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BEST & FLANAGAN BEST & FLANAGAN LLP 225 South Sixth Street, Suite 4000 Minneapolis, Minnesota 55402 TEL 612.339.7121 FAX 612.339.5897 BESTLAW.COM CONFIDENTIAL: This email may contain confidential and privileged information and is for the intended recipient only. If you are not the intended recipient, please refrain from reading and delete all copies of this email. IRS NOTICE: Any tax advice contained in this email and any attachment was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties that may be imposed under the tax laws, or (2) promoting or recommending any transaction. From: Joel Hanson [mailto:joel.hanson@ci.little- canada.mn.us] Sent: Wednesday, September 25, 2013 11:58 AM To: Daniel R. Nelson; 'judith.foley @usbank.com' Cc: "Mike Hart' (mhart@inreit.com)'; Mary Jaworsky; 'lorrie @cptitle.com'; 'JimE @goldmark.com' Subject: RE: Montreal Courts Termination of Regulatory Agreement I just saw the follow -up e-mail with the opinion. FYI From: Joel Hanson Sent: Wednesday, September 25, 2013 11:56 AM To: 'Daniel R. Nelson'; iudith.foley @usbank.com Cc: 'Mike Hart' (mharteinreit.com); Mary Jaworsky; lorrie @cptitle.com; JimE @goldmark.com Subject: RE: Montreal Courts Termination of Regulatory Agreement Daniel: I've looked over the info and I have the following questions: 1. Why is the termination being requested? 2. The letter references an opinion of bond counsel, but none was attached. 3. While not intending to disparage the professional abilities of Best & Flanagan, isn't Briggs & Morgan the "bond counsel" for this bond issue? 4. The definition of "appropriate time" is a little hard to follow without some background. Why is this an "appropriate time" to request termination of the Regulatory Agreement? 5. Why isn't the termination following the form attached as Exhibit C to the Regulatory Agreement? We have a council meeting tonight and then don't meet again until October 9th, unless we call a special meeting. I need more info /explanations as to why the City should be approving this termination. Joel Hanson City Administrator (651) 766-4040 From: Daniel R. Nelson [mailto:dnelson @bestlaw.com] Sent: Tuesday, September 24, 2013 4:58 PM To: iudith.foley@usbank.com; Joel Hanson Cc: 'Mike Hart' (mhart@inreit.com); Mary Jaworsky; Iorrie@cptitle.com Subject: FW: Montreal Courts Termination of Regulatory Agreement Attached please find the formal request of Montreal Courts, LLP for the termination of the Regulatory Agreement for the Montreal Courts Apartments Project. Based on some comments I have received from Title I am revising the form of the Certificate of Termination but I will have that for you to sign shortly along with instructions for getting it to the Title Company. I am also revising my approving opinion as Bond Counsel which will be delivered with the Certificate of Termination. 63