Laserfiche WebLink
<br /> <br />ASSIGNMENT, ASSUMPTION, AND AMENDMENT <br />TO PURCHASE AND DEVELOPMENT AGREEMENT <br /> <br />THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT TO PURCHASE AND <br />DEVELOPMENT AGREEMENT (this “Assignment”) is made effective as of the 12th day of <br />August, 2019 (the “Effective Date”), by and between INH PROPERTY MANAGEMENT, <br />INC., a Minnesota corporation, d/b/a INH Properties, having its principal office at 175 7th <br />Avenue South, Waite Park, Minnesota 56387 (“INH”), CROSSROADS POINTE MV, LLC, a <br />Minnesota limited liability company, having its principal office at 175 7th Avenue South, Waite <br />Park, MN 56387 (“Crossroads Pointe”), and MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY, a public body corporate and politic under the laws of Minnesota, having its <br />principal office at 2401 Mounds View Boulevard, Mounds View, Minnesota 55112 (“Seller”). <br /> <br />RECITALS <br /> <br />A. INH and Seller have entered into that certain Purchase and Development <br />Agreement (the “Agreement”) for the purchase, sale, and development of certain <br />real property located in Ramsey County, State of Minnesota, as legally described <br />in the Agreement (the “Property”). <br /> <br />B. INH desires to assign the Agreement to Crossroads Pointe, and Crossroads Pointe <br />desires to accept such assignment of the Agreement and to assume all obligations <br />of the Developer under the Agreement. <br /> <br />C. The parties also desire to amend certain terms and conditions of the as herein <br />provided. <br /> <br />D. Capitalized terms used, but not otherwise defined, in this Assignment shall have <br />the meanings ascribed to such terms in the Agreement. <br /> <br /> <br />AGREEMENT <br /> <br />1. Recitals. The Recitals set forth above are true and correct in all material respects <br />and are by this reference incorporated into this Agreement. <br /> <br />2. Assignment. INH hereby transfers, assigns and conveys to Crossroads Pointe all <br />of its right, title and interest in and to the Agreement. <br /> <br />3. Assumption. Crossroads Pointe hereby accepts this Assignment and agrees to <br />assume all of INH’s obligations under the Agreement and to be bound by all of the terms and <br />conditions set forth therein. Crossroads Pointe agrees to indemnify and to hold INH harmless <br />against any losses, claims, damages, or liabilities arising out of or related to, or in any way <br />connected with Crossroads Pointe’s performance under the Agreement or this Assignment. <br />