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b. The increase in fair market value of the Subject Property resulting from the Utility <br />Connections will be at least equal to the amount specified in paragraph 3, and that <br />such increase in fair market value is special benefit to the Subject Property; <br />c. Assessment of the above -specified cost of the Utility Connections against the <br />Subject Property is reasonable, fair and equitable and there are no other properties <br />against which such cost should be assessed. <br />6. The City shall provide for the payment of such special assessments in installments <br />over a period of 10 years bearing an interest rate of 5.10 percent. <br />7. The Owner agrees to restore disturbed City right-of-way to a condition at least as <br />good as the existing condition upon completing the Utility Connections, at no cost to the City. <br />8. The Owner represents and warrants that the Subject Property is not so classified <br />for tax purposes as to result in deferral of the obligation to pay special assessments; and Owner <br />agrees that it will take no action to secure such tax status for the Subject Property during the term <br />of this Agreement. <br />9. The covenants, waivers and agreements contained in this Agreement shall bind <br />the successors and assigns of the Owner and shall run with the Subject Property and bind all <br />successors in interest thereof. It is the intent of the parties hereto that this Agreement be in a <br />form that is recordable among the land records of Anoka County, Minnesota; and they agree to <br />make any changes in this Agreement which may be necessary to effect the recording and filing <br />of this Agreement against the title of the Subject Property. <br />10. This Agreement shall terminate upon the final payment of all special assessments <br />levied against the Subject Property regarding the Utility Connections, and the City shall <br />thereupon execute and deliver such documents, in recordable form, as are necessary to <br />extinguish its rights hereunder. <br />IN WITNESS WHEREOF, the parties have set their hands the day and year first written <br />above. <br />CITY OF RAMSEY OWNER <br />By By <br />John LeTourneau, Acting Mayor Ivan Artyomenko <br />Kurtis G. Ulrich, City Administrator [Owner] <br />3 <br />By <br />