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TO ALL BONDHOLDERS <br />December 1, 1989 <br />Second Page <br />has provided written notice of this acceleration to Breckenridge and its <br />guarantors. <br />The Trustee has and will continue to take all reasonable action to obtain full <br />payment of all amounts. If necessary, the Trustee will pursue foreclosure and <br />other collection efforts. The Trustee will vigorously enforce all of its rights <br />and powers under the Loan Agreement, Mortgage and Security Agreement, <br />Guaranty Agreement and Assignment of Leases and Rents executed in <br />connection with this bond issue. <br />We will continue to keep you informed of the status of this matter. If you <br />have any questions or comments regarding the remedies available to the <br />Trustee, remedies available to bondholders or anything discussed herein, <br />please do not hesitate to contact the undersigned. <br />Sincerely, <br />AMERICAN NATIONAL BANK AND TRUST COMPANY, <br />as Trustee under the Indenture of Trust <br />dated May 1, 1986, with respect to the <br />$940,000.00 Commercial Development Revenue <br />Bonds, Series 1984 (Breckenridge Associates <br />Project), City of Little Canada, Minnesota <br />Thomas Korsman <br />Vice President <br />TK /kjh <br />Page 15 <br />