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D. Expressly agrees and warrants that the New Assessments will be paid as <br />provided in this Agreement. <br />E. Expressly agrees that the Trunk Improvements have increased the fair <br />market value of the Property by an amount equal to or in excess of the <br />amount of the Existing Assessments, plus the annual increase in the <br />amount of the New Assessments. <br />F. Expressly agrees that the amount of the Existing Assessments is <br />reasonable, fair, and equitable. <br />G. Expressly agrees that the New Assessments shall constitute a lien against <br />the Property in the amounts levied and as increased each year as provided <br />in this Agreement, and that this lien shall run with the Property and be <br />binding on Owner's successors and assigns. <br />H. Expressly agrees to provide notice of this Petition, Waiver and Agreement <br />to any purchaser of the Property or lender. <br />I. Expressly agrees to record a copy of this Petition, Waiver and Agreement <br />against the Property. <br />4. In consideration of the Owner's Petition and consent to the levying of the New <br />Assessments for the Trunk Improvements as provided in this Agreement, <br />including the annual three percent increase in the amount of the New <br />Assessments, City agrees to cancel the Existing Assessments effective <br />October 30, 2009 and to defer payment of the New Assessments as provided in <br />this Agreement. City's obligation to cancel the Existing Assessments, levy the <br />New Assessments and defer payment of the New Assessments shall not become <br />effective unless and until Owner has made the May 15, 2009 and October 15, <br />2009 payments due on the Existing Assessments. If those payments have not <br />been received by Sherburne County on or before October 30, 2009, the Existing <br />Assessments will not be cancelled and City shall have no further obligation to <br />Owner under this Agreement. <br />5. The Development Agreement requires that drainage and utility easements be <br />granted to the City over all ponding areas necessary to serve the Project, including <br />three ponding areas located on the Property. Developer has requested that the <br />Property be released from the Development Agreement, and City has agreed to do <br />so, provided that Owner delivers drainage and utility easements over the three <br />ponding areas. Therefore: <br />A. City shall provide its standard form drainage and utility easement <br />document and legal descriptions for the three ponding areas, generally <br />described as follows: <br />4 <br />