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1931124 <br />469230 <br />3 , 3 - as- a1- bo3LA <br />ASSIGNMENT AND ASSUMPTION <br />OF CONTRACT FOR PRIVATE DEVELOPMENT <br />THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE <br />DEVELOPMENT (the 'Assignment") is entered into as of March 19, 2004, by and among the <br />CITY OF RAMSEY, a Minnesota municipal corporation, Anoka County, Muinesota (the "City"), <br />H & P DEVELOPMENT L.L.C., a Minnesota Limited Liability Company ("Assignor"), and <br />DIVERSE DEVELOPMENT COMPANY, LLP, a Minnesota Limited Liability Partnership <br />("Diverse") and GARY L. HUGEBACK ("Hugeback") (collectively "Assignees") The parties <br />hereto agree as follows <br />RECITALS <br />WHEREAS, the City and the Assignor entered into a Contract for Pnvate 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 />WHEREAS, the property of which is the subject of the Development Agieement is legally <br />described as follows <br />Lots 1 and 1 A, Block I, WEST RADIUM BUSINESS PARK CENTER FIRST <br />ADDITION <br />(the "Development Pi operty"), and <br />WHEREAS, the Deficiency Agreement piovides that the Assignor will pay deficiencies to <br />the City if net tax increment is less than the Required Increment, and <br />WHEREAS, the Assignor desires to transfer fee title for the Development Property o <br />Assignees pursuant to a pui chase agreement by and among Assignoi and Assignees, and <br />