HomeMy WebLinkAboutA036 - Revised and re-recorded page from agreement - keep per John Klaus E. Agree that the amount and proportion of the costs of the construction or repair of the
above-described improvement, including engineering, inspection, and financing costs, to be paid by the
property owners, as ascertained and determined by the Council of the City, upon the completion and
acceptance of the work, spread over a period of not less than ten (10) years then determined by the said
City Council, at lawful and usual interest, shall constitute assessments against the aforesaid properties and
that said assessments shall be paid by the undersigned Developer, its successors and assigns, including
purchasers of lots, within the time provided by law for the payment of special assessments for such
improvement.
F. Waive the limitation provided in Section 384.62, Code of Iowa, that an assessment
may not exceed twenty-five (25) percent of the value of his/her lot as defined in Section 384.37(5), Code
of Iowa.
G. Waive notice to property owners by publication and mailing as provided by Section
384.60, Code of Iowa (relating to notice of certification of County Auditor of final schedule of
assessments).
H. The Developer warrants that the aforesaid real estate is free and clear of all liens and
encumbrances, except for such liens as are held by the mortgagees and lienholders hereinafter listed and
designated as signatories of this Agreement.
I. The Developer agrees to subordinate any sale or mortgaging subsequent to the date
hereof of any part of the property listed below to the terms of this Agreement.
J. Agree that if the project of this Agreement, or the assessment, is declared in whole or
in part invalid or beyond the City's authority, that Developer, its successors and assigns, including
purchasers of lots, shall nevertheless pay the assessed amounts.
K. Lienholders and mortgagees who become such subsequent to the date hereof, shall be
junior and inferior to the lien of any assessments levied pursuant to this covenant and agreement, but
current lienholders and mortgagees, agree that if by foreclosure of their lien or mortgage they acquire title
to any lot assessed as aforesaid,they shall be bound to pay said assessment; and, that this agreement shall
remain in full force and effect after such foreclosure of lien or mortgage.
L. Waive the right to request deferment for agricultural land.
The foregoing provisions encumber the land that is platted as Eastgate Subdivision,Ames,Iowa.
3. The Developer, its successors, and assigns, including purchasers of lots, may at any time
procure a release from the street assessment obligations of this covenant and agreement with respect to
any lot or lots in the said Eastgate Subdivision by paying to the City that amount that is the percentage
shown on Exhibit A with respect to said lot or lots to be released, of the cost then estimated by the City
for the said improvements to the said Dayton Avenue. The City agrees that for a period of twenty-four
(24) months from the date of this agreement, the amount of such payment with respect to Lot 2 shall be
$5,217.00, and with respect to Lot 3 shall be$6,063.00.
4. This covenant and agreement shall be filed for record in the office of the Story County
Recorder and all covenants, agreements promises and representations herein stated shall be deemed to be
covenants running with the land and shall endure and be binding on the parties hereto, their mortgagees,
lienholders, successors and assigns, for a period of twenty-one (21) years from the date of the recording
of these covenants, unless claims to continue any interest in the covenants are filed as provided by law.
The City shall have the right to file a claim to continue its interest in these covenants.
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