me on
THIS INSTRUMENT WAS DRAFTED BY:
(insert name and address)
Severson, Sheldon, Dougherty Molenda, P.A.
Robert B. Bauer
7300 West 147th Street, Suite 600
Apple Valley, MN 55124
(952) 432 -3136
ri0®9
Seal, if any}
LOLA L. VEENKER
NOTARY PUBLIC MINNESOTA
My Commission Expires Jan. 31, 2010
(month/day /year)
t
(insert name of person making statement)
Minnesota Uniform Conveyancing Blanks Form 90.1.1
/i- 4
(signature) Evan Shadduck
Trust Grantor
2,
(signature)
,by Evan Shadduck
WARNING: UNAUTHORIZED COPYING OF THIS FORM PROHIBITED.
(signature of notarial officer)
Title (and Rank):
My commission expires: L5f -o10 /2
(month/day /year)