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Kennedy <br />(raven <br />Cm AP t E q E O <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: atryc @kennedy- graven.com <br />RONALD K. BATTY <br />Attorney at Law <br />Direct Dial (612) 337 -9262 <br />email: rbany@kenncdy- grtvcn.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: Nol- TecILina 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 cake 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 1 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. 1 have asked staff to go <br />m4814362E <br />LN140 -35 <br />n ICCICCl <br />MlAVIIn R anativay —W0.1.1 welb:Ol 86-02-KPH <br />