Laserfiche WebLink
2 <br /> <br /> <br />obligations of the Development Agreement. <br /> <br />D. Paragraph 21.K. of the Development Agreement prohibits Developer from assigning <br />the Development Agreement without written permission of the City Council. <br /> <br />NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS <br />THE PARTIES AGREE AS FOLLOWS: <br /> <br />1. ASSIGNMENT. Developer’s rights and obligations under the Development <br />Agreement (specifically including, without limitation, any and all modifications, restrictions or <br />limitations thereof imposed by the above referenced Fourth Amendment to Development <br />Agreement) are assigned to the Successor Developer subject to the terms of this Assignment. <br />Successor Developer shall be responsible for all legal expenses related to this Assignment. Successor <br />Developer accepts the assignment and agrees to be bound by the terms of the Development <br />Agreement. <br /> <br />2. BINDING EFFECT. Successor Developer agrees to be bound by the Development <br />Agreement to the same extent as if it had been the original party to the Development Agreement <br />(as amended.) Successor Developer shall be responsible for all work previously performed by <br />Developer under the Development Agreement. <br /> <br />3. CASH ESCROWS AND UNPAID BILLS. Cash escrows established by Developer <br />for remaining work required under the Development Agreement are hereby assigned to Successor <br />Developer. Any unpaid bills or obligations of Developer that are due or that may become due under <br />the Development Agreement are assumed by Successor Developer. <br /> <br />4. NOTICES. Required notices to the Successor Developer shall be in writing, and shall <br />be either hand delivered to Successor Developer, its employees or agents, or mailed to Successor <br />Developer by registered mail at the following address: <br /> <br />Old Crystal by, LLC <br />Attn: Jake Barkley <br />3640 Bayside Road <br />Orono, MN 55356. <br /> <br />5. EFFECTIVE DATE. This Assignment shall be effective when the City has received <br />from Successor Developer: a certificate of insurance in the amount and on the form required by the <br />Development Agreement and a letter of credit from a bank acceptable to the City for $400,346.73 as <br />required by the Development Agreement replacing the letter of credit furnished by Developer. <br /> <br />6. RECORDING. This Assignment may be recorded against the Property and is <br />binding upon the parties, their successors, heirs, and assigns. <br /> <br />[Remainder of page intentionally left blank] <br />[Signature pages to follow]