Contract to pay for street improvement.
_________, owner of all of lot No. _________ in block _________, div. _________, fronting _________ feet on the _________ side of _________ street, in the city of _________, _________, known as No. _________ and described as follows: _________, in consideration of the improvement of the street, including paving, guttering, and curbing the street by virtue of a resolution adopted by the council of the city, and the contract and specifications adopted by the council, upon the completion of the improvements in front of the premises and their acceptance by the city, do promise to pay _________ company or its assigns whatever sum shall be ascertained to be the pro rata share of the costs of the improvements in front of the premises, according to the front-foot rule under the terms of the resolution and contract not to exceed the sum of _________ dollars, being _________ dollars for paving, excavating, and guttering, and _________ dollars for the construction of concrete curbs in front of the premises, and being at the rate of _________ dollars per front foot for paving, including excavating and guttering, and _________ dollars per front foot for curb. But if the frontage of the premises on the street shall be ascertained to exceed the amount stated above, then the cost of improvements in front of the excess shall be paid to the company at the rates per front foot stated above.
The amount due shall be paid as follows: All cash at the option of the undersigned or _________ dollars _________ days after the improvements have been completed in front of the premises, and accepted by the city, and the balance in _________ equal instalments on or before _________, _________, _________, and _________ years respectively after acceptance at the rate of _________ percent per annum, payable _________, together with reasonable attorney's fees and all costs of collection if incurred.
If default shall be made in the payment of any instalment of principal or interest when due, at the option of the company or other legal holder, the whole amount then unpaid shall at once become due and collectible.
In consideration of the improvements to and upon the premises and the fact that the value of the premises will be enhanced in excess of the cost, _________, the undersigned, do hereby expressly grant unto _________ company and its assigns a mechanic's lien upon the premises, to secure the payment of indebtedness mentioned, and _________ do hereby consent that the council of _________ may levy a special assessment against the property and the owner of the property for an amount ascertained to be the proportionate share chargeable against the same as provided in this agreement.
It is agreed that the acceptance of the improvements by the city shall be conclusive between the parties to this agreement of the proper performance of the contract for the improvements, and in consideration hereof, and of the extension of the time of payment of the assessment hereby granted, the assessment by the city and all proceedings with reference thereto are hereby expressly ratified and confirmed, and any errors or invalidity therein are hereby waived.
It is expressly understood that this obligation is not conditioned upon the improvement of the street before all property abutting the street, but same may be omitted before the property of any owner or owners who shall not make satisfactory arrangements with the company for the payment of his, her, or their proportion of the cost of the improvements. This obligation shall be deemed cumulative and independent of any proceedings the city council may take or cause to be taken to assess and secure the payment of the cost of the improvement upon the premises or its owner, and any payment made to the city under such proceedings shall operate as a credit and shall be indorsed hereon.
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