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CONSENT AND ACKNOWLEDGMENT OF <br /> THE CITY OF PEQUOT LAKES <br /> The City of Pequot Lakes, Minnesota, by its undersigned designated representatives, <br /> hereby expressly consents to the Assignment and Assumption of Rights and Obligations <br /> Agreement between Lakes State Bank and Clement Enterprises, LLC. Upon the effective date of <br /> the Assignment, the Assignor shall be released from all of its duties, obligations and <br /> responsibilities under the Development Agreement. <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> By a. <br /> Mayor <br /> By <br /> City Clerk <br /> STATE OF MINNESOTA ) <br /> ) SS <br /> COUNTY OF CROW WING) <br /> The foregoing instrument was acknowledged before me this 7 day of March, 2012, by <br /> dc,, GZ . otcza,,,,,, the Mayor and So,„, , the Clerk of the CITY OF <br /> PEQUOT LAKES, MINNESOTA, a Minnesota municipal corporation, on behalf of said <br /> municipal corporation. <br /> Notary�ic <br /> [Notarial Stamp] <br /> NANCY MARIE MALECHA <br /> Commission EOM <br /> C <br /> S-3 <br /> 4505045v2 <br />