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E. The Developer has requested that the City Council waive the above-described <br />requirement of a cash escrow, letter of credit or other form of security, because the frontage road <br />might not be required and because the City has the power to levy special assessments to defray <br />the cost of the frontage road. The City Council is vdlling to waive the above-described <br />requirement, but only if the Developer executes this Special Assessment Agreement. <br />Aereemcnt <br />1. The City hereby waives the requirement for a cash escrow, letter of credit or other <br />form of security described in Recital D above. <br />2. The Developer (on behalf of itself and all future owners of Lot 1, Block 1, <br />SUGAR WOODS 2ND ADDITION) hereby waives in advance its right to claim that the amount <br />of the special assessments levied against said Lot 1 for the Frontage Road exceeds the increase in <br />fair market value of said Lot 1 due to the installation of the Frontage Road, provided that one <br />assessment formula is uniformly applied to all commercial properties along the Frontage Road and <br />provided that the total of the specid assessments for the Frontage Road do not exceed the total <br />cost of the Frontage road. <br />3. The Developer reserves the right to challenge the necessity, desirability or <br />feasibility of the Frontage Road, <br />4. This Agreement shall inure to the benefit of and be binding upon the Developer, <br />the City and their respective successors and assigns. Whenever fee title to Lot 1, Block 1, <br />SUGAR WOODS 2ND ADDITION, is conveyed, the grantor shall notify the City of the <br />conveyance and the grantee shall execute and deliver to the City an instrument confirming the <br />validity of this Agreement and agreeing to be bound by it. Failure of the grantee to execute and <br />deliver such an instrument shall not afreet the validity of this Agreement. <br />5. This Agreement shall run with the land and be filed with the Hennepin County <br />Registrar of Titles. <br />CITY DEVELOPER <br />City of Orono <br />By_______ <br />Green Va^ey .^sociates, Inc. <br />B' <br />Mayor <br />City Administrator <br />lA IL <br />eai^ork Bredeson, President <br />175014901