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CONDITIONAL ASSIGNMENT OF RIGHTS <br /> <br /> This Assignment is made and entered into this ___ day of December, 2017 by and <br />between Economic Development Authority of the City of Little Canada, a Minnesota municipal <br />corporation (“Assignor”) and Suite Living Specialty Senior Services, LLC, a Minnesota limited <br />liability company (“Assignee”). <br /> WHEREAS, Assignor has entered into a Purchase Agreement with Property Inc. to <br />purchase real property located in the City of Little Canada, County of Ramsey, State of <br />Minnesota, legally described as follows, to wit: <br />See attached Exhibit A (“Property”); and, <br /> WHEREAS, Assignee desires to acquire from Assignor the Buyer ’s rights in said <br />Purchase Agreement. <br /> NOW, THEREFORE, in consideration of Assignee paying Assignor the sum of Two <br />Hundred Thousand Dollars ($200,000.00) over and above the purchase price set forth in the <br />Purchase Agreement with Property Inc., Assignor hereby conveys, assigns and transfers onto <br />Assignee all of the buyer’s rights and obligations contained in that Purchase Agreement set forth <br />above, subject to the following conditions: <br />1. Assignor and Assignee entering into a loan agreement which agreement shall, at a <br />minimum, contain the following terms: <br />(a) Original principal amount of $600,000.00; <br />(b) Interest at the rate of 4% per annum; <br />(c) Assignee granting Assignor a mortgage using the Property as security for <br />said loan; <br />(d) All loan proceeds shall be used to acquire the Property;