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Of Pox - the city that works for you April 29, 2008 Mr. George Sherman President Sherman Associates, Inc. 233 Park Avenue South, Suite 201 Minneapolis, MN 55415 RE: Northwest Quadrant Redevelopment Agreement Dear Mr. Sherman This letter is to inform you that the City of New Brighton finds Sherman Associates, Inc. to be in default on its obligations under the Amended and Restated Contract fro Private Redevelopment dated December 13, 2005 and amended August 22, 2006. (hereinafter the Agreement) Specifically, without limitation, Sherman Associates has failed "to pay when due any payments or to provide any funds required to be paid or provided under Section 4.4," "to complete construction of the Site Improvements and Minimum Improvements pursuant to the terms, conditions and limitations of Article V," and "to substantially observe or perform any covenant, condition, obligation or agreement on its part to be observed or performed" under the Agreement. This letter is the required written notice of default contemplated by Section 8.2(a) of the Agreement. Sherman Associates, pursuant to the terms of the Agreement, has thirty days to cure the default or to provide written assurances acceptable to the City of New Brighton that the default will be cured as soon as reasonably possible. If no cure or acceptable assurance of cure is completed or received within thirty days, the City has the right to exercise its contractual Remedies on Default, including termination of the Agreement. Please feel free to call me at 651-638-2041 if you wish to discuss this further. Thank you. Dean R. Lotter / City Manager cc: Mayor a%d'City Council Grant Fernelius, Director of Community Development George Hoff, Attorney, Hoff, Barry, Kozar, P.A.