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47055233v2 <br /> <br /> <br /> <br /> ASSIGNMENT OF DEVELOPMENT AGREEMENT <br /> <br />THIS ASSIGNMENT OF DEVELOPMENT AGREEMENT (the “Assignment”) is made <br />and entered into as of the 1st day of July, 2021, by and among AHSL PARTNERS LLC, a <br />Minnesota limited liability company (the “Developer”); WEST BANK, an Iowa banking <br />corporation (the “Lender”); and CITY OF ARDEN HILLS, a Minnesota municipal corporation <br />(the “City”). <br /> <br /> RECITALS <br /> <br />A. The Developer and the City are parties to that certain Amended and Restated <br />Development Contract and Planned Unit Development Agreement dated April 26, 2021 (the <br />“Contract”), providing for the improvement of the real property described therein (the “Project”). <br /> <br /> B. At the request of the Developer, the Lender has agreed to extend certain financial <br />accommodations to the Developer for the Project pursuant to the terms of that certain Loan <br />Agreement dated on or about the date of this Assignment (the “Loan Agreement”). In accordance <br />with the Loan Agreement, the Developer executed and delivered to the Lender that certain <br />Promissory Note of even date with the Loan Agreement, in the original principal amount of <br />$23,975,000.00 (the “Note”). <br /> <br /> C. The obligations of the Developer under the Note and Loan Agreement are secured <br />by a combination Mortgage, Security Agreement, and Assignment of Rents and Leases granted to <br />Lender by Developer and encumbering the Project (the “Mortgage”), and a Security Agreement <br />securing all personal property of the Developer (the “Security Agreement”), both dated of even <br />date with the Loan Agreement. <br /> <br /> D. The Note, Loan Agreement, Mortgage, Security Agreement and related documents <br />and agreements are collectively referred to in this Assignment as the “Loan Documents.” <br /> <br /> E. In order to further secure performance by the Developer of its obligations under the <br />Loan Documents, the Developer has agreed to make a collateral assignment to Lender of all of the <br />Developer’s right, title and interest in and to the Contract. <br /> <br /> F. In addition, the Lender and the City have made certain agreements concerning the <br />provision of notices of default of the Contract or Loan Documents. <br /> <br /> Attachment C