8434-10 Cleveland-First Suburbs - SID

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5. Assessment for Special Energy Improvement Project. The City, in its capacity as one of the signatories of this Petition and as Owner of the real property identified in Exhibit D attached hereto (the "Assessed Property"), hereby consents to, requests and agrees in writing that the Assessed Property be included within the District. The Owner further petitions for 100% of the Assessed Property to be assessed to pay costs of a "special energy improvement project" (the "Project") as further described in Exhibit E in accordance with the Plan and Plans and Specifications now on file with the Clerk of Council. The special energy improvement projects of other participating political subdivisions of the District will not be assessed by the City, but rather by the participating political subdivisions identified in Exhibit F. 6. Project Costs to be Assessed and Collected. The Owner requests that (A) the whole cost of the Project, less any payment from the Owner and received by the City prior to passage of the ordinance of assessment under Ohio Revised Code Section 727.25, be specially assessed, in proportion to the. benefits that may result from the Project, upon the Assessed Property pursuant to Section 701.05 and Chapter 727 of the Revised Code, and (B) those special assessments (the "Special Assessments"), be collected in fifty semi-annual installments. The Owner requests that the last Special Assessments to pay Project costs be certified for collecfion in 2035. In connection with this Petition and in furtherance of the purposes hereof, the Owner acknowledges that it has reviewed or have caused to be reviewed (A) the Plans and Specifications and the profiles for the Project, and (B) the estimate of cost of the Project, which are now on file with the Clerk of Council. A copy of the estimate of cost is attached hereto as Exhibit G. In connection with this Petition and in furtherance of the purposes hereof, the Owner also acknowledges that it has reviewed or has caused to be reviewed the estimated special assessments to be levied for the Project, which aze now on file with the Clerk of Council and are set forth below. In consideration of the Project, the Owner agrees (A) that the Special Assessments do not exceed the benefit to be received by the Assessed Property as a result of the Project, (B) that the Assessed Property is benefited by the Project in the proportionate amounts set forth below, (C) that the Assessed Property is the only property specially benefited by the Project and the only property that should be assessed for the Project, (D) that the Owner will pay promptly all installments of the Special Assessments levied against the Assessed Property it owns as they become due, (E) that the determination by the Council of the Special Assessments against the Assessed Property pursuant to and in accordance with this Petition will be fmal, conclusive and binding upon the Owner, their successors and assigns and grantees of the Assessed Property and (F) to include in each deed or other instrument conveying all or any portion of the. Assessed Property (i) a reference to the Special Assessments allocable to the property or portion being conveyed, as determined and approved by the City, and (ii) a covenant n,nning with such property to be bound by the provisions of this Petition and to timely pay the installments of the Special Assessments as they come due Waivers. The Owner consents and requests that the Special Assessments be levied and collected without limitation as to the value of the Assessed Property, and waives all the following relating to the Project and the Special Assessments: (1) Any and all rights, benefits and privileges specified by Sections 727.03 and 727.06 of the Revised Code or by any other provision restricting these special assessments to 33- 1/3% ofthe actual improved value of the Assessed Property as enhanced by the Project; (2) Any and all rights; benefits and privileges specified by Section 727.04 of the Revised Code or by any other provision limiting special assessments for reimprovement when a special assessment has been levied and paid previously; (3) Any and all damages or claims for damages of whatsoever kind, chazacter or description resulting from the Project or the construction and installation of the Project, including but not limited to all rights, benefits and privileges specified by Sections 727.18 through 727.22 and Section 727.43 of the Revised Code; 3728387v7 2