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Kennedy <br />Craven <br />C ►c A a t E R E C <br />470 Pillsbury Center <br />200 South Sixth Street <br />Minneapolis MN 55402 <br />(612) 337-9300 telephone <br />(612) 337-9310 fax <br />e-mail: attr@kennedy-graven.com <br />RONALD I t. BATTY <br />Attorney al law <br />Direct rill (612) 337-9262 <br />email: rbany@lcennedy-graven.com <br />May 20. 1998 <br />Ms. Vicky L. Krajsa-Frank <br />Lindquist & Vennum <br />4200 IDS Center <br />80 South Eighth Street <br />Minneapolis MN 55402-2205 <br />RE: Nlol-Tec/Lino Lakes EDA Agreement <br />Dear Vicky: <br />I have reviewed the subordination agreement and estoppel certificate regarding the contract for <br />private redevelopment between the captioned parties. I have the following comments with regard <br />to the document: <br />1. Paragraph 6. There remains a reference to the assessment agreement in line 7. I believe <br />this should be deleted for the sake of clarity. <br />2. Paragraph R. The major substantive issue I have is with regard to the extent to which the <br />EDA will subordinate its interest in development contract 1. As I indicated in my letter <br />of May 1. 1998. the city has the right to reimpose special assessments in the case of an <br />event of default. This would most likely occur through nonpayment of real estate taxes. <br />We will not subordinate our right to do so. i believe there should be recognition of this <br />in paragraphs 8 and 9. <br />3. As a matter of form, this document will be executed by the executive director and <br />president of the Lino Lakes EDA. It will not be executed by the mayor and president of <br />the city council. <br />I have asked the EDA to add this item to the agenda for the meeting of May 26. 1998. I assume <br />we will be able to resolve the above differences prior to that date. I have asked staff to go <br />Rr;B143R2E <br />LR140-35 <br />9ZE-d EO/ZO d lib-1 OlE61EE+ N3Alin 7 AO3NN3)l-woJd wel17:0l 86-0Z-4EN <br />