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<br /> 2 <br /> WHEREAS, it is the policy of the City to enter into development contracts as contemplated <br />in Minnesota Statutes §462.358, Subd. 2(a), and is undertaking the project based upon H.G.A.’s <br />undertakings expressed herein; and, <br /> WHEREAS, the parties hereto desire to set forth their respective rights and obligations. <br /> NOW, THEREFORE, in consideration of the premises and of the mutual promises and <br />conditions contained herein, it is agreed by the parties hereto as follows: <br />1. Developer shall pay the following trunk costs pursuant to the Amortization <br />Schedule attached hereto as Exhibit B: <br />• Trunk Sewer: $52,224.00 <br />• Trunk Water: $62,720.00 <br />2. H.G.A. consents to the payment of assessments levied upon the Property, if any, and <br />waives and releases, on behalf of themselves and their successors in title, the right to appeal from or <br />challenge any assessment whether under Minn. Stat. § 429, state or federal constitution. <br />3. Warranty of Title. H.G.A. warrants and represents to the City that they are the fee <br />owner of the Subject Parcel described herein and that they have the authority to execute this <br />Assessment Agreement and agree to the conditions hereof. <br />4. Binding Effect. This Agreement shall be deemed to be a restrictive covenant and <br />the terms and conditions hereof shall run with the lands described herein, and be binding on and <br />inure to the benefit of the heirs, representatives and assigns of the parties hereto, and shall be <br />binding upon all future owners of all or any part of the subject property, and shall be deemed <br />covenants running with the land. Reference herein to H.G.A., if there be more than one, shall mean <br />each and all of them. <br /> This Agreement shall be placed of record so as to give notice hereof to subsequent