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• <br /> THE EVEREST GROUP LTws �. <br /> November 28, 1989 <br /> n.; Wim' �y <br /> k:ria yn <br /> �y�,s <br /> Donald F. Pauley <br /> Clerk Administrator <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> Dear Don: <br /> In accordance with our discussions over the past few months, <br /> and based in part, upon the successful closing of our sale <br /> to PERS, I now make formal request for release of Everest <br /> Development, Ltd. , Commercial Property Investments, Inc. , <br /> and Everest Investments Limited Partnership, from their <br /> obligations as redevelopers under the Contract for Private • <br /> Redevelopment. <br /> This request for release is made pursuant to Article 8 .2 of <br /> the Contract. I believe the requirements for release have <br /> been satisfied, namely: <br /> 1. The property has been transferred; <br /> 2 . The transferees have the qualifications and financial <br /> responsibility to fulfill the obligations remaining <br /> under the Contract; <br /> 3 . The transferees have assumed the redeveloper's obli- <br /> gations under the Contract; and <br /> 4 . All documents of conveyance and assumption are in a <br /> form satisfactory to the City. <br /> To facilitate and expedite release, I am enclosing herewith <br /> a proposed._Release form, which provides for release of our <br /> entities with respect to Parcels 1 (Clinch-On) , 2 (Taco <br /> Bell) , 4 (Multi-Tech) , 5 (Bakers Square) and 6 (Owens and <br /> Minor) . Since we retain ownership of Parcel 3 , we will <br /> continue to be obligated as redeveloper with respect to that <br /> parcel. You will note, that the Release is limited in <br /> certain respects, to deal with concerns that have previously <br /> been raised by you and Bob Deike. <br /> 2685 Long Lake Road <br /> PO.Box 13292•Roseville,MN 55113 <br /> 'hit`(,,h_35 nil <br />