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11. Attach as Exhibit B, a narrative that describes the Firm's apartment management and marketing experience. <br /> 12. Default Experience <br /> a. Have any developments that the Firm (or any of its executive professional or supervisory personnel) <br /> managed, or currently manages, ever experienced a default? Yes <br /> b. Provide details including name and location of development and circumstances surrounding each default, <br /> its cure, workout and mortgage modification arrangements, assignments, foreclosures, etc. Use extra <br /> sheets if necessary. <br /> We have managed default properties for owners and agencies, only after default had occurred and lender <br /> required a change in existing management. <br /> 1. Minneapolis HUD and syndicator(Security Properties) requested management change of owner- <br /> managed default property. Original mortgage has been reassigned to HUD. HUD had yet to make <br /> final decision on foreclosure. <br /> 2. In the mid-1970s, we managed 221D4 default properties and assisted with MIO plans and <br /> repositioning and refinancing. <br /> 3. In late 1989, we managed RTC properties for TCF. <br /> C. Has the Firm ever managed, or been appointed receiver, for defaulted or foreclosed properties? <br /> X❑ YES If"YES", indicate owner and mortgagee. Attach Exhibit E and discuss your experience <br /> with such properties. Did properties return to sustaining status? <br /> See 12 above. <br /> 0 NO <br /> 13, Contract Status <br /> a. How many property management contracts held by the Firm over the past 5 years have been terminated <br /> prior to their expiration dates? 1 <br /> b. Please provide names and addresses of these developments and their mortgagors, as well as reasons and <br /> circumstances surrounding such termination(s). <br /> Second Street Lofts— Tax Credit Commercial <br /> We were the second agent of newly developed property. Owner hired contractor to manage. <br /> Arnie Gregory, General Partner <br /> Hunt Gregory <br /> 129 North 2nd Street, Suite 100, Minneapolis, MN 55401 <br /> C. How many property management contracts held by the Firm over the past 5 years were not renewed upon <br /> expiration? See Exhibit II. <br /> d. Please provide names and addresses of these developments and their mortgagors, as well as reasons and <br /> circumstances surrounding such non-renewal(s). <br /> See Exhibit II <br />