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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 3. 20112: 11/ST. 12:O9/N0. 4261218324 P 3 <br /> March 1,2001 <br /> Paget <br /> • <br /> Not only has the default been cured,but the obvious intent of the Redeveloper is to complete the <br /> minimum improvements required by Section 3.2(I) of the Redevelopment Agreement. With over ' <br /> 260,000 square feet of retail, the addition of the gas/car wash/convenience and a potential <br /> pending sale of additional property within the retail development, as well as the completion of <br /> the 50,000 square foot building and the lease negotiations for portions of that building, the <br /> Redeveloper sees no significant issues at this time regarding completion of the minimum <br /> Improvements. It is the Redeveloper's position that there has been no default in the spirit of the <br /> Redevelopment Agreement, and that the alleged technical breach is merely a result of winter <br /> conditions and other delays in obtaining material for the improvements. <br /> I believe this correspondence adequately responds to your February 8 correspondence, and that <br /> all alleged breaches have been cured. <br /> The Redeveloper looks forward to continuing to work closely with the City.so that both parties <br /> will realize the benefits of the development and the Redevelopment Agreement. <br /> Could you please call me to discuss the status of the promissory notes and the interest <br /> commencement. <br /> I hope all is well. <br /> Very truly yours, <br /> Zeekel <br /> A3Gnar <br /> Enclosure <br /> cc: Liza Robson(via mail) <br /> Rick Martens (via mail) <br />