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Agreement <br />In consideration of the recitals stated above, the mutual promises and agreements set forth below, <br />and for other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged by the parties, the parties hereby agree as follows: <br />1. Recitals Incorporated. The recitals stated above are hereby incorporated into this Agreement and <br />made a part of this Agreement by reference. <br />2. Petition. The Owners hereby petition the City for construction of the Improvement Project. <br />3. Authority. <br />a. Owners represents and warrants that it is the owner of 100 percent of the Property as <br />described in Exhibit A, that it has full legal authority to encumber the Property as <br />provided in this Agreement, and that as of the date of this Agreement, it has fee simple <br />absolute title in the Property, which is not subject to any liens, interests or <br />encumbrances,. <br />4. Waiver of Hearings. The Owners waive notice of hearing and hearing pursuant to Minn. Stat. <br />section 429.031, on the Improvement Project, notice of hearing and hearing on the special <br />assessments levied to finance the Improvement Project pursuant to Minn. Stat. section 429.061, <br />and any notice of hearing or procedure specified under the City Charter, and specifically requests <br />that the Improvement Project be constructed and special assessments be levied against the Property <br />without hearings. <br />5. Waiver of Appeal or Reapportionment. Owner waives the right to appeal the levy of the special <br />assessments pursuant to Minn. Stat. section 429.081, , and further specifically agrees with respect <br />to such special assessments that: <br />a. Any requirements of Minn. Stat. chapter 429 or the City Charter with which the City does <br />not comply are hereby waived; <br />b. The increase in fair market value of its portion of the Property resulting from construction <br />of the Improvement Project will be at least equal to the cost of the Improvement Project as <br />set forth herein, and that such increase in fair market value is a special benefit to the <br />Property; <br />c. Assessment of the above -specified cost of the Improvement Project against its portion of <br />the Property is reasonable, fair and equitable and there are no other properties against which <br />such cost should be assessed. <br />6. No Deferral. Each Owner represents and warrants that its portion of the 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 of its portion of the Property during the <br />term of this Agreement. <br />7. Assessment. The Owners request that $11,533 be levied against the Property. <br />Page 2 of 7 <br />