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SA I�IDELIN <br />30849 FIRST STREET <br />P.O. Box 298 <br />PAUL J. SANDELIN PEQUOT LAKES, MINNESOTA 56472 <br />ATTORNEY AT LAW <br />www.sandelinlaw.com <br />September 16, 2011 <br />Sarah L. Dale Brett and Sarah Dale, LLC <br />P.O. Box 297 P.O. Box 297 <br />Pequot Lakes, MN 56472 Pequot Lakes, MN 56472 <br />Lime Greenery, Inc. Lakes State Bank <br />P.O. Box 297 Attn: David Elsenpeter <br />Pequot Lakes, MIS' 56472 P.O. Box 366 <br />Pequot Lakes, MN 56472 <br />Re: City of Pequot Lakes/Lime Greenery TIF District 1 -9 <br />Our File No. 25000.115 <br />To Whom it May Concern: <br />TELEPHONE (218) 568 -8481 <br />FAX (218) 568 -8444 <br />Copy <br />1 am writing this letter to you regarding the above referenced Tax Increment Financing District. <br />Pursuant to a motion passed by the City Council at its regular City Council Meeting on Tuesday <br />September 6, 2011 the City Council directed that a Notice of Default be issued pursuant to Section <br />4.1 of the Tax Increment Financing Development Agreement. For your reference I am enclosing a <br />copy of Article IV of the Development Agreement that addresses events of default. <br />This letter shall serve as the thirty (30) day Notice of Default required by Article IV of the <br />Development Agreement as a result of the foreclosure of the mortgage on the property in favor of <br />Lakes State Bank. Please review the enclosed Article IV of. the Development Agreement for <br />information regarding events of default. If you have any questions please contact me. Thank you. <br />Very truly <br />I <br />/sand a�n <br />n(cusfanc <br />PJS:jdf <br />Enclosure: as noted <br />cc: Sandy Peine <br />S:\LAW\TEXT\25000.115\Da1e. Bank.Itr I .doc <br />