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~ ~ ... " . ' , . EXHIBIT 2 TO BOND RESOLUTION LOAN AGREEMENT ASSIGNMENT This Assignment is made as of the 1st day of August, 1980, between the CITY OF NEW BRIGHTON, Minnesota, a municipal corporation in the County of Ramsey and State of Minnesota (herein called the "City") and the FIRST STATE BANK OF NEW BRIGHTON (herein called the "Bank"). Recitals The city has executed and delivered to the Bank its single fully registered Industrial Development Revenue Bond (Chemical Technology, Inc. Equipment Project), in the principal amount of $300,000 dated the date of delivery, issued pursuant to a resolution adopted August 12, 1980 (the "Bond ReSOlution"). The proceeds of the Bond have been or are to be loaned to Chemical Technology, Inc. (the "Company"), pursuant to a Loan and Purchase Agreement dated as of August 1, 1980, between the City, the Bank and the Company. The Bond is payable from and secured by the Loan Repay- ments to be made by the Company under the Loan Agreement and the Bondholder, as a condition to the purChase of the Bond, 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 Bank and its registered assigns of the Bond, 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 thereof relating to expenses, indemnity and advances of the city), all for the purpose of securing the Bond. IN WITNESS WHEREOF, the City has executed this Assign- ment as of the date first above written, but actually on the day of , 1980. CITY OF NEW BRIGHTON By Mayor And By City Manager