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• <br />• <br />WHEREAS, the City is willing to construct the Improvement Project in <br />accordance with the Agreement and without certain notices or hearings, provided the <br />assurances and covenants hereinafter stated are made by the Owner to ensure that the <br />City will have valid and collectable special assessments as they relate to the Subject <br />Property to finance all of the costs of the Improvement Project and that all necessary <br />right of way is provided to the City, at no cost to the City; and <br />WHEREAS, were it not for the assurances and covenants hereinafter provided, <br />the City would not construct the Improvement Project without such notices, hearings <br />and right of way and is doing so solely at the behest, and for the benefit of, the Owner. <br />NOW, THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE <br />PARTIES HERETO AS FOLLOWS: <br />1. The Owner hereby petitions the City for construction of the Improvement <br />Project. <br />2. The Owner represents and warrants that it is the owner of 100 percent of <br />the Subject Property, that is has full legal power and authority to encumber the Subject <br />Property as herein provided, and that as of the date hereof, it has fee simple absolute <br />title in the Subject Property, which is not subject to any liens, interests or <br />encumbrances, except as listed on the attached Exhibit C. <br />3. The Owner requests that up to $150,000 of the cost of the Improvement <br />Project be assessed against the Subject Property. The parties agree and understand <br />that the principal amount to be assessed for the Improvement Project will not exceed <br />$150,000. <br />4. The Owner waives notice of hearing and hearing pursuant to Minn. Stat. <br />Section 429.031, on the Improvement Project, notice of hearing and hearing on the <br />special assessments levied to finance the Improvement Project pursuant to Minn. Stat., <br />Section 429.061, and any notice of hearing or procedure specified under the City <br />Charter; and specifically requests that the Improvement Project be constructed and <br />special assessments levied therefore against the Subject Property without hearings. <br />5. The Owner waives the right to appeal the levy of the special assessments <br />in accordance with this Agreement pursuant to Minn. Stat. Section 429.081, or <br />-107- <br />