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APPROVAL OF ASSIGNMENT AND RELEASE <br /> OF OBLIGATIONS UNDER <br /> CONTRACT FOR PRIVATE DEVELOPMENT <br /> LAKEWOOD APARTMENTS <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 /> 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 <br />