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P <br /> ry <br /> Kennedy <br /> 470 South Si thCenter <br /> re <br /> —* i <br /> 200 South Sixth Street <br /> Minneapolis MN 55402 <br /> Graven (612) 337-9300 telephone <br /> (612)337-9310 fax <br /> CHAR TER ED e-mail:attys@kennedy-graven.com <br /> SCOTT J. RIGGS <br /> Attorney at Law <br /> (612)337-9260 <br /> sriggs@kennedy-graven.com <br /> July 24, 1998 <br /> VIA FACSIMILE AND REGULAR MAIL <br /> Mr. Milo S. Pinkerton • <br /> MSP Real Estate, Inc. <br /> 311 Fifth Avenue North <br /> Minneapolis,MN 55401 <br /> RE: 1. City of Mounds View Involvement in Future Agreements <br /> Concerning the Silver Lake Commons Project <br /> 2. Assignment of Ownership Interest of Silver Lake Commons <br /> Dear Milo: <br /> I am writing in reference to the above matters and your request for clarification as to the <br /> involvement of the City of Mounds View in future agreements pertaining to the development of <br /> the Silver Lake Commons Project, as well as to the City of Mounds View's receipt of <br /> correspondence from you regarding the assignment of the ownership entity interest for Silver <br /> Lake Commons. <br /> Based upon a review of the three (3) principle agreements entered into between the City of <br /> Mounds View, (the "City") and MSP Real Estate, Inc. and Mounds View Family Housing LLC, <br /> (collectively the "nevelop r") [i.e.,the Developers Agreement. the Cooperation Agreement and <br /> • <br /> the Initial Agreement], the Agreements appear to require the continued involvement of the City <br /> in this Project. As such, the City will have to be a participant in any further agreements <br /> involving the Silver Lake Commons Project which were contemplated by, or result from any of <br /> the above mentioned Agreements. <br /> As to the assignment of the ownership entity interest for Silver Lake Commons, it appears from <br /> your correspondence that the ownership entity for Silver Lake Commons is changing from <br /> Mounds View Family Housing, LLC, to Mounds View Family Housing, Limited Partnership. <br /> Pursuant to Section 3.05 of the Developers Agreement executed by the City of Mounds View, <br /> MSP Real Estate, Inc. and Mounds View Family Housing LLC, "[t]he Developer may not assign <br /> any of its obligations under this Agreement without the prior written consent of the City." If this <br /> change in the business entity owning Silver Lake Commons is intended as an assignment of <br /> rights and obligations between Mounds View Family Housing, LLC and Mounds View Family <br /> SJR-147437 <br /> MU210-17 <br />