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AGREEMENT OF ASSESSMENT AND <br />WAIVER OF IRREGULARITY AND APPEAL <br />THIS AGREEMENT is made this 5th day of October, 1987, <br />between the City of Orono (hereinafter referred to as the <br />"City") and Woodhill Country Club, a Minnesota nonprofit <br />corporation, and MSM Associates, a Minnesota general <br />partnership, (hereinafter referred to as "Applicants"). <br />In consideration of the action of the City council to <br />approve the final subdivision of certain real property legally <br />described in Exhibit A, attached hereto, prior to the City's <br />final determination of costs and assessments associated with <br />the Woodhill Avenue upgrade and in consideration of the <br />benefits conferrel by such upgrade, the Applicants agree to pay <br />a fair share of such costs as s• +, f, Y"h below. The <br />improvements to Woodhill Avenue 1 nafter referred to as <br />"the Project") include an upg.a(`.a .'a 22 Foot standard from <br />Orono Orchard Road east to its cf-WA-C ion with the private road <br />to be constructed to serve the �7c. -..ill Ridge development in <br />accordance with information outlined in the City Engineer's <br />Report for Woodhill Avenue Street Improvement Project E7-3, <br />dated September 23, 1987. <br />In consideration of the City's action, Woodhill Country <br />Club agrees to pay 3/16ths of the cost of the Project up to a <br />maximum of 511,565.00. MSM Associates, also in consideration <br />of the City'a action, agrees to pay 9/16ths of the cost of the <br />Project up to a maximum of $34,695.00. Although the final <br />specifications of the Project have not been determined, the <br />foregoing agreements assume a maximum Project cost of <br />$61,680.00. In the event the Project costs exceed W ,680.00, <br />neither the Woodhill property, nor the MS14 property shall be <br />assessed any more than the respective amounts set forth above. <br />Finally, the Applicants expressly waive objection to any <br />irregularity with regard to the improvement assessments and any <br />claim that the amount thereof levied against the Applicants' <br />property is excessive, together with all rights to appeal in <br />the cost;. <br />