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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 />1. Assumption. Crystal Cliff hereby consents to Crystal Bay performing the obligations of <br />Developer under the Development Agreement, and Crystal Bay hereby assumes all such <br />obligations, except, without limitation, the obligation to post security in the fbim of a bank <br />letter of credit for $400,347.00 for the benefit of the City of Orono, which obligation shall, as <br />between Crystal Cliff and Crystal Bay, remain the obligation of Crystal Cliff per the terms of <br />the Contract For Deed between them of even date herewith, but any additional security <br />requirements shall be the responsibility of Crystal Bay at its sole cost and expense.. <br />2. Representations. Crystal Cliff represents that there is currently no default under the <br />Development Agreement by any party thereto. <br />3. Indemnification. Crystal Bay shall indemnify, hold harmless and defend Crystal Cliff from <br />and against any and all harm, damages, injuries, or losses, or claims therefor, suffered by or <br />threatened against Crystal Cliff and resulting from or arising out of Crystal Bay's failure to <br />perform any term or condition of the Development Agreement Crystal Bay is required hereby <br />to perform. <br />4. Counterparts. This instrument may be executed in any number of counterparts, which, when <br />taken together, constitute a complete and original instrument. <br />IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed as of <br />the day and year first above written. <br />CR <br />Its: <br />STATE OF MINNESOTA <br />) ss <br />COUNTY OF HENNEPIN <br />This instrument was executed before me this i <br />President and Chief Manager of Crystal Cliff, LLC, a <br />the limited liability company. <br />CHRISTOPHER J. PIERSON <br />NOTARY PUBLIC - MINNESOTA <br />> x My Commission Expires <br />January 31, 2020 <br />day of <br />2018, by Clifford L. Otten, <br />y, on behalf of <br />186 <br />