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10.05 Additional Assignment and Assumption of Vacant Land Purchase Agreement
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10.05 Additional Assignment and Assumption of Vacant Land Purchase Agreement
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ASSIGNMENT AND ASSUMPTION OF <br /> VACANT LAND PURCHASE AGREEMENT <br /> This Assignment and Assumption of Vacant Land Purchase Agreement("Assignment") <br /> is entered into effective as of ,2019 by and between The Dotty Holdings <br /> Limited Liability Partnership, an Arizona limited liability partnership,its successors and assigns, <br /> 4517 East Main Street, Mesa, Arizona 85205 ("Assignor"), and Dotty Enterprises, LLC, a <br /> Minnesota limited liability company, its successors and assigns,4593 Morehouse Drive,Pequot <br /> Lakes, Minnesota 56472 ("Assignee"). <br /> RECITALS <br /> A. Assignor and the City of Pequot Lakes, a Minnesota municipal corporation <br /> ("City") entered into a Vacant Land Purchase Agreement(the "Agreement")dated <br /> ,2019 for the purchase and sale of that certain real property located in <br /> the City of Pequot Lakes, Crow Wing County, Minnesota, legally described as Lot 1, Block 2, <br /> Pequot Lakes Industrial Park, City of Pequot Lakes, Crow Wing County, Minnesota(the <br /> "Property"). <br /> B. Pursuant to Paragraph 15.d. of the Agreement,Assignor desires to assign and <br /> Assignee desires to accept and assume all of the rights, duties and obligations of Assignor, as <br /> Buyer,under the Agreement. <br /> NOW THEREFORE, for good and valuable consideration,the receipt and sufficiency of <br /> which are hereby acknowledged, and intending to be legally bound, Assignor and Assignee agree <br /> as follows: <br /> 1. Assignor assigns to Assignee all of Assignor's rights, duties,obligations,title and <br /> interest in, to and under the Agreement such that following the effective date hereof Assignee <br /> shall be the "Buyer"under the Agreement. <br /> 2. Assignee accepts the foregoing assignment and agrees to be bound by all of the <br /> terms, covenants, and conditions of the Agreement and assume and perform the duties, <br /> obligations and liabilities of Assignor, as"Buyer"under the Agreement. <br /> 3. This Assignment shall be binding upon and inure to the benefit of the parties <br /> hereto and their respective successors and assigns. <br /> 4. This Assignment is made in and shall be construed in accordance with the laws of <br /> the State of Minnesota. <br /> [Signature Pages to Follow] <br />
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