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WHEREAS, were it not for the assurances and covenants hereinafter provided, the City <br /> would not undertake the Improvement Project without such notices, hearings and is doing so <br /> solely at the behest, and for the benefit, of the Owner. <br /> NOW, THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES <br /> AS FOLLOWS: <br /> 1. The Owner hereby petitions the City for the Improvement Project. <br /> 2. The Owner represents and warrants that it is the owner of 100 percent of the <br /> Subject Property, that is has full legal power and authority to encumber the Subject Property as <br /> herein provided, and that as of the date hereof, it has, fee simple absolute title in the Subject <br /> Property, which is not subject to any liens, interests or encumbrances, except as listed on the <br /> attached Exhibit C. <br /> 3. The Owner requests that up to $36,000 of the cost of the Improvement Project be <br /> assessed against the Subject Property("Project Cost"). The parties agree and understand that the <br /> principal amount to be assessed for the Improvement Project will not exceed the Project Cost. <br /> 4. The Owner waives notice of hearing and hearing pursuant to Minn. Stat. section <br /> 429.031, on the Improvement Project, notice of hearing and hearing on the special assessments <br /> levied to finance the Improvement Project pursuant to Minn. Stat. section 429.061, and any <br /> notice of hearing or procedure specified under law; and specifically requests that the <br /> Improvement Project be undertaken and special assessments levied therefore against the Subject <br /> Property without hearings. <br /> 5. The Owner waives the right to appeal the levy of the special assessments in <br /> accordance with this Agreement pursuant to Minn. Stat. section 429.081, or reapportionment <br /> thereof upon land division pursuant to Minn. Stat. section 429.071, subd. 3, or otherwise, and <br /> further specifically agrees with respect to such special assessments against the Subject Property <br /> or reapportionment that: <br /> a. Any requirements of Minn. Stat. chapter 429 with which the City does not comply <br /> are hereby waived by the Owner; <br /> b. The increase in fair market value of the Subject Property resulting from the <br /> Improvement Project will be at least equal to the amount specified in paragraph 3, <br /> and that such increase in fair market value is a special benefit to the Subject <br /> Property; <br /> C. Assessment of the above-specified cost of the Improvement Project against the <br /> Subject Property is reasonable, fair and equitable and there are no other properties <br /> against which such cost should be assessed; and <br /> 2 <br /> 80 <br />