1319 Carriage Hill Dr - Assessment Deferral Agreement(the "Property
Receipt#: 72679
TORRENS FEE
Return to:
SEVERSON SHELDON DOUGHERTY ETAL
7300 WEST 147TH STREET
STE 600
APPLE VALLEY, MN 55124
ASSESSMENT DEFERRAL AGREEMENT
3
/9 2/l 4 e,, act 402
$46.00
T654186
Recorded on: 11 17/2009 12:00:01PM
By: RMS, Deputy
Certificate 060009
Joel T. Beckman Registrar of Title
Tlalrnta Cniintcr ARN
This Assessment Deferral Agreement "Agreement is made this 6' day of Oetaber
2009, by and between RICHARD N. NELSON and JUNE R. NELSON, husband and wife,
(hereinafter "Landowners and the CITY OF EAGAN, a Minnesota municipal corporation
(hereinafter "City (Landowners and City are hereinafter collectively referred to as the
"Parties
WHEREAS, Landowners are the fee owners of property located in the City of Eagan,
County of Dakota, State of Minnesota and legally described as:
That part of the NE 1 /4 of the SW 1 /4 of Section 34, Township 27 North, Range 23
West, described as follows: Beginning at a point on the West line of said NE 1 /4
M of the SW 1 /4, said point being distant 33 feet North of the Southwest corner
thereof; thence North, along said west line, 332.00 feet; thence North 85 degrees
East 396.00 feet; thence South 5 degrees East 139.99 feet to the Northerly line of
Carriage Hill Drive; thence South 60 degrees 49 minutes 30 seconds West along
8 CZ) the Northerly line of said Carriage Hill Drive 465.78 feet to the point of
beginning;
Lying Easterly of the following described line and its Northerly and Southerly
ki extensions: Beginning at a point on the Northerly line of the above described
property, distant 156.00 feet Easterly of the Northwest corner of said described
k. property, as measured along said Northerly line; thence Southerly, parallel with
the Easterly line of said described property, a distance of 247.72 feet to said
Northerly line of Carriage Hill Drive and there terminating
Page 2 /ASSESSMENT DEFERRAL AGREEMENT
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 $4,940.58.
(the "Assessment and
WHEREAS, the Landowners have 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 $2,470.29 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.
2. DEFERRED ASSESSMENT. The balance of $2,470.29 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
Page 3 /ASSESSMENT DEFERRAL AGREEMENT
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,
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 Landowners sell 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 Landowners hereby accept the Assessment and hereby
waive 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.
Richard N. Nelson
Page 4 /ASSESSMENT DEFERRAL AGREEMENT
STATE OF MINNESOTA)
)ss.
COUNTY OF DAKOTA
STATE OF MINNESOTA)
)ss.
COUNTY OF DAKOTA
JUDY M. JE NKJNS
i ?:RY PUBLIC MINNESOTA
ion Expin esJan. 31 2010
CITY OF EAGAN:
By:
Mike Maguire
Its: Mayor
By: 6 ��.�.:4e�.�
Maria Petersen
Its: Clerk
The foregoing instrument was acknowledged before me this 13 day of
2009, by Richard N. Nelson an tine R. Nelson, husband and wife.
1
'44 An
Notary Public
CHRISTINE L PICHA
NOTARY PUBLIC MINNESOTA
My Commission Expires Jan. 31, 2014
The r foregoing instrument was acknowledged before me this 6 -day of
N6 JQ-t 1 b v' 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.
Page 5 /ASSESSMENT DEFERRAL AGREEMENT
APPROVED AS TO FORM:
City Attorney's Office
Dated:
Public Works Department
Dated: /0/z,(1/4
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)