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Thomas M. Sweeney <br />George F. Borer <br />Patrick J. Sweeney <br />Robin I). Tourney <br />Michael J. Budka <br />EXHIBIT B <br />Sweeney, Borer & Sweeney <br />Professional Association <br />Attorneys at Law <br />Suite 1200 <br />386 North Wabasha Street <br />St. Paul, Minnesota 55102 <br />September 5, 2002 <br />Mr. Robert E. Grootwassink <br />Towne & Country Center, LLC <br />6440 Flying Cloud Drive, Suite 203 <br />Eden Prairie, MN 55344 <br />Re: NOTICE OF DEFAULT <br />Our File No. 8247 <br />Dear Mr. Grootwassink: <br />Telephone <br />(651) 222-2541 <br />Facsimile <br />(651) 223-5289 <br />Our office represents the City of Little Canada relative to its Development Agreement <br />with Towne & Country Center, LLC, dated February 29, 2000. This letter shall serve as formal <br />notice of default by Towne & Country Center, LLC, relative to the Development Agreement. <br />Specifically, Towne & Country Center, LLC has breached the agreement by failing to comply <br />with its obligations pursuant to paragraphs 5(d) and 5(e). Accordingly, the City of Little Canada <br />is invoking clause 5(h) of the Development Agreement, which requires Towne & Country <br />Center, LLC to either cure said defaults or convey the property to the City by Warranty Deed for <br />an amount not to exceed 8375,000.00, within 60 days of the date of this notice. <br />As you know, paragraph 7 of the Development Agreement indicates that if Towne & <br />Country Center, LLC fails or refuses to perform its obligations under the Development <br />Agreement and if such default continues and remains uncured beyond the 60 day period <br />described above, the City shall be entitled to recover reasonable attorney's fees and court costs <br />relative to this matter. <br />If you have any further questions, please contact the undersigned. <br />PJS:jm <br />cc: Joel R. Hanson <br />-9 <br />