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Lakes under the Contract only upon the satisfaction of certain requirements provided therein; and <br /> WHEREAS, there has been presented to the Board of Commissioners of the Authority forms of <br /> (i) an Assignment and Assumption of Contract for Private Development and Assignment of TIF Note (the <br /> "Assignment and Assumption Agreement") between the Authority, AX Lino Lakes, as assignor, and the <br /> Owner, as assignee, pursuant to which AX Lino Lakes will assign its rights and interests with respect to the <br /> Contract and the TIF Note to the Owner, and the Owner will assume the rights and duties of AX Lino Lakes <br /> under the Contract; and(ii)an estoppel certificate of the Authority(the"Estoppel Certificate"); and <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino Lakes <br /> Economic Development Authority that: <br /> 1. The President and the Executive Director are hereby authorized to execute and deliver <br /> the Assignment and Assumption Agreement and the Estoppel Certificate in substantially the forms on file <br /> with the Authority, with such additions, deletions, and other changes as are approved by the President <br /> and the Executive Director. The President and the Executive Director are further directed to execute any <br /> additional documents or take all steps and do all things necessary to effectuate the provisions of the <br /> Assignment and Assumption Agreement or the Estoppel Certificate. <br /> Approved by the Board of Commissioners of the Lino Lakes Economic Development Authority this <br /> 22nd day of May,2023. <br /> c <br /> Presi nt Ton Ca <br /> ATTEST: <br /> Executive Director, Sarah Cotton <br /> LN140-116(JAE) <br /> 876500v2 <br /> 2 <br />