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of paragraph 5 below and will further defer the assessment of <br />$1,160.96. The City also agrees to credit the Owners towards <br />satisfaction of the $4,000.00 assessment the installment payment <br />of $645.12 previously paid towards the original assessment and <br />an additional sum of $140.88 constituting excess interest <br />payment paid based on the original assessment. <br />5. Owners and City agree that the special assessment for <br />City Improvement Project 86 -2 or Improvement No. 5662 against <br />the Property in the amount of $5,160.96 will be reassessed by <br />the Little Canada City Council in accordance with the provisions <br />of a Resolution for Reassessment, a copy of which is attached <br />hereto as Exhibit A, and by this reference incorporated herein <br />6. Owners agree to execute the Restrictive Covenant, a <br />copy of which is attached hereto as Exhibit B, and deliver said <br />Restrictive Covenant to the office of the City Attorney on or <br />before December 27, 1988. This Agreement shall be null and void <br />absent receipt of the executed Restrictive Covenant. <br />7. Owners agree to waive in all respects, any right they <br />may have to appeal from the reassessment of Project 86 -2 against <br />the Property in the amount of $4,000.00, and from the deferred <br />assessment in the amount of $1,160.96. This waiver will be <br />executed in a separate document of even date herewith. <br />8. Owners agree to waive any right they may have to any <br />notice of hearing for the reassessment proceeding or the hearing <br />for deferred assessment specified in this Agreement before the <br />Little Canada City Council relating to the Property. <br />-3- <br />PAGE 5 <br />