420 LAUREL DR 2018-01-02 MF Import

r- lump sun due and payable thirty (70) days after award by City Council of the construction contract for the work described In Section 2 above or (21 In annual Installments of $1.000 par year due and payable thirty (30) days after award of the construction contract for the work described in Section P. hereof and on the sane date each year thereafter, plus Interest at the rate 2r of je on the unpaid balance, until fully paid. Failure to make the annual iestallment, plus interest, when due, s1,411 constitute default. If default ' is made on any payment when due, then the entire amount J principal and Interest shall become immediately due end payable at the option of the City without notice and the City may commence appropriate legal proceeuings for collection. This Agreement shall be a convanant-running-with-the-land related to tile aforedescribed property and the Obligations of the Owners shall inure to the benefit of and Ye binding upon Weir respective successors and assigns. t. Ito Third Party Benefit Specific 0uttes, This Agreement is for We benefit of the named martial hereto only in order to accomplish a general public Inprovement. This agreement snail not be construed to confer any benefits on any third parties. Further, except as provided in this Agreement, all duties of the City with regard to laurel drive shall be to We public generally and no specific duty shall be m'ed by the City to the undersigned owner or other owners contributing to We project. 890913017ti 7 YOl.2-'B3FA6E13�0