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1. PUBLIC IMPROVEMENT PROJECT. The City shall construct a 4-inch diameter pressure sewer forcemain from the Wayzata sewer system to the Subject Property. 2. ASSESSMENTS. The Subject Property shall be specially assessed$13,077.00. The assessments shall be paid over a 15 year period without deferment,together with interest at a rate of six and one-quarter percent(6.25%)per year on the unpaid balance. The first installment shall be due and payable with taxes in 2010. The Property Owner waives any and all procedural and substantive objections to the Public Improvement and the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the benefit to the Subject Property. The Property Owner waives any appeal rights otherwise available pursuant to Minn. Stat. § 429.081. 3. BINDING EFFECT; RECORDING. This Agreement shall be binding upon the Property Owner and the Property Owner's successors,heirs, and assigns. This Agreement may be recorded against the title to the Subject Property. [The remainder of this page has been intentionally left blank. Signature pages follow.] 146393 2