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Jan 04 99 03:10p 612-475-0007 P-3 <br />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 willing to waive the above-described <br />requirement, but only if the Developer e.xecuies this Special Assessment Agreement. <br />Agreement <br />1. The dry 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 belialf of itself and all future owners of Lot 1, Block 1, <br />SUG.AR WOODS 2ND ADDITION) hereby vvaives in advance its right to claim that the amount <br />of the special assessments le\ied against said Lot I for the Frontage Road exceeds the increase in <br />fair market value of said Lot I due to the installation of the r rontage 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 special 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 I, Block 1, <br />SUG.AR W OODS 21^ 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 cf this Agreement and agreeing to be bound by it. Failure of the giantec to execute and <br />deliver such an instrument shall nor affect 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 />cm DEVTLOPFR <br />City of Orouo <br />By_________ <br />Green V^ley /Associates, Inc. <br />Mayor <br />By ] \ -^7 V <br />fcau Mork Bredcson, President <br />City Administrator