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FIRST AMENDMENT TO THE CONTRACT FOR PRIVATE REDEVELOPMENT (LAKEVIEW SOUTH) THIS AGREEMENT is made on or as of this day of , 199_ by and between the City of New Brighton, Minnesota (the "City") and Industrial Equities, LLC, a Minnesota limited liability company (the "Redeveloper"). WITNESSETH: WHEREAS, the City and the Redeveloper entered into a Contract for Private Redevelopment dated as of February 13, 1996 (the "Contract" - Capitalized Terms not defined in this Agreement are defined in the Contract); and WHEREAS, the City and Redeveloper desire to amend the Contract to further the purposes set forth therein; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, the parties hereby agree as follows: Section 1. Letter of Credit Amount Reduced. Section 3.6 of the Contract is amended by deleting the sum of "$150,000" and substituting in its place the sum of $75,000". Section 2. Condition Precedent. The reduction provided for in Section 1 above is conditioned upon the Redeveloper providing to the City prior to, or simultaneously with, a letter of credit in the amount of $150,000 as required by the Contract for Private Redevelopment (Brighton Corporate Park II) dated as of , 1996 by and between the City and the Redeveloper. Section 3. Aqreement Supersedes Contract. The terms and conditions contained in this Agreement shall supersede any conflicting provisions contained in the Contract. IN WITNESS WHEREOF, the City has caused this First Amendment to the Contract for Private Redevelopment to be duly executed in its name and behalf and its seal to be hereunto affixed and the Redeveloper has executed this First Amendment to Contract for Private Redevelopment on or as of the date first above written.