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<br />ASSIGNMENT
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<br />ASSIGNMENT made this day of September, 2023, by, between and
<br />among the CITY OF ORONO, a Minnesota municipal corporation ("City"), CRYSTAL CLIFF,
<br />LLC, a Minnesota limited liability company (“Developer”) and OLD CRYSTAL BAY, LLC, a
<br />Minnesota limited liability company (“Successor Developer”).
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<br />RECITALS
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<br />A. The City and Developer’s predecessor in interest (Ryan Companies US, Inc., a
<br />Minnesota corporation) entered into a Development Agreement for platting and development of
<br />Crystal Bay Business Center dated December 5, 2007, filed December 27, 2007, with the Office
<br />of the Registrar of Titles for Hennepin County, Minnesota as Document No. 4457476 and recorded
<br />December 27, 2007 with the Office of the County Recorder for Hennepin County, Minnesota as
<br />Document No. 9079458, as amended by a Second Amendment to Development Agreement dated
<br />September 26, 2011, filed December 30, 2011, with the Office of the Registrar of Titles for
<br />Hennepin County, Minnesota as Document No. T4914548 and recorded December 30, 2011 with
<br />the Office of the County Recorder for Hennepin County, Minnesota as Document No. A9732423,
<br />and as amended by an Amendment to Development Agreement dated March 6, 2014, filed March
<br />28, 2014 with the Office of the Registrar of Titles for Hennepin County, Minnesota as Document
<br />No. T05161145 and recorded April 24, 2014 with the Office of the County Recorder for Hennepin
<br />County, Minnesota, as Document No. A10073102 and as amended by a Fourth Amendment to
<br />Development Agreement dated September 9, 2014, filed September 22, 2014 with the Office of
<br />the Registrar of Titles for Hennepin County, Minnesota as Document No. T05201445 and recorded
<br />September 23, 2014 with the Office of the County Recorder for Hennepin County, Minnesota, as
<br />Document No. A10120033 (collectively, as amended, “Development Agreement”).
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<br />B. Developer has requested the Development Agreement be assigned to Successor
<br />Developer for the property legally described as Lot 1, Block 1, Crystal Bay Business Center,
<br />Hennepin County, Minnesota, according to the recorded plat thereof (“Property”).
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<br />C. Successor Developer has acquired the Property and has asked to assume the rights and
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