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1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />APPROVAL OF ASSIGNMENT AND RELEASE <br />OF OBLIGATIONS UNDER <br />CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br />LAKEWOOD APARTMENTS <br /> <br />I. Recital. <br />1.1 The Effective Date of this Agreement is ________________, 2006. <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 LLAH LIMITED PARTNERSHIP, a Minnesota limited partnership <br />(“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 certain of the parcels subject to the Contract for the purpose of developing 60 rental <br />apartment units with first floor commercial space (the “Lakewood Development”). Such parcel <br />is legally described as: <br />Lot 1, Block 1, The Village No. 4, Anoka County, Minnesota <br />(the “Subject Parcel”) <br /> <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.