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AG 2005 12 19
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AG 2005 12 19
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Last modified
3/3/2006 8:34:20 AM
Creation date
11/27/2017 11:36:48 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/19/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />ASSIGNMENT AND ASSUMPTION <br />OF DEVELOPMENT AGREEMENT <br /> <br />This Assignment and Assumption of Development Agreement (this "Assignment and <br />Assumption") made this _ day of November, 2005, by and between Touche, LLC, <br />("Assignor"), Parker & Orleans Homebuilders, Inc. ("Assignee"), and Cabarrus County, North <br />Carolina ("County"). <br /> <br />Assignor and County have executed that certain Consent Agreement for Bridge Pointe <br />Development for Cabarrus County dated January 14,2005 and recorded in Book 5837, Page 205, <br />Cabarrus County Registry (such agreement, as it may hereafter be amended, supplemented, <br />restated, or otherwise modified, being hereinafter referred to as the "Consent Agreement"). <br /> <br />Pursuant to a purchase agreement between Assignor and Assignee (the "Purchase <br />Agreement"), Assignee has agreed to buy and Assignor has agreed to sell all of the real property <br />upon which the Project (as defined in the Consent Agreement) is to be constructed. <br /> <br />Assignor wishes to assign its rights and obligations under the Consent Agreement to <br />Assignee and Assignee wishes to assume such rights and obligations. <br /> <br />NOW, THEREFORE, in consideration of the premises, and for other good and valuable <br />consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as <br />follows: <br /> <br />1. Assignment of Development Agreement. Assignor hereby assigns all of its right, <br />title and interest in and to the Consent Agreement to Assignee, its successors and assigns forever. <br /> <br />2. Acceptance and Assumption. Assignee hereby accepts the assignment of the <br />Consent Agreement and assumes all of Assignor's obligations and liabilities thereunder. <br /> <br />3. Assignee's Financial Condition. Assignee represents and warrants to Assignor <br />and County that Assignee: a) is a publicly-traded corporation with sufficient assets to complete <br />the Project and to timely pay any and all fees owed to the County under the Development <br />Agreement; and b) is willing to comply with the provisions of the Development Agreement. <br /> <br />4. Consent of Countv: Release of Assignee. County consents to this Assignment <br />and Assumption and acknowledges that: a) Assignee is hereby fully substituted as the <br />"Developer" under the Consent Agreement; and b) Assignor is hereby released from any further <br />obligations to County under the Development Agreement. <br /> <br />5. Effective Date of Assignment. This Assignment and Assumption shall be <br />effective as of the date Assignee becomes the owner of the real property described in the <br />Development Agreement. <br /> <br />J-fJj <br />
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