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F' . 1_i 1 MW�`IL II'�VESTh1EhIT SERV' -S CORP „„,.,...., „� n�uvrveHrVW0, MINNEWTA 65W NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY May 79 1987 Honorable James Andre City Manager City of Roseville, Minnesota 2660 Civic Center Drive Roseville* MN 55113 Dear Sir: As you know, NORT'{ESTERN NATIONAL LIFE INSURANCE COMPANY ('"NWNL'") has boon negotiating with CENTRE FOYNTE INV1ESmzNT CavA1w'Y ("CPIC"') In connection witha (a) The formation of a limi;od partnership (the "Parcyorship") ,in which CPIC will be the Censral Partner and NV4%1 will be the Limited Patner to affect the development of certain real property (the "Real Estate") in Roseville, Minnesota, which is the subject of a certain Development Agreement dated Febroary 28, 1986 between THE CITY OF ROSEVIL.LE, MINNESOTA (the "City") and CPIC (the "Original Agreeement") l and (b) The providing by NWNL. of financing for the activitias of, the Partnership as contemplated in the Original Agreement as 4mended by the First Amendment hereinafter referred to. CPIC has delivered to NWNL and it$ counsel a form of First Amiendoent (the "First Amendment") to the OrLgingi. Agreement (identified as M.8S:6025v3050587). After reviewing the First Amendment, we find that the Original Agreement, as amended by the First Amendment is now satisfactory. Accordingly, we have instrutted our counsel to complete negotiations Frith CPIC and to develop final documentation with respect to the creation of the Partnership and the financing thereof with loans from NWNL, including, the Comitment for $904, 262.a5 as described in Part VII of the First Amendment, We note that provision is made in the First Amendment for the encumbrance of 252 of the City"s Property to liens securing the loans to be made by Rt"tNL. In tho interests of *mWitLng the trsnsar"tion, NWNL is agreeable to proceeding on this basis, notwithstanding NWNL's December 4, 1986 letter to Mr. David Weir, which is hereby withdrawn.