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April 4, 2017 <br />Mr. Mike Ericson <br />Centerville City Administrator <br />1880 Main Street <br />Centerville, MN 55038-9794 <br />HAND DELIVERED <br />4780 Regents Walk <br />Shorewood, MN 55331 <br />952.250.9783 <br />hulvestad@rocklandreadvisors.com <br />RE: Lot 2, Block 1, Clearwater Business Park, City of Centerville, Anoka County, Minnesota <br />Dear Mike, <br />Attached is a letter from Jon and Sophie Pederson ("Buyer") terminating the Purchase Agreement with <br />the City of Centerville ("Seller") pertaining to the referenced property (the "Agreement"). Buyer is <br />terminating the Purchase Agreement because it was not able to obtain timely approval from Seller of a ten <br />(10) month extension of the Feasibility and Inspection Period in the Agreement as Buyer has requested. <br />Buyer requested the extension because Oppidan Holdings, LLC. ("Oppidan") requested a 10 month <br />extension of the Due Diligence Period in each of the two purchase agreements with the Pedersons. The <br />Pedersons granted the extension to Oppidan. The Pedersons then requested the same extension of the <br />Feasibility and Inspection Period in the Agreement from the City of Centerville before the expiration of <br />Buyer's right to terminate the Agreement. <br />Although Buyer is terminating the Agreement, Buyer would like to reinstate the Agreement with the <br />requested extension as soon as time allows. Buyer has already spent substantial monies for construction <br />plans, permits, legal fees and other expenses in anticipation of closing on the sale of its Minneapolis <br />properties and the purchase of the referenced property. Buyer also recognizes that Centerville City Staff <br />and others have invested time and effort toward a closing on the referenced property. <br />The Pedersons are hopeful that the Centerville City Council will grant the requested extension contingent <br />on a reinstatement of the Agreement. If the Council approves the request, Buyer will submit a Second <br />Amendment to the Agreement confirming the extension. <br />Thanks for your continuing efforts to bring about a successful transaction for both the City and the <br />Pedersons. <br />*Siretad <br />CC: Kurt Glaser, Esq., Smith& Glaser <br />John Chirhart, Gaughan Companies <br />23 <br />