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't 1 ,, Dam. ..'` LAW OFFICE ,_ _..„ „,,,„,_ 1 1 1 ATTORNEYS AT LAW 30849 FIRST STREET PAUL J.SANDELIN P.O.Box 298 TELEPHONE(218)568-8481 STACY M.JOHNSON PEQUOT LAKES,MINNESOTA 56472 FAx(218)568-8444 wwwlakesarealawcom February 11, 2008 VIA CERTIFIED MAIL AND REGULAR MAIL Trailside Estates Development, LLLP Carl J. Smith, Jr. (`"_ Colleen Smith 19513 State Hwy 371 Brainerd, MN 56401 NOTICE OF DEFAULT Re: City ofPequot Lakes/Trailside Estates, LLLPDevelopmentAgreement Our File No. 25000.047 Dear Mr. and Mrs. Smith: I am writing this letter to you on behalf of the City of Pequot Lakes. As you know the City has requested payment of the outstanding fees incurred by the City for the above-referenced development. The Development Agreement as well as City Ordinance requires reimbursement of the fees and expenses incurred by the City as set forth in the enclosed letter dated December 5, 2007 from the Zoning Administrator. This constitutes an event of a default under the Development Agreement. In addition the bond issued by your bonding company to the City is a Maintenance Bond as opposed to a Performance Bond. I have notified the bonding company that a Performance Bond must replace the Maintenance Bond. This also constitutes an event of default under the Development Agreement. The City Council has directed that I forward this Default Letter to you pursuant to the Development Agreement. The Development Agreement provides that in the event of a default under the Development Agreement the City is required to provide you with Notice of the Default. Pursuant to the Development Agreement you have fifteen (15) days from the date of this letter to cure the above-referenced defaults. The City Council has also determined that no land use permits will be issued for the development until the default is cured.