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TERMINATION AGREEMENT <br />THIS AGREEMENT is made as of November 1, 2001, by and between the <br />Lino Lakes Economic Development Authority, a public body corporate and politic <br />under the laws of Minnesota (the "Authority "), and Bernard V. Carey (the <br />"Developer "). <br />RECITALS: <br />A. Pursuant to the Contract for Private Development dated April 25, <br />2000 (the "Development Contract "), the Authority and the Developer entered <br />into an agreement providing for the development of certain property located in <br />the City of Lino Lakes, and legally described in Exhibit A hereto (the "Property "). <br />B. Pursuant to the Development Contract, the Authority and the <br />Developer also entered into the April 25, 2000 Assessment Agreement (the <br />"Assessment Agreement ") with respect to the Property. The Assessment <br />Agreement was recorded June 8, 2000, with the Anoka County Recorder as <br />Document No. 1505096. <br />C. Developer's business in the State of Minnesota, which Developer <br />hoped to expand by the development of the Property, in accordance with the <br />terms of the Development Agreement, has suffered extremely adverse financial <br />setbacks, as the customers of Developer's business have failed, gone out of <br />business or otherwise ceased placing orders with Developer's business, such that <br />the development of the Property by Developer is no longer possible. <br />D. Developer now hopes to sell the Property to a prospective <br />purchaser, which can itself develop the Property, and make the same a productive <br />site, having an increased market value. However, in order to sell the Property to <br />the prospective purchaser, the Development Contract and the Assessment <br />Agreement must be terminated, as a condition to the sale of the Property. <br />E. The Authority has recognized the plight of the Developer, and has <br />issued its resolution approving the termination of the contractual relationships <br />between the Authority and the Developer. Pursuant to the Developer's request <br />and the resolution issued by the Authority, the Authority is willing to enter into <br />