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(reserved for recording) <br /> ASSESSMENT AGREEMENT <br /> THIS ASSESSMENT AGREEMENT (this"Agreement")is made this day of , <br /> 2022,by and between between the City of Ramsey, Minnesota, a Minnesota municipal <br /> corporation ("City"), and Pearson Properties of Ramsey, LLC, a Minnesota limited liability <br /> company("Pearson Properties"). <br /> Recitals <br /> A. Pearson Properties is the owner of fee title to the Property, as defined in Exhibit A, <br /> attached hereto. <br /> B. Pearson Properties desire to have certain public improvements constructed to serve the <br /> Property as described in Exhibit B (the "Improvement Project"). Concept level plans and specifications <br /> for the Improvement Project are completed. <br /> C. Pearson Properties desire to have the City construct the Improvement Project without <br /> notice of hearing or hearing on the special assessments levied to finance the Improvement Project, and to <br /> levy$190,271.61 of the cost of the Improvement Project against the Property. <br /> D. The City is willing to construct the Improvement Project without certain notices or <br /> hearings,provided that assurances and covenants stated below are made by Pearson Properties to ensure <br /> that the City will have valid and collectable special assessments as they relate to the Property. <br /> E. Were it not for the assurances and covenants provided in this Agreement,the City would <br /> not construct the Improvement Project and is doing so at the behest, and for the benefit, of Pearson <br /> Properties. <br /> Page I of 20 <br />