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10429233v2 <br /> <br />3 <br /> <br />including but not limited to Sections 3.4 and 3.5 and Articles V through X. The Authority <br />hereby confirms that the obligations of the Developer with respect to constructing the Minimum <br />Improvements have been satisfied. <br />4. The Authority hereby consents and agrees to the terms and conditions of this <br />Assignment. <br />5. This Assignment shall be deemed to release and discharge the Assignor from any <br />remaining obligations of the “Developer” under the Development Agreement, such remaining <br />obligations having been assumed by the Assignee. <br />6. This Assignment can be waived, modified, amended, terminated or discharged <br />only explicitly in a writing signed by the Assignee and Authority. <br />7. No provision of this Assignment shall be deemed or construed to alter, amend or <br />modify, in any way, the rights and obligations of the Authority contained in the Development <br />Agreement or the TIF Note. <br />8. Any notice, request, demand or other communication permitted or required <br />hereunder shall be deemed duly given if delivered or mailed postage prepaid, certified or <br />registered, addressed to the party as set forth below: <br /> If to the Authority: Lino Lakes Economic Development Authority <br />City Hall <br />600 Town Center Parkway <br />Lino Lakes, MN 55014 <br />Attn: Executive Director <br /> <br /> If to the Assignor: United Properties Development LLC <br />651 Nicollet Mall, Suite 450 <br />Minneapolis, MN 55402 <br />Attn: Brandon Champeau <br /> <br /> If to the Assignee: AX Lino Lakes L.P. <br />600 – 220 Portage Avenue <br />Winnipeg, Manitoba R3C 0A5 <br />Canada <br />Attn: Kim Riley <br /> <br />9. This Assignment shall be governed by and construed in accordance with the laws <br />of the State of Minnesota. Whenever possible, each provision of this Assignment shall be <br />interpreted in such manner as to be effective and valid under applicable law, but if any provision <br />of this Assignment shall be prohibited by or be invalid under applicable law, such provision shall <br />be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder <br />of such provisions or the remaining provisions of this Assignment. <br />[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]