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I. Peloquin objects to being assessed for two (2) Lot Units and states that Peloquin <br />has no intent to further subdivide the Peloquin Property now or in the near future. <br />3.0 NOW THEREFORE, in consideration of the mutual undertakings herein expressed, the <br />parties agree: <br />A. The City agrees that it will specially assess the Peloquin Property for one (1) Lot <br />Unit at the present time and wi11 forego the adoption of a deferred special <br />assessment roll for a the second Lot Unit; and will forego the adoption of the <br />supplemental assessment roll in the future if the subdivision of the Peloquin <br />Property occurs. <br />B. Peloquin agrees that: <br />1. It will pay the special assessment of one (1) Lot Unit pursuant to the terms <br />of the Special Assessment Resolution to be adopted by the City for the <br />2010 PMP. <br />2. It will pay the equivalent of the special assessment for a second Lot Unit <br />when a subdivision of the Peloquin Property occurs in the future. <br />3. Peloquin agrees that if the Peloquin Property is subdivided into two (2) <br />parcels, the newly created second parcel wi11 have received a special <br />benefit equal to the Lot Unit assessment levied by the City for the 2010 <br />PMP. <br />4. The payment will be due and owing prior to the City's stamp of approval <br />on the deed or the plat which effectuates the future subdivision. <br />4.0 Successors and Assi�ns. This Agreement shall be binding upon the parties, their heirs, <br />successors and assigns. <br />� <br />