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OCT ll ~89 09:a0 HENM ~2ND PLOOR P.4 <br /> <br /> Distributing sh~11 fully and timely perform all of the <br /> obligations of the owner/developer under the Agreements, without <br /> regard to whether such obligations accrued prior to or after the <br /> Effective Date. In the event that as of the Effective Date, <br /> there is any outstanding surety bond in favor of the City, <br /> relating to any former obligations of Stoneson under any of the <br /> Agreements, where the obligations to which such bond applies have <br /> as of the Effective Date not been fully performed by Stoneson and <br /> accepted by the City, Distributing shall cause to be issued and <br /> delivered to the City prior =o the Effective Date a replacement <br /> bond in similar form and amount to the prior bond, and issued by <br /> a surety reasonably acceptable to the City, relating to the <br /> performance by Distributing of such obligations under the <br /> Agreements (and upon an acceptable replacement bond being <br /> received by the City, the City shall return to the surety the <br /> prior surety bond). <br /> <br /> 3. Consent to Transfer. The City does. hereby <br /> acknowledge and consent to the foregoing assignment and <br /> assumption, effective as of the Effective Date. <br /> <br /> 4. Release of Stoneson. The City hereby agrees that, <br /> effective as of the Effective Date, Stoneson is and shall be <br /> released from any and all obligations or liabilities now or <br /> hereafter arising or existing under, from or in connection with <br /> the Agreements and that the city shall on and after the Effective <br /> Date look solely to Distributing for the payment and performance <br /> of all such obligations and liabilities, whether accruing prior <br /> to or after the Effective Date. <br /> <br /> -3- <br /> <br /> <br />