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ASSIGNMENT AND ASSUMPTION AGREEMENT <br /> THIS ASSIGNMENT AND ASSUMPTION AGREEMENT is made and entered <br /> into this 29`~ day of November, 2005 by and between Blazer Construction Company, <br /> Inc., an Oregon corporation ("Blazer"), East Ridge Development, LLC, an' Oregon <br /> limited liability company ("East Ridge") and consented to by the City of Eugene, an . <br /> .Oregon municipal corporation ("City") and acknowledged by Umpqua Bank, successor <br /> in interest to Centennial Bank ("Depository"). <br /> WHEREAS, Blazer, City and Depository entered into that certain Agreement to <br /> Maintain Deposit of Funds (to Facilitate Development of Son Blaze Village PUD) dated <br /> on or about April 24, 2002, as Corrected by instrument dated on or about July 23, 2002 <br /> (collectively,-the "Deposit .Agreement"), a copy of which is attached hereto as Exhibit <br /> "A" and by this reference incorporated herein; and <br /> WHEREAS, East Ridge is the successor developer of the PUD as defined in the <br /> Deposit Agreement; and - <br /> WHEREAS, the Phase 1 Deposit referred to in the Deposit Agreement has been <br /> released to Blazer; and <br /> WHEREAS, there still remains the deposit for the Phase 2 Improvements; and <br /> WHEREAS, pursuant to Section 3.4 of the Deposit Agreement, Blazer desires to <br /> - i t f laze ' ri ht itle ~ and interest in and to the De sit <br /> ass o East Rid a all o B r s t 1~ <br /> g g <br /> tm <br /> Agreement and the Phase 2 Deposit; and <br /> WHEREAS, the written approval of the City is required; <br /> .NOW, THEREFORE, it is mutually agreed as follows: <br /> 1. Assignment. Blazer hereby assigns, transfers and sets over unto East <br /> Ridge all of Blazer's right, title and interest in and to the Deposit Agreement and the <br /> .Phase 2~Deposit being held by Depository including all accrued interest thereon. Blazer <br /> agrees that at such time as the Phase 2 Deposit becomes available for release, it shall be <br /> paid to East Ridge and not to Blazer. <br /> 2. Assumption. East Ridge hereby accepts the foregoing assignment and <br /> <br /> • assumes, as its own obligation, to promptly perform all of the covenants and agreements <br /> of Blazer as set forth in the Deposit Agreement. <br /> 3. Consent and Release. City hereby consents to the foregoing assignment <br /> and assumption and hereby releases Blazer any and all obligations pursuant to the . <br /> Deposit Agreement. <br /> . Page 1 -ASSIGNMENT AND ASSUMPTION AGREEMENT Exhi bi t D -Page 1 of 2 <br /> 9586.40210 Assignment & Assumption Eugene vl.doclDPW/he <br /> <br />