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1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />_______________________________________________________________________________ <br />ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT <br /> (Above space reserved for recording information) <br /> <br /> THIS ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT <br />(“Agreement”) is made as of _______________, 2021, by and between ARDEN PLAZA LLC, a Minnesota <br />limited liability company (“Seller”) whose address for notice is 1625 Energy Park Drive, Suite 100, St. Paul, <br />MN 55108, and JAB Real Estate, LLC, a Minnesota limited liability company (“Buyer”) whose address <br />for notice is 4732 Perry Avenue North Crystal, MN, 55429. <br /> <br />RECITALS <br /> <br />A. Pursuant to that certain Agreement of Sale dated January 5, 2021 by and between Seller, as seller, <br />and Lifelong Wealth Advisors, Inc., a Minnesota corporation (“Original Buyer”). Original <br />Purchaser assigned its interests in the Purchase Agreement to JAB Real Estate, LLC, a <br />Minnesota limited liability company (“Buyer”) pursuant to that certain Assignment and <br />Assumption of Purchase Agreement dated March 3, 2021(the “Purchase Agreement”), Buyer <br />is acquiring certain real property legally described as follows: <br /> <br />Parcel 1: <br /> <br />Lot 2, Block 1, Arden Plaza, Ramsey County, Minnesota. <br /> <br />Torrens Property <br /> <br />Parcel 2: <br /> <br />Ingress and egress, parking, drainage and storm water runoff and utility easement contained in <br />Reciprocal Easement Agreement with Covenants, Conditions and Restrictions dated November <br />16, 2011, filed November 17, 2011, as Document No. 2156888 and amended by Declaration dated <br />September 15, 2015, filed September 28, 2015, as Document No. T02541137. <br /> <br />(the “Property”) located at 1150 County Road E, in the City of Arden Hills, Ramsey County, <br />Minnesota. <br />