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ASSIGNMENT AND ASSUMPTION <br />OF CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br /> ri'l tiS ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE <br />DEVELOPMENT (the "Assignment") is entered into as of October ,2005, by and among <br />th~ CITY OF RAMSEY, a Minnesota municipal corporation, Anoka County, Minnesota (the <br />("City"), SIlARP & ASSOCIATES, LLC, a Minnesota Limited Liability Company ("Assignor"), <br />aiad S.K.Ic~.W., LLC, a Minnesota Limited Liability Company ("SKKW") and HASSAN <br />i'ROI'I~;I¥I'II';S PARTNERSHIP, LLC, A Minnesota Limited Liability Company.("Hassan") <br />(e~.~l Icctivcly "Assignees"). The parties hereto agree as follows: <br /> <br />RECITALS: <br /> <br /> WIIEREAS, the City and the Assignor entered into a Contract for Private Development <br />dated /kt~gttst 27, 2004 including an Agreement to Pay Deficiencies and other related exhibits <br />(c~>llcctively the "Development Contract") regarding the development of certain real property <br />l(¢;zatcd in a City Tax Increment Financing District. The Development Contract is recorded as <br />Anoka County Registrar of Title's Document number ; and <br /> <br /> WlIEREAS, the real property of which is the subject of the Development Contract is <br />legally described as follows: <br /> <br />lx~t 1, Block 1, PARK 67 INDUSTRIAL PARK, Anoka County, Minnesota <br /> <br />(the "l)evelopment Property"); and <br /> <br /> WHEREAS, the Deficiency Agreement provides that the Assignor will pay deficiencies to <br />City il'Net Tax Increment is less than the Required Increment; and <br /> <br /> WltEREAS, the Assignor has transferred fee title to the Development Property to <br />Assignees pursuant to a purchase agreement by and among Assignor and Assignees; and <br /> <br /> <br />