Laserfiche WebLink
I. Recital. <br />1.1 <br />APPROVAL OF ASSIGNMENT AND RELEASE <br />OF OBLIGATIONS UNDER <br />CONTRACT FOR PRIVATE DEVELOPMENT <br />COUNTRY INN & SUITES HOTEL <br />The Effective Date of this Agreement is , 2005. <br />1.2 The Parties to this Agreement are the LINO LAKES ECONOMIC <br />DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of <br />Minnesota (the "Authority"), the CITY OF LINO LAKES, a Minnesota municipal corporation <br />(the "City") and HARTFORD DEVELOPMENT, INC., a Minnesota corporation (the "Master <br />Developer") and CGI BUILDERS, INC., a Minnesota corporation ("Successor Developer"). <br />1.3 The Authority, City and Master Developer are parties to a Contract for Private <br />Development dated December 20, 2004, recorded December 29, 2004, as Document No. <br />1971748.006, in the Office of the Anoka County Recorder, as amended by a First Amendment <br />thereto dated September 13, 2005 (the "Contract"). <br />1.4 Various real estate parcels are subject to the Contract and Successor Developer <br />has entered into an agreement with Legacy Holdings-LL, LLC, an affiliate of Master Developer, <br />to purchase one of the parcels subject to the Contract for the purpose of developing a hotel (the <br />"Hotel Development"). Such parcel is legally described as: <br />Lot 4, Block 1, The Village No. 4, Anoka County, Minnesota <br />(the "Subject Parcel") <br />1.5 In connection with the sale of the Subject Parcel, Master Developer has requested <br />approval of an assignment of and a release from the terms and conditions of the Contract as to <br />the Subject Parcel pursuant to Article VIII of the Contract. <br />1.6 Master Developer desires to assign, and Successor Developer desires to assume <br />Master Developer's rights and obligations under the Contract with respect to the transferred Parcel. <br />1 <br />