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"W OF71 C E S <br />BRIGGS AND MORGAN <br />W=Znas IDMZCT JDz" MzR <br />(612) 223-6620 <br />George J. Reiling <br />661 Hemel Drive <br />Roseville, MN 55113 <br />Dear Mr. Meiling: <br />91200 FIRST NATIONAL 2kA3M $DTI LIDLWO <br />SAMZT FAULT U ESOTA 5101 <br />TB=Fzt zr (awl gae - Gwo <br />1*ACSIMLLZ (9 "j 0 -64650 <br />January 7, 1993 <br />SMM IID$ CZNTM . <br />8jp vincas= <br />TZIXMCM I=) 964 -@woo <br />r.&CB1W= am) 0"-OGW <br />The City of Roseville, Minnesota, Lexington Avenue Apartments Limited Partnership and <br />George J. Reiling entered into a Development Agreement dated March 1, 1989, as amended <br />in March, 1990 and again on October 1, 19912 <br />Please be advised that you are in default under Section 10.1 of the Development Agreement. <br />The >� six gent of Default" is as follows: sir le- family homes have not been constructed and <br />� � <br />completed by December 31, 1992 so that the minimum market value of 840,000 will not he <br />in effect as of January 2, 1993. This is required by Section 5 of the Second Amendment. <br />it appears that this Event of Default is impossible to cure I would suggest that you and <br />Since p F � <br />your attorney contact Craig caldron and that we schedule a meeting to discuss this problem. <br />Very truly yours <br />Mary L Ippel <br />MLI.kmi <br />: Craig Waldron <br />