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AMERICAN <br />N A T I O N A L B A N K • S A I N T P A U L <br />December 1, 1989 <br />City Clerk <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Re: $940,000 Commercial Development Revenue Bonds, Series 1984 <br />(Breckenridge Associates Project), City of Little Canada, Minnesota <br />Dear Sir /Madam: <br />As you are aware, American National Bank and Trust Company is the Trustee <br />( "Trustee ") with respect to the above - referenced bond issue. As you are also <br />aware, the proceeds of the bonds were loaned by the City of Little Canada, <br />Minnesota to Breckenridge Associates, a Minnesota general partnership <br />( "Breckenridge "), to be used by Breckenridge to finance the construction of <br />Breckenridge Associates Project, a Commercial Office, Warehouse and <br />Manufacturing Facility in the Little Canada, Minnesota. <br />Please be advised that Breckenridge is in default of its obligations under and <br />pursuant to the terms and conditions of the Loan Agreement dated December 1, <br />1984 by and between Breckenridge and the City of Little Canada, Minnesota <br />(the "Loan Agreement "), as well as its obligations under the Mortgage and <br />Security Agreement dated December 1, 1984, by and between Breckenridge and <br />American National Bank and Trust Company (the "Mortgage and Security <br />Agreement "). In addition, those individuals who have guaranteed performance <br />of Breckenridge's obligations under the Loan Agreement, Mortgage and <br />Security Agreement and related documentation are in default of their <br />obligations under the Guaranty Agreement dated December 1, 1984 (the <br />"Guaranty Agreement "). <br />The Trustee has previously provided written notice of such default to <br />Breckenridge and its guarantors. However, these defaults have not been <br />cured within the requisite time periods set forth in the Loan Agreement, <br />Mortgage and Security Agreement and Guaranty Agreement. As of' this date, <br />the Trustee has declared that all amounts payable for the remainder of the <br />term of the Loan Agreement are immediately due and payable. The Trustee <br />Page 14 <br />AMERICAN NATIONAL BANK AND TRUST COMPANY <br />rtrTH AND miNNEso rn srRCCTS • SAINT nAUL ∎.I INN CSorn Ss1o, PHONE 61Z-300-6000 <br />