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HomeMy WebLinkAboutContract 19821982 ESTOPPEL CERTIFICATE REGARDING CONTRACT FOR PRIVATE REDEVELOPMENT The Ryland Group, Inc. 7599 Anagram Drive Eden Prairie, MN 55344 Attention: Wayne J. Soojian RE: Contract for Private Redevelopment (the "Agreement") dated as of October 25, 2004, by and among the City of Columbia Heights (the "City"}, the Columbia Heights Economic Development Authority of Columbia Heights, Minnesota (the "EDA"), and Huset Park Development Corporation ("Redeveloper"). The undersigned hereby certifies to you as follows: Except for those certain Letters of Approval dated as of July 8 and September 7, 2005 (collectively the "Approval Letters"), respectively, the Agreement is unmodified as of February 13, 2006 (the "Certification Date"). 2. As of the Certification Date, the Agreement, as modified by the Approval Letters, is in full force and effect. As of the Certification Date, neither the City, nor the EDA, nor, to the best knowledge of the undersigned, the Redeveloper is in default of the Agreement or Approval Letters, nor have any of the foregoing parties committed any breach which may, with the passage of time or giving of notice or both, become an Event of Default as defined therein, except as otherwise provided in this paragraph. Notwithstanding such certification, as of the date of this letter the Redeveloper has not provided the security described in Section 3.2(d)(ii) of the Agreement, and nothing in this letter or in EDA's conduct under the Agreement to date is intended to waive that requirement. 4. As of the Certification Date, the City has accepted bids for, and has ordered the construction of, Huset Parkway and the other public improvements contemplated by the Agreement. The undersigned makes this certificate with the understanding that The Ryland Group, Inc. ("Ryland"), is preparing to close on the purchase from Redeveloper of a certain portion of the property covered by the Agreement (the "Initial Model Closing"), and if the Initial Model Closing is consummated Ryland will be in material reliance on this certificate. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, COLUMBIA HEIGHTS, MINNEOSTA, a Minnesota public body corporate and politic . '. .~/ ,? B r` y ~_ - - Walter R. Fehst `' Its: Executive Director M1:1258880.01