2003-01-30 Assignment Agreement
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ASSIGNMENT AGREEMENT
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This Assignment Agreement dated this 5:Vt'tttay of January, 2003, by and between Pilot Land
Development Company (hereinafter referred to as "Assignor"), and Woodside
~. CVeeJc.. 1/t.,.C , (hereinafter referred to as "Assignee"),
.,
Whereas, Assignee has acquired certain assets of Assignor including, but not limited to, certain
real property, pursuant to an Asset Purchase Agreement dated December 16, 2002; and
Whereas, pursuant to the terms of said Asset Purchase Agreement, Assignor is required to assign
its interes~ in that certain Development Agreement by and between Assignor and the City of
~, ("City") dated 1//~~/t5IOOlj and recorded as document # 7~"";;l,! ; and
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Whereas, the assignment of the Development Agreement requires the consent and approval of
the City; and
Whereas Assignor represents that the Development Agreement is valid, binding, in full force and
effect and not in default, and
NO\V, THEREFORE, in consideration of the mutual covenants, agreements 3J.ld promises
contained herein, the parties agree as follows:
1. Assignor assigns all right, title, interest and entitlements in- the Development
Agreement, subj ect to the requirements, conditions and covenants set forth in the Asset Purchase
Agreement to Assignee; and
2. Subject to the terms and conditions of the parties' Asset Purchase Agreement,
Assignees assume all rights, duties, obligations, surety requirements and entitlements in
Assignor's interest in the Development Agreement.
In witness whereof, Assignor and Assignee have executed this Assignment Agreement the day
and year first written above.
ASSIGNEE
Woodside ('~ (veet; ~~e
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ASSIGNOR
Pilot Land Development Company
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CONSENT TO ASSIGNMENT
The City hereby consents and agrees to the above-referenced as~ignment of that certain
Development Agreement by and between Assignor and the City date01'V'. ~~ ,;(CJt2/J .
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Old Republic National Title Insurance Company
Commitment Number: 1203002T
SCHEDULE B - SECTION II
EXCEPTIONS
(Continued)
NOTE: Wright County tax records indicate property is rion~homestead for taxes payable in the year 2002.
Taxes for the year 2002 in the amount of $350.00 ar@ (Base tax amount $350.00) (Tax No.
101-074-002110) (covers Lot 11, Block 2)
NOTE: Wright County tax records indicate property is non-homestead for taxes payable in the year 2002.
. .
Taxes for the year 2002 in the amount of $350.00 are~. (Base tax amount $350.00) (Tax No.
101-074-002120) (covers Lot 12, Block 2) .
NOTE: Wright County tax records indicate property is non-homestead for taxes payable in the year 2002.
Taxes for the year 2002 in the amount of $3'50.00 are @ (Base tax amount $350.00) (Tax No.
101-074-002160) (covers Lot 16, Block 2) _'
NOTE: Wright County tax records indicate property is non-homestead for taxes payable in the year 2002.
8. The Final Policy will contain the following language:
The land insured by this policy consists of two or more parcels which are not used as a single site. If a loss
is established affectfng one or more of said parcels but not all, the loss shall be computed and settled on a
pro rata basis as if the amount of inusrance -under this policy was divided pro rata as to the value on Date
of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of
Policy. .
9. This property was subjected to the conditions and provisions of the Mir:mesota Commonlnterest--- ____
,Ownership Act, M.S.A. Section 515B. 1-101 et seq., by Declaration filed as Document No. 743182, and is
subject to the terms, conditions and provisions of said Declaration. ~ fv(e;A.p..,k...iJ ! ;<"E..Q.oI(ftIi..j)
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10. Bylaws of the Association and the terms and conditions thereof filed as Document No. 743183'l>- 13 '( /1<"tJ-T
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11. Restrictions, covenants and conditions dated November 3, 1998, filed November 12, 1998, as Document
No. 661153 which contain no forfeiture of provision. '. A r:
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12. Restrictions, covenants and conditions contained in Development Agreement by and between the City of
Albertville and Pilot Land Development Company, Inc., dated November 22,2000, recorded December 6,
2000 as Document No. 726629, which contains no forfeiture proyision. -, . i\ . A _ vJ / Il ~
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13. Restrictions, covenants and conditions contained in Development Agreement by and between the City of
Albertville and Pilot Land Development Company, Inc., dated August 5, 1998, recorded Augu1>t 12, 1998 as
. Document No. 653050, which contains no forfeiture provision. -, l\. _ A. _ -.' LV/^ n
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AL T A Commitment
Schedule B - Section II
(1 0/6/82)
(1203002T .PFD/1.203002T/4)