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. ".' e e . '. EXHIBIT B LOAN AGREEMENT ASSIGNMENT This Assignment is made as of the l~t day of June, 1979, between the CITY OF NEW BRIGHTON, a municipal corporation in the County of Ramsey and State of Minnesota (herein called the "City") and FIRST STATE BANK OF NEW BRIGHTON (herein called the "Lender"). Recitals The City has executed and delivered to the Lender a fully registered Industrial Development Revenue Note (S-H Realty Project) in the principal amount of $712,000, dated the date of delivery, issued pursuant to a resolution adopted June 26, 1979. The proceeds of the Note have been loaned to S-H Realty (the "Company") pursuant to a Loan and Purchase Agreement dated as of June 1, 1979, by and among the City, the company and the Lender. The Note is payable from and secured by the Loan Repay- ments to be made by the Company under the Loan and Purchase Agreement and the Lender, as a condition to the purchase of the Note, has required the execution of this Assignment. ACCORDINGLY, as authorized by the Bond Resolution and in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, the City does hereby grant, transfer and assign to the Lender and its registered assigns, of the Loan and Purchase Agreement, all of the right, title and interest of the City in the Loan and Purchase Agreement and the Loan Repayments of the Company payable thereunder (except for the rights of the City under Sections 5.02, 7.01, 8.04 and 8.05 of the Loan and Purchase Agreement relating to expenses, indemnity and advances of the City), all for the purpose of securing the Note. IN WITNESS WHEREOF, the City has executed this Assign- ment as of the date first above written. CITY OF NEW BRIGHTON By Mayor (Seal) And by City Manager ~