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<br />ASSIGNMENT OF RIGHTS (DEVELOPMENT AGREEMENT) <br /> <br /> <br />THIS ASSIGNMENT OF RIGHTS (DEVELOPMENT AGREEMENT) (the <br />e ____ day of ____________, 2020, by and between 65 <br />LA PORTE, LTD., a Texas limited partnership MALLADI S. REDDY, <br />M.D., a natural person domiciled in Harris County, Texas <br /> <br />BACKGROUND <br /> <br />A. Assignor is a party to that certain <br /> by and among Assignor, REINVESTMENT ZONE NUMBER ONE, CITY OF LA <br />PORTE, TEXAS , a tax increment reinvestment zone created by the City <br />of La Porte, Texas pursuant to Chapter 311 of the Texas Tax Code, as amended, <br />acting by and through its governing body, the Board of Directors, and LA PORTE <br />REDEVELOPMENT AUTHORITY , a local government corporation <br />created and organized under the provisions of the Texas Transportation Code, Chapter 431, <br />Subchapter D, and authorized and approved by the City pursuant to Resolution No. 2000-2457 <br />adopted on December 11, 2000, acting by and through its governing body, the Board of <br />Directors, which Development Agreement generally relates to the design and construction of <br />certain public improvements in the area known as the Lakes at Fairmont Green, as more <br />particularly described in the Development Agreement. <br /> <br />B. All capitalized terms used herein and not specifically defined herein shall have the <br />respective meanings for such terms as set forth in the Development Agreement. <br /> <br />C. Assignor and Assignee desire to evidence the assignment and assumption of <br /> <br /> <br />AGREEMENT <br /> <br />In consideration of $10 and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged by Assignor and Assignee, the parties hereto <br />agree as follows: <br /> <br />1. Assignment. <br />interests in, to and under the Development Agreement, including, but not limited to, all of <br />Developer and rights to receive payments as reimbursement for Project <br />Costs that have not been paid to Developer as of the date hereof. <br /> <br />2. Assumption. Assignee assu <br />and under the Development Agreement, including, but not limited to, all of Assignors <br />obligations as Developer, and rights to receive payments as reimbursement for Project Costs that <br />have not been paid to Developer as of the date hereof. <br /> <br /> <br />Error! Unknown document property name. <br /> <br />