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adjusted and reduced such that it shall be in the revised assessment amount of $37,20U0 ("Adjusted Phase I Assessment"), 3. Payment of Adinsted Phase I Assessment. The Adjusted Phase I Assessment shall be billed and paid for as provided by the provisions in Minnesota Statutes Chapter 429 through payments on the property tax statements on Agincourt's property, 4, Agreement on Phase 11 Assessment, Agincourt has the right to challenge the City's Phase 11 Assessment in the amount of $10.800,00. Subject to the rights and obligations under this Agreement, Agincourt accepts the Phase 11 Assessment and waives and releases all of its right to assert challenges to the same, including the right to object to the same oil either procedural or substantive grounds, or pursuant to Minnesota Statutes Chapter 429 or tinder any other state statute or common law theory of remedy or relief. U=1 Council rejects the recommendations of the City Administrator and legal counsel to approve this Agreement on November 21, 2017 as provided in Paragraph 1, then Agincourt and the City shall proceed with its claims and defenses in the Lawsuit with respect to the Phase I Assessment challenge at a new trial date to be established by the court. In the event that the Council rejects the recommendations of the City Administrator and legal counsel to approve this Agreement on November 21, 2017 as provided in Paragraph 1, then Agincourt and the City agree that this Agreement -,hall act as notice of objection to the Phase 11 Assessment as required by Chapter 429 and shall be considered served on the City as oft ctober 16, 2017, and that the date on which the City Council rejected this Agreement shall be deemed as the date on which Agincourt shall have 30 days to appeal the Phase 11 Assessment decision by Agincourt Construction, Inc. and Mediated Settlement Agreement City of Lake Elmo h!2170404 Page 3 of 6