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APR I 9 1S12'~
ASSUMPTION
---THIS ASSUMPTION is made as of the .3 J f^.. day of
...:, 0-,"",,^- , 1 988, by ZAIDAN HOLDINGS INC. ("Buyer") for the
benefit of the CITY OF COLUMBIA HEIGHTS, MINNESOTA ("the City")
and the HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
COLUMBIA HEIGHTS, MINNESOTA ("HRA").
RECITALS:
A. The HRA has previously entered into a certain Contract
for Private Redevelopment by and between the HRA and Terry
Evenson, an individual, as the Redeveloper ("Redeveloper") dated
as of the 1 st day of June, 1981 ("Redevelopment Agreement")
conveying certain premises situate in Anoka County, Minnesota
("Project Property").
c \;1- B. Pursuant to the Redevelopment Agreement, the HRA has
I \ ~t~red into with the Redeveloper a certain Management Agreement
for ~ing Facilities and Lease of the Plaza Property dated as of
July 20, ''t:9l?'7 ("Management Agreement"), filed in the Off ice of the
Registrar of Titles of the County of Anoka, State of Minnesota as
Document No. 124953 and in the Office of the County Recorder,
Anoka County, Minnesota as Document No. 667127, demising certain
real property situate in Anoka County, Minnesota ("Premises").
The HRA has assigned its interest in the Management Agreement to
the City.
C. The Proj ect Property was conveyed to the Redeveloper
pursuant to a Quit Claim Deed from the HRA dated October 15, 1981,
filed October 20, 1981 as Document No. 580233, Office of the
County Recorder, Anoka County, Minnesota, and as Document No.
118551, Office of the Registrar of Titles, Anoka County,
Minnesota, and in Deed dated October 23, 1981, filed November 6,
1981 as Document No. 581375, Office of the County Recorder, Anoka
County, Minnesota, and as Document No. 118855, Office of the
Registrar of Titles, Anoka County, Minnesota (the "Deeds").
D. Zaidan
interest in the
Redeveloper.
is acquiring the
Management Agreement
Project Property
and the Premises
and its
from the
NOW, THEREFORE, Zaidan agrees as follows:
1 . Zaidan hereby assumes and agrees to perform the
obligations of the Redeveloper under the Management Agreement and
.
Of,_
. -
the Deeds. Zaidan may sell the Project Property and assign its
interest in the Management Agreement without the consent of the
City or the HRA; however, the City and the HRA agree that zaidan1
") shall be relieved from liability under the Management Agreement
and the Deeds arising from or after the date of any such sale
\ provided the City and the HRA _consent to ~uch sal~, which consent
I the City and the HRA agree will not be unreasonably withheld.
2. The assumption by Zaidan of the obligations under the
Deeds to pay property taxes with respect to the Project Property
is made with the understanding that the HRA Board of Commissioners
and the City Countil will be receptive to an open dialogue with
Zaidan to discuss provisions for additional assistance with
respect to payments of property taxes and tax increment payments
as set forth in the attached letter from the HRA to Mr. Henry
Zaidan dated June 2, 1988; provided that neither the HRA nor the
City has any obligation to provide any tax increment assistance,
and that a failure to provide any such assistance will not relieve
Zaidan of any obligation assumed hereunder.
3. Zaidan agrees to perform on or before December 31, 1988,
the operational and maintenance items described on the attached
Exhibit A.
4. Zaidan agrees that nothing contained in that certain
Agreement between the City of Columbia Heights and Zaidan Holdings
Inc. for the Operation of the Parking Ramp dated of even date
herewith shall be deemed to relieve Zaidan of any liability under
the Management Agreement.
ZAIDAN HOLDINGS INC.
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