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AGREEMENT TO ASSIGN LID BONDS THIS AGREEMENT AND ASSIGNMENT is entered into this ay of May, 1995, by DAVID and SALLY POWERS, husband and wife (hereinafter referred to as "Assignors"), and the City of Moscow, a municipal corporation of the State of Idaho (hereinafter referred to as "City"). WHEREAS, Indian Hills Trading Company (hereinafter referred to as "IHTC) entered into a Development Agreement on the / day of , 1995; and WHEREAS, as part of said Development Agreement IHTC is to provide security in the amount of Twenty Thousand Dollars ($20,000.00) for participation in a storm drain crossing and One Hundred Seventy Six Thousand Seven Hundred Thirty Dollars ($176, 730.00) for other public improvements; and WHEREAS, Assignors are desirous of providing security for IHTC's participation in such storm drain crossing; and WHEREAS, Assignors have purchased Local Improvement District #117 Bonds from the City valued at One Hundre-d Twenty Thousand Dollars ($120,000.00); NOW, THEREFORE, Assignors hereby agree as follows: 1. That the Local Improvement District #117 Bonds owned by Assignors are hereby assigned to the City, with power of sale, as security for the participation in the storm drain crossing as part of the Development Agreement between the City and IHTC entered into on the /7 nday of /1 , 1995. , 2. That should IHTC default on its obligations under said Development Agreement, the City Treasurer, after giving Assignors ten (1 0) days written notice, may, without further action or notice to Assignors, sell such bonds as are necessary to complete the public improvements required by the Development Agreement. 3. That Assignors, their heirs, successors or assigns hereby agree to hold the City harmless for any and all causes of action and damages of whatever nature, resulting from the City's acceptance of assignment of Local Improvement District # 117 Bonds as security as defined herein, including the exercise of the City's right of sale of such bonds. 4. That acceptance by the City of assignment of Local Improvement District # 117 Bonds as security as defined herein shall not act in any way to lessen, reduce or AGREEMENT TO ASSIGN LID BONDS Page 1 95-45 ---PAGE BREAK--- compromise lliTC's responsibility for compliance with the Development Agreement referred to above. 5. That this agreement and assigiunent shall inure to the benefit of Assignors and the City and their respective heirs, successors and assigns. IN WITNESS WHEREOF, Assignors have executed this Agreement to be effective the day and year first above written. Sally Powers The Moscow City Treasurer and the City Attorney have affirmed that the security provided by this 1Agreement to Assign LID Bonds1 may substituted by other good and adequate security meeting the requirements of Moscow City Code, and this security would be returned to Assignors upon such substitution. AGREEMENT TO ASSIGN LID BONDS }J?Iilt:J MOOSOW .:JO AJ 966> 9 Z A\fW 0311:1 Page 2