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~Iorn: N1nm t.. Marty 10: uale KUnl<l8 Date: 2/18103 lime: 1:59:50 PM Page 3 014 KAREN E. MARTY Attorney at Law 3601 Minnesota Drive Suite 800 Bl~on. MN 55435 Telephone: (952) 921-5859 e-mail: 1anarty@ix.netccom Fax: (952) 830-8211 February 18,2003 run Hoeft Barna, Oozy &. Steffen, Ltd. 400 Northtown Finanoial Plaza 200 Coon Rapids Boulevard Minneapolis, MN 55433 Dear Mr. Hoeft: Thank you for taking the time to speak with me this afternoon, especially when things are disrupted by moving. If you address (suite number) ohanges, please let me know. The items we disoussed regarding the Development Contraot for Pheasant Marsh Phase Two in Centervi11e are as follows: 1. An "Exlu"bit B" is attaohed to my oopy. Sinoe it does not seem to be a part of the agreement, it should be removed from the final copy. 2. It would be nice to ~lude, in the first Whereas paragraph, that we are talking about Phase Two. To do 1jhis, I recommend simply adding "Phase Two after ~Pheasant Marsh" in that paragraph. 3. Paragraph C has three paragraphs. The middle paragraph reads simply "As provided by MinnesOta Statute 462.3531, this waiver of rights of appeal is efFeotive for the amount of $462,881.05." This oan lead to some oonfusion, since the same language in the Phase One oontraot has the $1,871,642 number aotua11y inoluded in the Waiver dooument. We agreed that this oould be olarified. I recommend leaving the above language, then adding "for Phase Two, and $1,871,642 for all three Phases." 4. Last but not least, I oould not looate anyWhere in the Contraot where it stated when the esorowed funds would be released. The esorow is disoussed in the last paragraph of seotion C. To address this, a final sentence oould be added to seotion C, whioh would read as follows: ''This esorow shall be returned to the Developer, less any amount required for . at 1 on ." The "at I. on" language is given, beoause I do not know whether the City would prefer a date, or an event, as the triggering item.