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WHEREAS, the City is willing to construct the Improvement Project in accordance with the request by the Owner and without such notices or hearings, provided the assurances and covenants hereinafter stated are made by the Owner to ensure that the City will have valid and collectable special assessments as they relate to the Subject Property to finance all of the costs of the Improvement Project; and WHEREAS, were it not for the assurances and covenants hereinafter provided, the City would not construct the Improvement Project without such notices and hearings and is doing so solely at the behest, and for the benefit, of the Owner:: 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 Owner hereby petitions the City for construction of the Improvement Project. 2. The Owner represents and warrants that it is the owner of 100 percent of the Subject Property, that it has full legal power and authority to encumber the Subject Property as herein provided, and that as of the date hereof, it has fee simple absolute title in the Subject Property, which is not SUbject to any liens, interests or encumbrances, except as listed on Exhibit B attached hereto and made a part hereof. 3. The Owner requests that 100 percent of the cost of the Improvement Project be assessed against the Subject Property. The Owner understands and agrees that the current estimated cost of the Improvement Project is $1,298,100, but that the cost of the Improvement Project will be determined in accordance with Minn. Stat., Chapter 429 and standard city practices and that such cost may be as much as $1,500,000. The Owner further understands and agrees that the City does not waive any rights to levy special assessments against the Subject Property in an amount in excess of $1,500,000 in the event actual project costs which may lawfully be assessed pursuant to Minn. Stat., Chapter 429, exceed said amount. Special assessments shall be spread on a per lot basis in accordance with standard city assessment practices against the Subject Property exclusive of public right-ol- way or land dedicated to the public at the present time or upon future subdivision of the Subject Property. 4. The Owner waives notice of hearing and hearing pursuant to Minn. Stat. Section 429.031, on the Improvement Project and notice of hearing and hearing on the special assessments levied to finance the Improvement Project pursuant to Minn. Stat. Section 429.061, and specifiCally requests that the Improvement Project be constructed and special assessments levied against the SUbject Property therefor without hearings. 2