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T~WE~ ~ I>UO( Iludson Road <br /> <br /> ASPHALT 1'.0 }3ox lsool <br /> e c o e r o e n r e <br /> n Lakeland, MN 55043 <br /> ASPHALT Phoue: G51-436-8444 <br /> SURFACING Fax:651-436-6515 <br /> IAXfUHO, YX 550tl <br /> www.towexasphalt.com <br /> May 12, 2010 <br /> City of Little Canada <br /> 515 Little Canada Road East <br /> Little Canada, Mn 55117 <br /> Attn: Joel Hanson <br /> Re: Tower Asphalt, Inc.-2010 Street and Utility Improvements <br /> On April 22, 2010, Tower Asphalt, Inc. (the "Company") sold substantially all of its <br /> assets to Hardrives, Inc. ("Buyer") pursuant to that certain Asset Purchase Agreement dated <br /> March 25, 2010, as amended, among the Company, Buyer, Lakeland Enterprises, Inc. and its <br /> shareholders (the "Asset Sale"). In connection with the Asset Sale, pursuant to that certain <br /> Assignment and Assumption Agreement dated Apri122, 2010 between the Company and Buyer, <br /> the Company assigned to Buyer and Buyer assumed all of the Company's rights and obligations <br /> under that certain Standard Form of Agreement between Owner and Contractor on the Basis of a <br /> Stipulated Price relating to the 2010 Street and Utility Improvement Project dated March 17, <br /> 2010 (bid date) between the Company and the City of Little Canada (together with the Contract <br /> Documents referenced therein, the "Agreement"). <br /> The Agreement provides that it may not be assigned without your consent. Accordingly, j <br /> the Company hereby requests your consent to the assignment of the Agreement to Buyer in <br /> connection with the Asset Sale. <br /> r <br /> Buyer hereby agrees to take such actions and execute such documents as may be <br /> necessary to assume the obligations of the Company to deliver to the City of Little Canada on <br /> same terms and conditions as are contained in the Agreement, a Performance Bond and Payment <br /> Bond in the amount of $589,824.50. 6 <br /> Please cause an authorized signatory of the City of Little Canada to sign this letter where <br /> indicated below, evidencing (a) the consent of the City of Little Canada to the assignment of the <br /> Agreement to Buyer in connection with the Asset Sale; (b) the acknowledgment of the City of <br /> Little Canada that the Agreement will remain in full force and effect; and return an executed <br /> copy of this letter to me via fax to (651) 436-6515 or by email to gbalk@towerasphalt.com. <br /> Thank you for your assistance <br /> f <br /> r, <br /> r. <br /> 68765ISvI <br /> <br />