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<br />WHEREAS, the property owners have reserved the right to cancel and <br />vithdraw from their obligations contemplated by the Petition if the <br />:onstruction bid for such improvements exceeds by fifteen percent (15%) or <br />nore the estimated assessments for the improvements, and <br />Y! <br />GIHEREAS, it is the desire of the parties hereto to provide for the <br />-eimbursement by the property owners of all such expenses incurred by the City <br />in the event that the.property owners determine to withdraw from the obligations <br />:hey agreed to or assumed in the Petition. <br />NOW, THEREFORE, in consideration of the foregoing premises and the <br />:ovenants hereinafter contained, the City and the property owners agree as <br />Follows: <br />ARTICLE ONE. REIMBURSEMENTS <br />01 The property owners agree and covenant that they cannot and shall not <br />cancel and withdraw from the obligations contemplated by the Petition <br />subsequent to the award of a construction contract for the Project, and <br />the City agrees that it shall not, without the prior written approval of <br />the property owners, enter into a construction contract for the Project <br />should that construction contract exceed by fifteen percent (15%) or more <br />the estimated assessments for the Project. <br />.02 The Property owners agree that, should they cancel and withdraw from the <br />obligations they agreed to or assumed in their Petition, they shall <br />reimburse the City for all planning, engineering and legal expenses <br />incurred by the City in connection with the Project from the date the <br />Petition was submitted to the City by the property owners cancel and <br />withdraw from said obligations contained within their Petition. <br />.03 It is further agreed by and between the property owners and the City that, <br />in the event the City fails to rezone the subject parcels of land, now <br />zoned for residential use, to limited industry use, and for this reason, <br />and this reason only, the property owners, as a result, cancel and <br />withdraw from the obligations they agreed to or assumed in their Petition, <br />then in this event the property owners shall not be required to reimburse <br />the City for the planning, engineering, and legal expenses incurred by <br />the City in connection with the project. <br />ARTICLE TWO. BINDING EFFECT <br />2.01 This Agreement shall be binding upon and inure to the benefit of the City <br />and the property owners and each of their respective heirs, successors <br />and assigns. <br />THIS AGREEMENT executed on the day and year first written above. <br />WITNESSETH: CITY OF NORTH OLMSTED <br />BY: <br />ROBERT W. SWIETYNIOWSKI, MAYOR <br />- 2 -