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<br /> <br />IYAN@ <br /> <br />\V/\Y/\V. RYANCO~'I PANIES.CO~'I <br /> <br />8UILDING LASTING RELATIONSHIPS <br /> <br />May 1, 2009 <br />Page 2 <br /> <br />Notice (as defined in Section 10 (b) (ill) of the Agreement) being sent; (2) the GSA regarding extensions to <br />the OTP; (3) any other party regarding the acquisition and redevelopment of the Development Property; or <br />(4) any combination thereof. By this letter, the Developer requests that, due to current market conditions <br />limiting the City's ability to successfully negotiate any of these provisions; the City waive the 60-day notice <br />provision included in Section 10 (b) (ill) of the Agreement, and acknowledge that this letter may also serve as <br />the Second Developer Notice. <br /> <br />If the City acknowledges that this letter serves as the Second Developer N orice, then in accordance with <br />provisions. of Section 10 (b) (ill) of the Agreement, the Developer directs that the City select one of the <br />options included in Sections 10 (b) (ill) (1) and (2) in the City's sole discretion. Such subsections (1) and (2) <br />provide that the City perform the selected action within thirty (30) days after receipt of the Second Developer <br />Notice. Notwithstanding that such action shall be selected in the City's sole discretion, the Developer <br />respectfully requests that, due to current market conditions, the City select option (2), and forward to the <br />GSA and others as .required in the OTP, the City's notice of rescission or tennination of the OTP for the <br />reasons stated herein. <br /> <br />The Developer requests that the City immediately cease work which ,may be reimbursable by the Developer <br />to the City under the provisions of the Agreement. We have appreciated the ongoing support of the ,City in <br />pursuit of this redevelopment, and regret that environmental findings make this action necessary. ' <br /> <br /> <br />Richard M. Collins <br />Vice President <br /> <br />c: Stephen). Bubul <br />Kennedy & Graven, Chartered <br />470 U.S. Bank Place <br />200 South Sixth Street <br />Minneapolis, :MN 55402 <br /> <br />Mr. Charles F. Diessner <br />Fredrikson & Byron, P.A. <br />200 South Sixth Street, Suite 4000 <br />Minneapolis" :MN 55402 <br />