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ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT <br />THIS ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT (this <br />"Assignment") is entered into this day of September, 2016, by Ryan Companies US, Inc., as assignor <br />("Assignor") and Crystal Cliff, LLC as assignee ("Assignee"). <br />RECITALS <br />WHEREAS, Assignor is a party to that certain Development Agreement, for platting and <br />development of Crystal Bay Business Center dated December 5, 2007, filed December 27, 2007, <br />with the Office of the Registrar of Titles for Hennepin County, Minnesota as Document No. <br />4457476 and recorded December 27, 2007 with the Office of the County Recorder for Hennepin <br />County, Minnesota as Document No. 9079458, as amended by a Second Amendment to <br />Development Agreement dated September 26, 2011, filed December 30, 2011, with the Office of <br />the Registrar of Titles for Hennepin County, Minnesota as Document No. T4914548 and <br />recorded December 30, 2011 with the Office of the County Recorder for Hennepin County, <br />Minnesota as Document No. A9732423, and as amended by an Amendment to Development <br />Agreement dated March 6, 2014, filed March 28, 2014 with the Office of the Registrar of Titles <br />for Hennepin County, Minnesota as Document No. T05161145 and recorded April 24, 2014 with <br />the Office of the County Recorder for Hennepin County, Minnesota, as Document No. <br />A10073102 (collectively, as amended, "Development Agreement"); <br />WHEREAS, pursuant to the Development Agreement, Assignor agreed to construct certain <br />improvements on property located in the City of Orono, County of Hennepin, State of Minnesota (as <br />more particularly described in the Development Agreement, the "Project Area"), <br />WHEREAS, Assignor now wishes to assign to Assignee, and Assignee wishes to assume from <br />Assignor, all of Assignor's rights and obligations under the Development Agreement. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, <br />and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />the parties hereto agree as follows: <br />181 <br />