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<br />5. The Owner waives the right to appeal the levy of special assessments in accordance <br />with this Agreement pursuant to Minn. Stat. Section 429.081, or reapportionment <br />thereof upon land division pursuant to Minn. Stat. Section 429.071, Subd. 3, or <br />otherwise, and further specifically agrees with respect to such special assessments <br />against the Subject Property or reapportionment that: <br /> <br />a. Any requirements of Minn. Stat., Chapter 429 with which the City does not <br />comply are hereby waived by the Owner; <br /> <br />b. The increase in fair market value to the Subject Property resulting from <br />construction of the Improvement Project will be in an amount at least equal <br />to $1,500,000, and that such increase in fair market value is a special <br />benefit to the Subject Property; <br /> <br />c. Assessment of 100 percent of the cost of the Impnvement Project against <br />the Subject Property is reasonable, fair and equitable and there are no other <br />properties against which such cost should be assessed; and <br /> <br />d. The Owner further specifically waives notice and right to appeal <br />reapportionment of such special assessments upon land division pursuant to <br />Minn. Stat. Section 429.071, Subd. 3. <br /> <br />6. The Owner understands and agrees that the City may provide for the payment of <br />such special assessments in installments bearing such interest as may be <br />determined by the city council and said special assessments may be levied in one or <br />more assessments as phases of the Improvement Project are constructed. <br />However, the decision regarding the period of time over which the special <br />assessments may be paid and the interest rate to be applied is in the absolute and <br />sole discretion of the city council, subject only to limitations imposed by law. <br /> <br />7. The covenants, waivers and agreements contained in this Agreement shall bind the <br />successors and assigns of the Owner and shall run with the SUbject Property and <br />bind all successors in interest thereof. It is the intent of the parties hereto that <br />this Agreement be in a form which is recordable among the land records of Ramsey <br />County, Minnesota and they agree to make any changes in this Agreement which <br />may be necessary to effect the recording and filing of this Agreement against the <br />title of the Subject Property. <br /> <br />8. This Agreement shall terminate upon the final payment of all special assessments <br />levied against the Subject Property regarding the Improvement Project, and the <br />City shall execute and deliver such documents, in recordable form, as are <br />necessary to extinguish its rights hereunder. <br /> <br />3 <br />