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ASSUMPTION AND INDEMNIFICATION <br />THIS ASSUMPTION AND INDEMNIFICATION (this "Assumption") is entered into this 3111 <br />day of May, 2018, by Crystal Cliff, LLC, ("Crystal Cliff) and Old Crystal Bay LLC ("Crystal Bay"). <br />RECITALS <br />VvgMREAS, Crystal Cliff is a party (by operation of that certain Assignment And Assumption Of <br />Development Agreement dated September 9, 2016 and recorded June 8, 2018 in the Office of the Registrar <br />of Titles as Document No. T05536679 and filed June 13, 2018 in the Office of the County Recorder as <br />Document No. A10562736) to that certain Development Agreement, for platting and development of <br />Crystal Bay Business Center dated December 5, 2007, filed December 27, 2007, with the Office of the <br />Registrar of Titles for Hennepin County, Minnesota as Document No. 4457476 and recorded December <br />27, 2007 with the Office of the County Recorder for Hennepin County, Minnesota as Document No. <br />9079458, as amended by a Second Amendment to Development Agreement dated September 26, 2011, <br />filed December 30, 2011, with the Office of the Registrar of Titles for Hennepin County, Minnesota as <br />Document No. T4914548 and recorded December 30, 2011 with the Office of the County Recorder for <br />Hennepin County, Minnesota as Document No. A9732423, and as amended by an Amendment to <br />Development Agreement dated March 6, 2014, filed March 28, 2014 with the Office of the Registrar of <br />Titles 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. A 10073 102 <br />(collectively, as amended, "Development Agreement"); <br />WHEREAS, pursuant to the Development Agreement, Crystal Cliff 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, Crystal Cliff and Crystal Bay now desire that Crystal Bay complete such <br />improvements and assume the obligations of "Developer" under the Development Agreement and <br />indemnify Crystal Cliff for any failure of Crystal Bay to complete the same, but not have Crystal Cliff be <br />released by the City of Orono from Developer's obligations under the Development Agreement, including <br />the obligation to post performance security in the form of a bank letter of credit. <br />185 <br />