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1. The Parties: <br />(a) NOR -LAKES HOLDING CO., L.L.C., a Minnesota limited liability <br />company, with a mailing address of 606 Vandalia Street, St. Paul, MN 55114 and the <br />Developer under a Development Agreement with the City of Hugo, Minnesota, (the <br />"City"), dated December 14, 1999 as amended on or about April , 2008 (the <br />"Development Agreement"), and is hereinafter referred to as Developer or Assignor. <br />(b) 4L, LLC, a Delaware limited liability corporation, with a mailing address <br />of 144 Citation Court, Birmingham, Alabama 35209 is hereinafter referred to as <br />Assignee. <br />2. Date: <br />(a) This Assignment d sumption of Rights and Obligations is dated and <br />shall be effective on April A' <br />3. Recitals: <br />The Assignor desires to assign all of its rights, and be released from all of its <br />duties, obligations and responsibilities under the Development Agreement in connection <br />with the Development Agreement to the Assignee and the Assignee is willing to accept <br />such rights and assume all duties, obligations and responsibilities under the Development <br />Agreement, as amended. <br />NOW THEREFORE, in consideration of the premises, and other good and <br />valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the <br />parties agree as follows: <br />4. Assignment of Development Agreement: The Assignor hereby assigns, <br />transfers and quitclaims all rights, duties, obligations and responsibilities under the <br />Development Agreement to the Assignee, subject to the terms of this Agreement. The <br />Assignee hereby accepts such rights and assumes such duties, obligations and <br />responsibilities under the Development Agreement, as amended, subject to the terms of <br />this Agreement. <br />5. Guaranty and Letter of Credit. Richard L. Stewart, an individual, has on or <br />before the effective date hereof, delivered to the City a Guaranty in a form satisfactory to <br />the City. The Assignee has delivered to the City on or before the effective date hereof, a <br />letter of credit in the amount of $94, 920 in a form satisfactory to the City. <br />6. Covenants of Assignor: The Assignor warrants: <br />2122621 v3 2 <br />