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2 <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 Subject Parcel. <br />1.7 City has approved the Subject Parcel for use consistent with the proposed <br />Lakewood Development. On that basis, City and Authority are willing to approve an assignment <br />of the Contract to Successor Developer and release Master Developer from the terms and <br />conditions of the Contract subject to the terms and conditions of this assignment. <br /> <br />THEREFORE, IT IS AGREED AS FOLLOWS: <br /> <br />II. Agreement. <br />2.1 Master Developer hereby assigns, and Successor Developer hereby expressly <br />assumes all of the rights and obligations of Master Developer under the Contract with respect to <br />construction of the Lakewood Development on the Subject Parcel with a minimum market value of <br />$7,450,000 (the “Lakewood Improvements”). <br />2.2 The parties hereto agree and understand that the Lakewood Improvements <br />constitute a portion of the Rental Housing Component and the Commercial Component of the <br />Minimum Improvements under the Contract. <br /> <br />2.3 The Authority and the City hereby consent to and approve the assignment in <br />sections 2.1 and 2.2 above. <br />2.2 From and after the effective date set forth above, Master Developer is released <br />from its obligations under the Contract as to the Subject Parcel and as to the portion of the Rental <br />Housing and Commercial Components represented by the Lakewood Improvements, subject to <br />the following: <br />(a) Master Developer remains liable under the Contract as to all other parcels <br />subject to the Contract that are not released hereby or previously released, and as to all <br />other provisions of the Contract. <br />(b) Successor Developer agrees and understands that the Subject Parcel is <br />subject to the Assessment Agreement between the Authority and Master Developer dated <br />October 26, 2006 (“Assessment Agreement”), setting a minimum market value for the <br />Subject Parcel and the Lakewood Improvements constructed thereon for the period <br />described in the Assessment Agreement. <br /> <br />(c) Satisfactory completion by Successor Developer of the Lakewood <br />Improvements will be considered satisfaction of Developer’s obligations as to a portion <br />of the market value of Rental Housing and Commercial Component under Section 4.3 of <br />the Contract, such portion being the minimum value of $7,450,000 or the actual value <br />upon completion, whichever is greater. However, nothing in this agreement will relieve <br />Developer of its obligation to construct the remainder of the Rental Housing and <br />Commercial Components in accordance with the Contract.