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400 Water Street - Suite 200 - Excelsior, MN 55331 - T: 952.294.0353 - F: 952.294.0151 - www.oppidan.com <br />Writer's Direct Dial: (952) 294-1241 <br />Writer's Email: joe@ooidan.com <br />April 5, 2017 <br />Jon R. Pederson VIA EMAIL <br />c/o Ruffridge — Johnson Equipment Co., Inc. <br />3024 4th Street SE <br />Minneapolis, MN 55414 <br />Email: Jonl`6-b jequip.com <br />Re: Purchase and Sale Agreements by and between Jon R. Pederson and Sophie <br />Pederson, collectively as Seller, and Oppidan Holdings, LLC, as Buyer, dated <br />December 12, 2016, as amended, for the properties located at 3024 0h Street <br />Southeast and 2 Malcom Avenue Southeast, Minneapolis, Minnesota <br />Dear Jon, <br />Thank you for granting Oppidan a 10 -month extension to purchase your properties located at <br />3024 0 Street Southeast and 2 Malcom Avenue Southeast. We truly do appreciate your <br />cooperation and willingness to work with Oppidan to make this project a success. <br />As you know, construction costs based on our initial design came in much higher than expected. <br />We have been working diligently to redesign and slightly shrink the size of the project in an <br />effort to reduce costs while still delivering a project that the City of Minneapolis, and all other <br />interested parties, will support. Because of this redesign we are not as far along in the design and <br />approval process as we had anticipated, although we have made great progress. Initial feedback <br />and pricing looks good. We firmly believe that with the extra time you have graciously <br />extended, we will be closing and starting construction at the end of the 10 -month extension. <br />Again, thank you for your consideration and cooperation. We will continue to work as hard and <br />creatively as possible to make this project work and look forward to closing soon. <br />Sincerely, <br />fvt /ZJgG'LN- <br />J <br />Joseph H. Ryan <br />24 <br />