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Police City of Pequot City Hall <br /> 218-568-8111 Lakes 218-568-5222 <br /> Fax 218-568-5647 akes <br /> Fax Fax 218-568-5860 <br /> plpd @pequotlakes-mn.gov 4638 County Road 11 cityhall @pequotlakes-mn.gov <br /> �-- ; 2 Pequot Lakes, MN 56472 <br /> www.pequotlakes-mn.gov <br /> January 10th,2008 <br /> Granite RE, Inc. <br /> 14001 Quailbrook Drive <br /> Oklahoma City, OK 73134 <br /> Attention: Underwriting <br /> RE: Trailside Estates Development, LLLP,GRMN25687A <br /> Upon review of the revision on Bond GRMN25687A, it appears that there has been an <br /> error in the reissuing of this bond. The original bond is a performance bond dated <br /> 11/1/2006 and includes written modifications to the bond to comply with the <br /> development agreement dated October 23, 2006 at an amount of$922,473.86. <br /> We advised Car-Col Construction that we would accept a revised amount on the bond <br /> and subsequently received a replacement bond with the same policy number, <br /> GRMN25687A with a principal amount of$92,247.39 dated October 23rd, 2007. <br /> However the bond issued appears to be a Maintenance Bond and not a reissue or renewal <br /> of the original Performance Bond with the specific contract language required in the <br /> agreement. <br /> Would you be so kind as to review the revised bond and respond as to the status. We are <br /> requesting that the substitute or renewal bond conform with the original Performance <br /> Bond dated October 23rd,2006 only at a reduced amount. <br /> Thank you for your assistance on this matter. <br /> Respectfully, <br /> Sandy Peine, City Clerk <br /> City of Pequot Lakes <br /> 4638 County Rd. 11 <br /> Pequot Lakes, MN 56472 <br /> 218-568-5222 <br />