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<br />thereof shall pay to the City the full amount of the Special Assessment, plus all Prepayment <br />Costs, for such Parcel, Lot or portion thereof prior to any such transfer or act. <br /> <br />D.Mandatory Reduction of Special Assessments <br /> <br /> <br />The Landowner is required to prepay $2,600,000 in Special Assessments levied against the <br />business park and retail parcels by the earlier of i) the issuance of Additional Major <br />Improvement PID Bonds, and ii) August 31, 2022. If the $2,600,000 prepayment described <br />above has not been received on or before August 31, 2022, then the Special Assessment <br />levied against all property in the PID shall be reduced by $2,600,000, allocated to each Parcel <br />pro rata based on the amount of outstanding Special Assessment levied against each Parcel. <br /> <br />E.Reduction of Special Assessments <br /> <br /> <br />If after all Public Improvements to be funded with Major Improvement PID Bonds have been <br />completed and the Actual Costs for the Public Improvements are less than the costs used to <br />calculate the Special Assessments, then the City may reduce the Special Assessment for each <br />Assessed Property pro rata such that the sum of the resulting reduced Special Assessments <br />for all Assessed Properties equals the reduced Actual Costs. Additionally, the City may, at its <br />discretion use such excess bond proceeds to fund additional Public Improvements in the PID. <br />The Special Assessments shall not be reduced to an amount less than the outstanding <br />principal amount of the Major Improvement PID Bonds. <br /> <br />Similarly, if the City does not undertake some of the Public Improvements, then the City may, <br />at its discretion, reduce the Special Assessment for each Assessed Property pro-rata to reflect <br />only the Actual Costs that were expended. The Special Assessments shall not be reduced to <br />an amount less than the outstanding principal amount of the Major Improvement PID Bonds. <br /> <br />F.Payment of Special Assessments <br /> <br /> <br />1.Payment in Full <br /> <br /> <br />The Special Assessment for any Parcel or Lot may be paid in full at any time in <br />accordance the PID Act. The Payment shall include all Prepayment Costs, if any. If <br />prepayment in full will result in redemption of Major Improvement PID Bonds, the <br />payment amount shall be reduced by the applicable portion of the proceeds from a <br />debt service reserve fund applied to the redemption pursuant to the Indenture, net of <br />any other costs applicable to the redemption of Major Improvement PID Bonds. <br /> <br />If an Annual Installment has been billed prior to payment in full of a Special <br />Assessment, the Annual Installment shall be due and payable and shall be credited <br />against the payment-in-full amount upon payment. <br /> <br />Upon payment in full of a Special Assessment and all Prepayment Costs, the City shall <br />deposit the payment in accordance with the related Indenture; whereupon, the <br />Special Assessment for the Parcel or Lot shall be reduced to zero, and the Parcel or <br />19 <br /> <br /> <br />