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1. The Parties: <br /> (a) LAKES STATE BANK, a state chartered bank organized under the laws of <br /> Minnesota, assumed all right, title and interest to that certain Developer's Agreement between the <br /> City of Pequot Lakes, Minnesota(the "City") and Brett and Sarah Dale, LLC, dated October 1, <br /> 1999 (the "Development Agreement") pursuant to an Assi nment of Development Agreement <br /> and Tax Increment Finance Benefits Agreement dated J 4iir 17, 2011, in connection with its <br /> execution of a Deed In Lieu of Foreclosure Agreement, and is hereinafter referred to as <br /> Assignor. <br /> (b) CLEMENT ENTERPRISES, LLC, a Minnesota limited liability company, with a <br /> mailing address of 4002 Blueberry Lane, Pequot Lakes, MN 56472 is hereinafter referred to as <br /> Assignee. <br /> 2. Date: <br /> (a) This Assignment and Assumption of Rights and Obligations Agreement is dated <br /> and shall be effective on March 6, 2012. <br /> 3. Recitals: The Assignor desires to assign its rights, and be released from all of its duties, <br /> obligations and responsibilities under the Development Agreement to the Assignee and the <br /> Assignee is willing to accept such rights and assume all duties, obligations and responsibilities <br /> under the Development Agreement. <br /> NOW THEREFORE, in consideration of the premises, and other good and valuable <br /> consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br /> follows: <br /> 4. Assignment of Development Agreement: The Assignor hereby assigns,transfers and <br /> quitclaims all rights, duties, obligations and responsibilities under the Development Agreement <br /> to the Assignee, subject to the terms of this Agreement. The Assignee hereby accepts such rights <br /> and assumes such duties, obligations and responsibilities under the Development Agreement, <br /> subject to the terms of this Agreement. <br /> 5. Covenants of Assignor: The Assignor warrants that it is the owner of the Developer's <br /> interest in the Development Agreement assigned by this instrument and all of the rights which <br /> the Development Agreement purports to create, with full right to convey the same. <br /> 6. Covenants of Assignee: <br /> (a) As a condition of the assignment herein, the Assignee hereby expressly assumes <br /> the duties, obligations and responsibilities of the Assignor as the "Developer" under the <br /> Development Agreement. <br /> 2 <br /> 4505045v2 <br />