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1IIIII11111II IIIIIIII1111IfI I1I 1I111IIII <br />Record ID 1525466 <br />482071.006 <br />ASSIGNMENT AND ASSUMPTION OF <br />DEVELOPMENT CONTRACT <br />FOR RAMSEY TOWN CENTER 3rd ADDITION <br />This Assignment and Assumption of Development Contract ("Assignment") is made this <br />8f1' day of March, 2005 ("Effective Date") by and between RAMDANCE LLC, a Minnesota <br />limited liability company ("Ramdance"), and SOPHIA-RAMSEY LLC, a Minnesota limited <br />liability company ("Assignee"). <br />RECITALS: <br />A. Ramdance and the City of Ramsey ("City") entered into a Development Contract <br />for Ramsey Town Center 3rd Addition dated December 22, 200z ("Development Contract") <br />concerning the subdivision and development of Outlot 1, Ramsey Town Center Addition, Anoka <br />County, Minnesota. `''c t k<_P az ba•= Wgt°: - �� z-/z 31 z n, <br />B. Outlot 1, Ramsey Town Center Addition, has been further subdivided as Ramsey <br />Town Center 3rd Addition and is legally described as Lots 1 and 2, Block 1, and Outlot A, <br />Ramsey Town Center 3r1 Addition, according to the recorded plat thereof, Anoka County, <br />Minnesota ("Property"). <br />C. Ramdance conveyed Lots 1 and 2, Block 1, Ramsey Town Center 3rd Addition, to <br />Assignee on the Effective Date. <br />D. Ramdance has retained ownership of Outlot A, Ramsey Town Center 3rd <br />Addition, to convey to the City within thirty (30) days after the Effective Date in accordance <br />with the Development Contract. <br />E. Ramdance desires to assign all of its right, title and interest in the Development <br />Contract to Assignee, and Assignee desires to accept the assignment and assume all of <br />Ramdance's obligations under the Development Contract, except for those rights and obligations <br />specifically retained by Ramdance as set forth in this Assignment. <br />F. The Development Contract may be assigned to a successor in interest to the <br />Property subject to the approval of the City. <br />NOW THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good <br />