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. . . PETITION AND WAIVER AGREEMENT PAGE TWO OF THREE NOW, THEREFORE, ON THE BASIS OF THE MUTUAL COVENANTS AND AGREEMENTS HEREINAFTER PROVIDED, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS: 1. The Owners hereby petition the City for construction of the Improvement Project. 2. The Owners represent and warrant that they are the owners of 100 percent of the Subject Property, that they have full legal power and authority to encumber the Subject Property as herein provided, and that as of the date hereof, they have fee simple absolute title in the Subject Property. 3 . The Owners request that 100 percent of the cost of the Improvement Project be assessed against the Subject Property. The Owners understand and agree that the current estimated cost of the Improvement Project is $2,465 but that the cost of the Improvement Project will be determined in accordance with Minnesota Statutes, Chapter 429 and standard City practices and that such cost may be as much as $3,500. The Owners further understand and agree that the City. does not waive any rights to levy special assessments against the Subject Property in an amount in excess of $3,500 in the event actual project costs which may lawfully be assessed pursuant to Minnesota statutes, Chapter 429, exceed said amount. Special assessments shall be levied against the Subject Property. 4. The Owners waive notice of hearing and hearing pursuant to Minnesota Statues, S 429.031, on the Improvement Project, and notice of hearing and hearing00n the special assessments levied to finance the Improvement Project pursuant to Minnesota Statutes, S 429.061, and specifically request that the Improvement Project be constructed and special assessments levied against the Subject Property therefor without hearings. 5. The Owners waive the right to appeal the levy of special assessments in accordance with this Agreement pursuant to Minnesota Statutes, S 429.081, or reapportionment thereof upon land division pursuant to Minnesota Statutes, S 429.071, subd. 3, or otherwise, and further specifically agree with respect to such special assessments against the Subject Property or reapportionment that: