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February 7, 2002 <br />Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 East Little Canada Road <br />Little Canada, MN 55117 <br />RE: Notice of Intent <br />Assignment of Purchase Agreement <br />Dear Joel, <br />As per Addendum A to the Purchase Agreement between CommonBond and the City, I am hereby giving the City <br />notice of our intent to close on the Property. The closing should take place simultaneous or just prior to our closing <br />on the firm commitment from HUD. All things being equal, our schedule calls for that closing to take place in June <br />of this year. <br />1 have been in contact with all of the parties you identified yesterday, and anticipate that we will be on the agenda of <br />the Planning Commission on March 14 °i. <br />Enclosed for your review and signature are two signed copies of an Assignment of Purchase Agreement that will <br />allow Garden Terrace Commons Senior Housing to step in for CommonBond Communities. Garden Terrace <br />Commons Senior Housing is the new not -for- profit entity that we have established in order to fulfill the HUD <br />requirement for a single asset owner. Please sign and return one copy for our files. <br />Please let the know if you have any questions or concerns on the above. Thank you. <br />Sincerely, <br />Joni Weiss <br />Housing Development Manager <br />c.c. Bill CosgrifI <br />Enel <br />