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3. Owners request that 100% of the cost of the Improvement Project be <br />assessed against the Subject Property. Owner understands and agrees that the cost of the <br />Improvement Project will be determined in accordance with the Ramsey City Charter and Ramsey <br />City Code Sections 4.60 to 4.60.23 and standard city practices and that such cost is estimated to be <br />One Hundred Twenty Two Thousand Six Hundred Fifty Two Dollars ($122,652.00) Dollars. <br />Special assessments shall be spread on a unit (per lot) basis in accordance with standard city <br />assessment practices, against the Subject Property exclusive of public right-of-way or land <br />dedicated to the public at the present time or upon future subdivision of the Subject Property. <br />4. Owners waive notice of hearing and hearing on the special assessments levied to <br />finance the Improvement Project pursuant to City Code Section 4.60.10 and specifically requests <br />that the Improvement Project be constructed and special assessments levied therefor without <br />hearings. <br />5. Owners waive the right to appeal the levy of special assessments in accordance with <br />this Agreement pursuant to City Code Section 4.60.12, or reapportionment thereof upon land <br />division pursuant to City Code Section 4.60.11, or otherwise, and further specifically agrees with <br />respect to such special assessments of reapportionment that: <br />a. Any requirements of City Code Sections 4.60 to 4.60.23 with which the City does <br />not comply are hereby waived by Owner. <br />b. The increase in fair market value to the Subject Property resulting from construction <br />of the Improvement Project will be in an amount of at least the amount of the total <br />potential project cost specified in paragraph 3, above, and that such increase in fair <br />market value is a special benefit to the Subject Property. <br />c. Assessment of 100% of the cost of the Improvement Project against the Subject <br />Property is reasonable, fair and equitable and there are not other properties against <br />which such cost should be assessed. <br />d. Owners further specifically waives notice and right to appeal reapportionment of <br />such special assessments upon land division pursuant to City Code Section <br />4.60.11. <br />6. Owners understand and agrees that the City may provide for the payment of such <br />special assessments in installments bearing such interest as may be determined by <br />the City Council. However, the decision whether to allow payment in installments, <br />the period of time over which the special assessments may be paid and the interest <br />rate to be applied is in the absolute and sole discretion of the City Council, subject <br />only to limitations imposed by law. <br />7. The covenants, waivers and agreements contained in this Agreement shall bind the <br />successors, and assigns of the Owners and shall run with the land legally described <br />in Attachment One and bind all successors in interest thereof. It is the intent and <br />agreement of the parties hereto that this Agreement be in a form which is recordable <br />in the office of the County Recorder of Anoka County, Minnesota and agree to <br />make any changes in this Agreement to effect the recording and filing of this <br />Agreement against the title of the Subject Property. <br />8. This Agreement shall terminate upon the final payment of all special assessments <br />against the Subject Property levied pursuant to this Agreement for the Improvement <br />Project, and the City shall execute and deliver such documents, in recordable form, <br />as are necessary to extinguish its rights hereunder. <br />