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[A] October 6, 1993 <br />The City of Little Canada <br />515 East Little Canada Road <br />Little Canada, MN 55117 <br />RE: Development Agreement by and among the City of <br />Little Canada, Minnesota (the "City "), ROI Fund 1, <br />a Minnesota limited partnership ( "ROI Fund 1 "), <br />and ROI Fund 3 Corporation, a Minnesota <br />corporation, dated as of December 15, 1989, and <br />recorded in the Office of the County Recorder in <br />and for Ramsey County, Minnesota, as Document <br />No. 929081 (the "Development Agreement ") <br />Norwest Bank Minnesota, National Association <br />( "Norwest ") holds certain mortgages encumbering property in <br />Ramsey County, Minnesota. One mortgage is dated September 29, <br />1987, and recorded in the office of the Ramsey County Recorder on <br />September 29, 1987, as Document No. 2406283. A separate mortgage <br />is dated September 29; 1989, and was recorded in the office of <br />the Ramsey County, Minnesota Recorder on September 29, 1989, as <br />Document No. 2511397 (the mortgages, as amended are referred to <br />in this letter as the "Mortgages "). <br />Norwest has commenced an action in Ramsey County <br />District Court (File No. C5 -92- 008239) to foreclose the Mortgages <br />(the "Foreclosure Proceeding "). <br />The Development Agreement referred to above affects <br />certain land in Ramsey County, Minnesota, including a portion of <br />the land which is encumbered by the Mortgages. However, the <br />Development Agreement was dated and recorded after the Mortgages <br />and, accordingly, is subject and subordinate to the liens of <br />those Mortgages. Norwest named and served to the City in <br />connection with the Foreclosure Proceeding. <br />ROI Fund 1 has proposed that the Foreclosure Proceeding <br />be discontinued, and that Norwest accept a conveyance of the <br />property described on the attached Exhibit A (the "Property "). <br />As a condition to accepting a deed to the Property, Norwest has <br />requested that the City release the Property from any claim under <br />the Development Agreement. The City has agreed to release the <br />Property from any claim under the Development Agreement, but has <br />requested that Norwest make certain agreements with respect to <br />the retaining wall on the Property located behind the retail <br />Page 38 <br />