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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. Elizabeth Pearson hereby petitions the City for construction of the Improvement <br /> Proj ect. <br /> 3. Authority. <br /> a. Elizabeth Pearson represents and warrants that she is the owner of 100 percent of the <br /> Property as described in Exhibit A,that she has full legal authority to encumber the <br /> Property as provided in this Agreement, and that as of the date of this Agreement, she has <br /> fee simple absolute title in the Property,which is not subject to any liens, interests or <br /> encumbrances, except as listed in Exhibit E. <br /> 4. Waiver of Hearings. Elizabeth Pearson waives notice of hearing and hearing pursuant to Minn. <br /> Stat. 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 /> 6. Waiver. Elizabeth Pearson waives the right to appeal the levy of the special assessments pursuant <br /> to Minn. Stat. section 429.081, and further specifically agrees with respect to such special <br /> 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 the Property resulting from construction of the <br /> Improvement Project will be at least equal to the cost of the Improvement Project as set <br /> forth herein, and that such increase in fair market value is a special benefit to the Property; <br /> c. Assessment of the above-specified cost of the Improvement Project against the Property is <br /> reasonable, fair and equitable and there are no other properties against which such cost <br /> should be assessed. <br /> 7. No Deferral. Elizabeth Pearson represents and warrants that the Property is not so classified for <br /> tax purposes as to result in deferral of the obligation to pay special assessments, and Elizabeth <br /> Pearson agrees that she will take no action to secure such tax status of the Property during the term <br /> of this Agreement. <br /> 8. Assessment. Elizabeth Pearson requests that$34,112.95 of the actual cost of the Improvement <br /> Project be assessed against the Property as detailed in Exhibit C and Exhibit D. <br /> Page 2 of 20 <br />