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<br />Assignor owns at least fifty percent (50%) interest in joint venture, limited liability, <br /> <br />company, partnership or corporation at its formation; and 3) Assignor retains primary <br /> <br />responsibility for development of the Project Site. <br /> <br />C. Assignor desires to assign its interest in the DDA to Assignee. Further, <br /> <br />Assignee desires to accept assignment of Assignor's interest in the DDA and <br /> <br />City/Agency has agreed to approve the assignment of the interest in the DDA from <br /> <br />Assignor to Assignee. <br /> <br />D. Following the assignment of the DDA to Assignee, Assignor will retain <br /> <br />primary responsibility for the development of the Project Site as that term is defined in <br /> <br />the DDA, subject however to Assignee's right to replace Assignor as the developer <br /> <br />under and in accordance with the terms of the DDA. <br /> <br />NOW THEREFORE, incorporating the above recitals and in consideration of the <br /> <br />covenants and obligations set forth herein, the parties hereto agree as follows: <br /> <br />1. Assiqnment. Assignor hereby assigns to Assignee all of Assignor's rights <br /> <br />and obligations in the Project Site and in the DDA. <br /> <br />2. <br /> <br />Assumption. <br /> <br />Assignee hereby assumes all of Assignor's rights and <br /> <br />obligations in the Project Site and in the DDA. <br /> <br />3. City/Aqency Approval. City/Agency hereby approves the assignment of <br /> <br />all of Assignor's rights and obligations in the Project Site and in the DDA to Assignee. <br /> <br />4. General Terms and Conditions. The following general terms and <br /> <br />conditions s~all apply to this Assignment Agreement. <br />4.1 Counterparts. This Assignment Agreement may be executed in <br /> <br />counterparts, each of which shall be deemed an original, but all of which, together, shall <br /> <br />Atty/Agr/Agr.180 <br />042004 <br /> <br />2 <br />