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2 236229v3 Owners acknowledge that the City may accept or reject this Petition, Waiver and Agreement in the City’s sole discretion, for any reason, including, but not limited to, the availability of City funds to pay the Cost of the Project. Owners agree that, if the City accepts this Petition, Waiver and Agreement: • Owners will provide the City with the necessary easements, consents and other approvals required for the City to enter onto the Subdivision and the Properties to complete the Project; • The Project shall be contracted by the City pursuant to the City’s normal procedures and as required by Minnesota law. • The City shall bear only that responsibility for or liability related to the performance of the Project as is provided by law. • The Owners shall hold harmless and indemnify the City from any claims related to the performance of the Project. • Upon completion and acceptance of the Project, City shall make payment to the City’s contractor or other parties who completed the Project in an amount not to exceed the Cost of the Project identified on Exhibit A. • The payment by the City of the Cost of the Project shall create an unpaid special charge against the Properties that shall be specially assessed against each Property within the Subdivision by the City as allowed by Minnesota Statutes, Section 429.101, subd. 1(a)(3). • The City will conduct this assessment pursuant to the procedures in Minn. Stat. Ch. 429. • The special assessment shall be payable in ten (10) equal annual installments with interest accruing on unpaid installments at the rate of 5.91%. Owners expressly waive the right to a hearing on assessments levied pursuant to this Agreement; expressly waive objection to any irregularity with regard to the assessment of the Properties for the Cost of the Project; expressly agree that any amount assessed for the Project that is equal to or less than the maximum amount set forth in Exhibit A is reasonable; expressly waive any claim that any amount assessed is excessive; expressly waive all rights of appeal, including any rights under Chapter 429, Minnesota Statutes, from the assessment by the City of the Cost of the Project; and expressly agree to pay when due all assessments levied for the Cost of the Project. Owners represent and warrant that they are the fee Owners of the Properties as identified on the signature page of this Petition, Waiver and Agreement; agree to make payment of all assessments levied pursuant to this Agreement for payment of the Cost of the Project; agree that they shall be personally liable for payments not made; agree that this Agreement shall be binding on Owners and Owner’s successors and assigns; agree that all assessments levied pursuant to this Agreement shall be paid in full prior to or at the time of transfer of the Property to a subsequent owner. Owners acknowledge that this Petition, Waiver and Agreement may be executed electronically and in counterparts. [Signature pages to follow] Page 72 of 637