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B. To levy special assessments against the Property for the Trunk <br />Improvements (the "New Assessments") at the following rates for <br />calendar year 2010: <br />Outlot D, River Park: $4,739.52 per acre; <br />Outlot B, River Park Second Addition: $5,577.71 <br />per acre; <br />Outlot D, River Park Second Addition: $5,578.95 <br />per acre. <br />Owner understands and agrees that the rates set forth above for the New <br />Assessments will increase by three percent on January 1, 2011, and by an <br />additional three percent on January 1 of each successive year until Owner <br />or its successor makes payment of the New Assessments. <br />C. To defer payment of the New Assessments. Owner understands and <br />agrees that once the Property, or any portion therefore, is subdivided and a <br />final plat is recorded, the New Assessments for that portion of the <br />Property subdivided will be due and payable in six equal semiannual <br />payments with unpaid interest at the City's then current interest rate for <br />similar public improvement assessments, unless otherwise provided in a <br />Development Agreement for such subdivision. <br />3. In consideration of City's agreement to cancel the Existing Assessments, levy the <br />New Assessments at the rate of $5,513.62 per acre, and defer payment of the New <br />Assessments until such time as the Property, or any portion thereof, is subdivided, <br />Owner: <br />A. Agrees to make the May 15, 2009 and October 15, 2009 payments due on <br />the Existing Assessments. <br />B. Specifically waives any objection to the City's design and installation of <br />the Trunk Improvements, including any objection to the final design of the <br />Trunk Improvements, any objection to the final location of the Trunk <br />Improvements, any objection to the procedure pursuant to which the City <br />ordered the Trunk Improvements installed, and any objection to the City's <br />failure to strictly follow the notice and other requirements of Minnesota <br />Statutes, Chapter 429 with respect to ordering the Trunk Improvements <br />installed. <br />C. Expressly waives objection to any irregularity with regard to the levying <br />of the New Assessments against the Property, expressly waives any claim <br />that the amount of the New Assessments is excessive and expressly <br />waives all rights of appeal, including any rights under Chapter 429, <br />Minnesota Statutes, from the New Assessments. <br />3 <br />