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05-09-2018 Council Packet
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05-09-2018 Council Packet
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(i) $150,000.00 as consideration for the assignment of the Purchase Agreement; <br />and <br />(ii) $50,000.00 as payment for improvement costs to the Property. <br />b. Section 1 (c) is hereby deleted in its entirety and replaced with the following: <br />“Assignee granting Assignor a pledge of certain membership interests in Assignee <br />and a guaranty as security for said loan.” <br />c. Section 7 is hereby deleted in its entirety and replaced with the following: <br />“Assignee providing two previous years audited financial statements, if available.” <br />4. Assignor hereby warrants and represents to Assignee that except for as modified in <br />Section 3 above, the Conditional Assignment of Rights has not been modified or amended and is full <br />force and effect as of the date hereof. <br />5. Assignor and Assignee agree that this Agreement shall not be amended or changed in any <br />way without prior written approval of the City. <br />6. This Agreement shall be binding upon and inure to the benefit of the successors and <br />assigns of the parties hereto and shall further be for the benefit and reliance of the City. <br />7. This Agreement shall be governed by and construed in accordance with the laws of the <br />State of Minnesota. <br />8. This Agreement may be executed in counterparts, which counterparts when <br />considered together shall constitute a single, binding, valid and enforceable agreement. <br />[Signature page follows.] <br />7
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