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FBaM BAIGGS AND MoRGAN ST,PAUL 612 223 6645 (FRI)11,22'96 11:35 /ST,11:34/ No,3360015-171 P, 2 <br />'S'''��ER�S DIIIEC7 DInL HY7MgE7�t <br />(612) 223-6420 <br />�rIA TELECOl'Y <br />��w o�FZC�s <br />B�iGGS .c�lvn MOI�C's.�N <br />PRO��sSioN,n,i asSOCr��xOPi <br />2$00 FIRS2 1Qe�71ONAL HeN$ �}ViLUIN(3 <br />SAINi PA1fJL� MINN�SOTd B6101 <br />�'FZ�pHONE (OA2) 2L'3-0000 <br />FACSYD6II8 (610) E23-04�Q <br />I�lovember 22, 1996 <br />Cathy $ennett <br />Economic Deve�opznent Coordinator <br />Mounds View City Ha�� <br />2401 Highway 10 <br />1V�onnds View, 1Vlinnesota 55112-7,499 <br />Re: Silver I.�►ke 1'ointe Agreement <br />Dear Cathy: <br />MINNEdPOLI3 OFFICE <br />8MO YAE CIIriTEB <br />7�INNp,.�'0113. MLYNEy02'w 66SOL' <br />YSLEPIIOka 1at21 ��a•8�oo <br />FAL6IMILE (B�C) j�4'8060 <br />�'m sending qou a clean copy of the proposed Agreercxent between the �vlounds Vxew <br />EDA, tk�e Silver Lake Pointe Lazziited Liability Cozzipany, az�d the Bank whick� is proposing <br />to provide their per,tx�anent fina�ncing. <br />Tt as a lengthy agreemez�t, but the basics �f it as fax as the EDA is coz�cerned axe that <br />we would agree that if an Event of Defau�t should occur uz�der ou� Development <br />Agreement, we would give z�o4ice of that bot� to the Company and to the Bank and vve <br />would accept tk�e Bank's cu�re of that ��vent of Default tk�e same as if the Compaz�y had done <br />lt, <br />We also agree tk�at as long as the CoXnpany ;emains the Registered O�e�r of the <br />No4e, if the Bank gi�es us notice to do so we would make arty payrnents wk�ich are payable <br />under that Note directly to t�e Bank. This does not alter our rigktt to withhold payments <br />if a� E�ent of Default occurs. <br />Fiz�ally, we would give the Bank the �°ight to step in the shoes o� the Company az�d <br />become the obligated party under the Development Agreezzaent under certain conditzons, <br />presumably something serious like a default on ihe payment of the Baz�k's loaz�. <br />3376TI. 9 <br />