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�. <br />� <br />� <br />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 <br />Mayor <br />and <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 day of March, 2012, by <br />, the Mayor and , the Clerk of the CITY OF <br />PEQUOT LAKES, MINNESOTA, a Minnesota municipal corporation, on behalf of said <br />municipal corporation. <br />[Notarial stamp] <br />asosoas�a <br />Notary Public <br />6�j <br />