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Trailside estates Page 1 of 1 <br /> Sandy Peine <br /> From: Paul Sandelin [psandelin @Iakesarealaw.com] <br /> Sent: Thursday, February 21, 2008 9:10 AM <br /> To: Sandy Peine <br /> Subject: Trailside estates <br /> Sandy: I spoke with a representative of the bonding company(Granite Re)today and they indicated that if we <br /> send them a written request to return to the original performance bond that they would do so. Their position is that <br /> the original bond is still effective given that the development agreement has not been completed. The only <br /> change is that the amount secured by the performance bond is being reduced to the 10% amount during the <br /> warranty period. Upon receipt of this letter they will return the original performance bond and then we can pursue <br /> recovery of the amount due the city. I will be sending out a letter today and will provide a copy to you. Sounds <br /> like there was just some miscommunication or misunderstanding on this. This is good to know for future projects. <br /> I don't know if other bonding companies will handle it this way but we do have the right at least with this bonding <br /> company to hold the original bond through the end of the warranty period subject to agreement with the bonding <br /> company that the face amount of the bond is reduced pursuant to the development agreement. I have seen other <br /> bonding companies reissue the performance bond. It may be that they are trying to be cooperative here because <br /> they know the purpose for which the original bond was issued has not been fulfilled as of yet. <br /> Paul Sandelin <br /> SANDELIN LAW OFFICE <br /> 30849 First Street P.O. Box 298 <br /> Pequot Lakes, MN 56472 <br /> Phone: 218-568-8481 <br /> Fax: 218-568-8444 <br /> psandelinalakesarealaw.com <br /> This communication (including attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. <br /> 2510-2521. This communication is confidential and may be legally privileged. If you are not the intended recipient, <br /> you are hereby notified that any retention, dissemination, distribution or copying of this information is prohibited. If <br /> you have received this communication in error, please notify me by telephone immediately and destroy the <br /> information.Thank you. <br /> 2/21/2008 <br />