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1. PUBLIC IMPROVEMENT PROJECT. The City shall construct a 12-inch <br /> diameter watermain and a 4-inch diameter pressure sewer forcemain from the Wayzata sewer and <br /> water systems to the Subject Property. <br /> 2. ASSESSMENTS. The Subject Property shall be specially assessed$54,870.00. <br /> The assessments shall be paid over a 15 year period without deferment,together with interest at a <br /> rate of six and one-quarter percent(6.25%) per year on the unpaid balance. The first installment <br /> shall be due and payable with taxes in 2010. The Property Owner waives any and all procedural <br /> and substantive objections to the Public Improvement and the special assessments,including but not <br /> limited to hearing requirements and any claim that the assessments exceed the benefit to the Subject <br /> Property. The Property Owner waives any appeal rights otherwise available pursuant to Minn. Stat. <br /> § 429.081. <br /> 3. BINDING EFFECT; RECORDING. This Agreement shall be binding upon the <br /> Property Owner and the Property Owner's successors,heirs, and assigns. This Agreement may be <br /> recorded against the title to the Subject Property. <br /> [The remainder of this page has been intentionally left blank. <br /> Signature pages follow.) <br /> 146392 2 <br />