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Trailside Estates <br /> 19513 State Hwy 371 <br /> Irainerd,MN 56401 <br /> January 22, 2008 <br /> City of Pequot Lakes <br /> Attn.: Sandy Peine - City Clerk <br /> 4638 County Road#11 <br /> Pequot Lakes, MN 56472 <br /> This letter is in response to your letter of January 11th regarding our bill of $11,764.38 in <br /> relation to Trailside Estates. We agree that is what we owe you, but regretfully we cannot pay <br /> this until something starts selling in the development. <br /> We sincerely hope that you will work with us, by waiting for your money until we can go <br /> �-- through the spring market and hopefully get something sold. Please let us know what you <br /> decide. <br /> Sincerely, <br /> Trailside Estates Development, LLLP <br /> By Car-Col Construction, Inc. <br /> It's General Partner <br /> /°111 / <br /> / r • <br /> Carl J. Smith, Jr. <br /> President <br />