11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

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�..� 1. The Parties: (a) LAKES STATE BANK, a state chartered bank organized under the laws of Minnesota, assumed all right, title and interest to that certain Developer's Agreement between the City of Pequot Lakes, Minnesota (the "City") and Brett and Sarah Da1e, LLC, dated October 1, 1999 (the "Development Agreement") pursuant to an Assignment of Development Agreement and T� Increment Finance Benefits Agreement dated July _, 2011, in connection with its execution of a Deed In Lieu of Foreclosure Agreement, and is hereinafter referred to as Assignor. (b) CLEMENT ENTERPRISES, LLC, a Minnesota limited liability company, with a mailing address of 4002 Blueberry Lane, Pequot Lakes, MN 56472 is hereinafter referred to as Assignee. 2. Date: (a) This Assignment and Assumption of Rights and Obligations Agreement is dated and sha11 be effective on March 6, 2012. 3. Recitals: The Assignor desires to assign its rights, and be released from all of its duties, � obligations and responsibilities under the Development Agreement to the Assignee and the Assignee is willing to accept such rights and assume all duties, obligations and responsibilities under the Development Agreement. � NOW THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 4. Assignment of Development Agreement: The Assignor hereby assigns, transfers and quitclaims all rights, duties, obligations and responsibilities under the Development Agreement to the Assignee, subject to the terms of this Agreement. The Assignee hereby accepts such rights and assumes such duties, obligations and responsibilities under the Development Agreement, subject to the terms of this Agreement. 5. Covenants of Assignor: The Assignor warrants that it is the owner of the Developer's interest in the Development Agreement assigned by this instrument and all of the rights which the Development Agreement purports to create, with full right to convey the same. 6. Covenants of Assignee: (a) As a condition of the assignment herein, the Assignee hereby expressly assumes the duties, obligations and responsibilities of the Assignor as the "Developer" under the Development Agreement. 2 4505045v2