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PETITION, WAIVER AND AGREEMENT FOR THE CANCELLATION OF <br />CERTAIN SPECIAL ASSESSMENTS AND FOR THE LEVYING AND DEFERRAL <br />OF SPECIAL ASSESSMENTS <br />This Petition, Waiver and Agreement ("Agreement") is entered into this day <br />of , 2009 by and between the City of Elk River, a Minnesota municipal <br />corporation ("City") and FMM Family Limited Liability Partnership, a Minnesota limited <br />liability partnership ("Owner"). <br />WHEREAS, Owner owns fee title to certain land located within the City of Elk <br />River, legally described as Outlot D, River Park; Outlot B, River Park Second Addition; <br />and Outlot D, River Park Second Addition (the "Property"); and <br />WHEREAS, the Property, together with certain adjacent land then owned by <br />Frank A. Miske, Jr. and Mary Jo Miske, husband and wife, and Owner, was sold by <br />Frank A. Miske, Jr. and Mary Jo Miske, husband and wife, and Owner, to U.S. Home <br />Corporation ("Developer") pursuant to a Contract for Deed dated December 14, 2004; <br />and <br />WHEREAS, it was Developer's intent to develop all of the Property it acquired <br />pursuant to the Contract for Deed for a project known as "River Park" (the "Project"); <br />and <br />WHEREAS, Developer subsequently entered into a Development Agreement <br />("Development Agreement") with City for development of the Project; and <br />WHEREAS, Developer has developed a portion of the Project, but has not yet <br />proceeded to develop that portion of the Property which is the subject of this Agreement; <br />and <br />WHEREAS, pursuant to the Development Agreement the Property was assessed <br />for certain City installed public improvements, including trunk sanitary sewer and water <br />main ("Trunk Improvements") at the rate of $6,955 per acre (the "Existing <br />Assessments"); and <br />WHEREAS, Developer and Owner have made payments on the Existing <br />Assessments, and all payments due as of the date of this Agreement have been made; and <br />WHEREAS, the payments due on the Existing Assessments in calendar year 2009 <br />have been certified by the City to Sherburne County; and <br />WHEREAS, Owner will therefore make the May 15, 2009 and October 15, 2009 <br />installment payments on the Existing Assessments; and <br />