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0) HORSEY <br />principal is to be paid in full upon issuance of a certificate of occupancy "for the first units of <br />the four For Sale Element buildings." I read this to mean that we required the balance of <br />$81,250 in principal to be paid upon initial occupancy of the Phase I13-1 units and the <br />balance of $81,250 in principal to be paid upon initial occupancy of the Phase IB -2 units. I <br />understand that Ehlers & Associates recommends that the full $162,500 to be paid upon <br />execution of the Seventh Amendment. An Amendment to this Section 6.2 would be the way <br />to accomplish this. <br />6. 1 understand there has been some discussion on whether we need to modify <br />requirements for the Phase IB Go -Ahead Letter. I do not believe that any modification is <br />needed. It is covered in Section 6.1(b)(ii). I do note, however, that the Redevelopment <br />Agreement does have one minor error. There is a reference to the "Phase IA For Sale <br />Element' when the context of the provision clear means the Phase IB For Sale Element. <br />This would be a good opportunity to clean this up. <br />7. 1 have not yet confirmed whether the PUD Agreement dated November 1, 2004 <br />needs to be amended. The PUD Agreement references the PUD General Concept Plan and <br />Preliminary Plat Submission, dated August 8, 2003. 1 do not have this document. We will <br />need to locate it and review whether the revised Phase IB is consistent. I can imagine that it <br />is not consistent, but cannot confirm. So, it is likely that amendments to the PUD Agreement <br />(through the PUD General Concept Plan and Preliminary Plat Submission, dated August 8, <br />2003) will also be required. <br />2 <br />DORSEY & WHITNEY LLP <br />