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ASSIGNMENT AND ASSUMPTION <br />OF CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br /> THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE <br />DEVELOPMENT (the "Assiglmaent") is entered into as of March ,2004, by and among <br />the CITY OF RAMSEY, a Mirmesota municipal corporation, Anoka County, Mimlesota (the <br />"City"), H & P DEVELOPMENT L.L.C.., a Minnesota Limited Liability Company ("Assignor"), <br />and DIVERSE DEVELOPMENT COMPANY, LLP, a Minnesota Limited Liability Partnership <br />("Assignee"). The parties hereto agree as follows: <br /> <br />RECITALS: <br /> <br /> WHEREAS, the City and the Assignor entered into a Contract for Private Development <br />dated as of June 1, 2000 including a Deficiency Agreement and other related exhibits (collectively <br />the "Development Agreement") regarding the development of certain real property located in a City <br />TIF District. The Development Agreement is recorded as Anoka County Recorder's Document <br />number 1505053 and Anoka County Registrar of Titles document number 354698; and <br /> <br /> WHEREAS, the property of which is the subject of the Development Agreement is legally <br />described as follows: <br /> <br />Lots 1 and IA, Block 1, WEST RADIUM BUSINESS PARK CENTER FIRST <br />ADDITION. <br /> <br />(the "Development Property"); and <br /> <br /> WHEREAS, the Deficiency Agreement provides that the Assignor will pay deficiencies to <br />the City if net tax increment is less than the Required Increment; and <br /> <br /> WHEREAS, the Assignor desires to transfer fee title for the Development Property o <br />Assignee pursuant to a purchase agreement by and among Assignor and Assignee; and <br /> <br /> WHEREAS, the Assignor desires to assign its rights and obligations under the <br />Development Agreement to Assignee, as fee owner of the Development Property, and Assignee <br />agrees to assume Assignor's rights and obligations under the Development Agreement; and <br /> <br /> <br />