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~ - ~.; .. CITY OF NEW BRIGHTON RESOLUTION NO. 92-..l.2..1 RESOLUTION ACCEPTING THE ASSIGNMENT OF THAT CERTAIN CONTRACT FOR PRIVATE DEVELOPMENT AND LEASE-PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON AND WINFIELD DEVELOPMENTS, INC. WHEREAS, the City of New Brighton and Winfield Developments, Inc. , entered into a Contract for Private Development and Lease-Purchase Agreement dated as of June 8, 1983 (the "Agreement"); and WHEREAS, pursuant to the Agreement, Winfield Developments, Inc. agreed to lease the development property for 144 months from the date of the Agreement, subject to a purchase option which has not been exercised, and further agreed to purchase the development property upon expiration of said lease term; and WHEREAS, Winfield Developments, Inc. subleased the development property, which was divided into two parcels, to New Brighton Venture I and New Brighton Venture II pursuant to two agreements entitled Sublease and Assignment of Development Rights and Assignment of Optional and Mandatory Purchase Rights, each dated September 1, 1983 (the "Subleases"); and WHEREAS, Winfield Developments, Inc. has defaulted on certain of its obligations under the Agreement and is the subject of a chapter 7 bankruptcy liquidation; and WHEREAS, said defaults have been cured by Phoenix Mutual Life Insurance Company, a guarantor, and the project currently is in good standing; and WHEREAS, Winfield Developments, Inc. has entered into an Assignment Agreement dated Apri115, 1992, whereunder Winfield Developments, Inc. has agreed to assign its interest in the Agreement and in the Subleases to New Brighton Venture I and New Brighton Venture II (together, the "Assignments") and New Brighton Venture I and New Bright Venture II have each executed an Assumption Agreement (together, the" Assumption Agreements") whereunder each entity expressly assumes BLW39767 NE136-71