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RESOLUTION 2008 - 8 <br />RESOLUTION APPROVING ASSIGNMENT AND ASSUMPTION OF RIGHTS AND <br />OBLIGATIONS <br />RECITALS <br />WHEREAS, the City and Nor -Lakes Holding Co., L.L.C. ("Nor -Lakes") entered into <br />that certain Development Agreement (the "Agreement") dated the 14" day of December, 1999 <br />pertaining to certain real property located in Development District No. 1 in the City of Hugo, <br />Minnesota (the "Property"); and <br />WHEREAS, Nor -Lakes desires to sell the Property to 4L, LLC; and <br />WHEREAS, the City has requested that 4L, LLC assume the Agreement as a condition <br />to the purchase of the Property; <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUGO, <br />WASHINGTON COUNTY, MINNESOTA as follows: <br />1. The City of Hugo hereby expressly consents to the assignment of the Development <br />Agreement to 4L, LLC, pursuant to the terms and conditions of the attached Assignment <br />and Assumption of Rights and Obligations. <br />2. Upon the effective date of the Assignment, Nor -Lakes shall be released from all of its <br />duties, obligations and responsibilities under the Development Agreement. <br />3. To the knowledge of the City of Hugo, Nor -Lakes is not in default under the terms and <br />conditions of the Development Agreement. <br />4. The Mayor and City Administrator are hereby authorized to execute such documents as <br />recommended by the City Attorney. <br />Upon roll call, the following Members voting AYE: <br />Upon roll call, the following Members voting NAY: <br />Whereupon said resolution was declared passed and adopted this 17th day of March, 2008. <br />Fran Wn, Mayor <br />ATTEST: <br />AJ - <br />Michele <br />C <br />Lindau, City Clerk <br />