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Message <br />Joel Hanson <br />From: Bray, Thomas L. [TBray @Briggs.com] <br />Sent: Tuesday, March 16, 2004 3:18 PM <br />To: Joel Hanson <br />Cc: Ippel, Mary L. <br />Subject: The Villas SNDA <br />Page 1 of 1 <br />Joel, attached is a conflict waiver letter I prepared in connection with our review of the TCF form SNDA I received last week. Last <br />Friday I had a telephone conversation with TCF's attorney to explain to him your desire to proceed based on the existing <br />subordination provisions in the Development Agreement and this morning I e- mailed him a brief outline of the changes he needs <br />to make to his form to conform it to the Development Agreement. I have not heard back from him. I am leaving on vacation <br />tomorrow and will not be back until 3/29. In my absence please contact Mary if you have questions. <br />CONFIDENTIALITY NOTICE: The information contained in this e -mail <br />communication and any attached documentation may be privileged, <br />confidential or otherwise protected from disclosure and is <br />intended only for the use of the designated recipient(s). It <br />is not intended for transmission to, or receipt by, any unauthorized <br />person. The use, distribution, transmittal or re- transmittal by <br />an unintended recipient of this communication is strictly <br />prohibited without our express approval in writing nr by e -mail. <br />If you are not the intended recipient of this e -mail, please delete <br />it from your system without copying it and notify the above sender <br />so that our e -mail address may be corrected. Receipt by anyone other <br />than the intended recipient is not a waiver of any attorney- client <br />or work - product privilege. <br />This email has been scanned for all viruses by the MessageLabs SkyScan <br />service. (http: / /www.messagelabs.com) <br />2 <br />3/16/04 <br />