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Extract of Minutes of a Meeting of the <br /> ..- City Council of the <br /> City of Pequot Lakes, Minnesota <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of <br /> the City of Pequot Lakes, Minnesota, was duly held at the City Hall in said City on Tuesday,the <br /> 6th day of March, 2012, at 6:30 P.M. <br /> The following members were present: Mayor Adams, Council Members Malecha <br /> and Akerson <br /> and the following were absent: Council Members Ryan and Sjoblad <br /> Member Malecha introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 12-08 <br /> RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF <br /> AN ASSIGNMENT AND ASSUMPTION OF RIGHTS AND OBLIGATIONS AGREEMENT <br /> WHEREAS, the City Council entered into a Development Agreement, dated as of <br /> October 1, 1999 (the "Development Agreement"), with Brett and Sarah Dale, LLC, a Minnesota <br /> limited liability company (the "Developer"). <br /> WHEREAS, the City Council approved the Assignment of the Development Agreement <br /> by the Developer to Lakes State Bank (the "Bank") on this date. <br /> WHEREAS, the Bank desires to assign its interest in the Development Agreement <br /> pursuant to an Assignment and Assumption of Rights and Obligations Agreement (the <br /> "Agreement") by and between the Bank and Clement Enterprises, LLC, a Minnesota limited <br /> liability company. Pursuant to the Development Agreement the Bank must obtain the consent of <br /> the City prior to making any assignment of its interests under the Development Agreement. <br /> WHEREAS, a draft of the Agreement has been submitted to the City Council for <br /> approval. <br /> BE IT RESOLVED by the City Council of the City of Pequot Lakes, Minnesota (the <br /> "City"), that the City Council hereby approves the Agreement, subject to payment of all legal <br /> fees incurred in the preparation of this resolution and the Agreement in substantially the form <br /> submitted, and the Mayor and the Clerk are hereby authorized and directed to execute the <br /> Agreement on behalf of the City. In the absence of the Mayor or the Clerk, any document <br /> authorized by this resolution to be executed may be executed by an acting or duly designated <br /> official. <br /> The motion for the adoption of the foregoing resolution was duly seconded by member <br /> Akerson, and after full discussion thereof and upon vote being taken thereon, the following voted <br /> in favor thereof: <br /> 4505077v2 <br />