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Message Page 1 of 2 Grant Fernelius From: LeFevere, Charlie L. [clefevere@Kennedy-Graven.com] Sent: Monday, December 01, 2008 11:48 AM To: Grant Fernelius Subject: RE: Escrow Account Discussion -Part 2 Grant, These proposed code changes look good. The following are recommended edits. In new Article 5 of Chapter 8, I would recommend that the word "escrow" be deleted in several places. The term "escrow" is generally used in the law in a specific way, involving an independent escrow agent, etc. Therefore, I would recommend that the word "escrow" be deleted in the title to Article A.5, the title of section 8-820 and Part 5 of Section 8-840. In addition, I would recommend that the words"non-interest bearing" be added before the words"deposit account" in the second line of section 8-830. The following are recommended changes to new Article 8 to Chapter 2: NN In section 2-181(1)change the word"their" to"the Manager's". In section 2-181(3) step 1, paragraph (B), change the word "And"to"and". In the next paragraph, paragraph (C), delete the words"a the next available"and substitute"at a". In the last sentence of this paragraph, add the words"or declining to provide" before the words"financial assistance.". Change the word "Phase"to"Step" in section 2-181(3)(D)and (J) and in paragraphs(4)and (5) of section 2-181 (3). At the beginning of section 2-181(3)(G) and paragraph (H) add the words"The Applicant shall provide". In section 2-181(3)(H), add the words"by the Applicant"after the word"completed". In section 2-181(5), substitute the word "deposit"for the word "escrow". Let me know if you have any questions on any of these edits. Charlie Charles L. LeFevere Kennedy and Graven, Chartered 470 U. S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 Telephone: (612) 337-9215 Fax: (612)337-9310 clefevereCciaken nedy-graven.corn 12/29/2008