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<br />Finally, a homeowner's association was formed in connection with BF1,BF2 and BF3 (the <br />"HA") but certain legal ramifications of the HA will be nullified by completion of the <br />foreclosure by 21 st. <br /> <br />It is the desire of all of the parties to resolve any differences between them and to form a basis <br />for continuing with the development of the Brookfield area. <br /> <br />Oakwood is hereby released from any obligations under the d Yelopment agreeme <br />BF2 and BF3. <br /> <br /> <br /> <br />It is therefore agreed as follows: <br /> <br />1. Release of Oakwood <br /> <br />2. Release of Letter of Credit <br /> <br />City hereby releases 21 st from any further liability unde <br />acknowledges that Letter of Credit # 674 is no longer in force. <br />credit which may have been heretofore is d by 21 st in connect" <br />BF2 or BF3 are hereby released by City. <br /> <br />er of Credit # 674, and <br />Clition, all other letters of <br />n with any portion of BF1, <br /> <br />Upon execution of the ReI <br />of City, Oakwood and <br />intention of the parti <br />with execution of this ag <br />will pay over to City the s <br />$261,384.0 is the amo <br /> <br /> <br />greement attac hereto as Exhibit A (release by Knife River <br />er shall pay to Knife River the sum of $135,000.00. It is the <br />ment noted at Exhibit A be executed simultaneously <br />ies. In addition, at the time of execution hereof, 21 st <br />26,384.00. It is acknowledged that these two sums total <br />fLetter of Credit # 674. <br /> <br /> <br />3. Payments bv 21st <br /> <br /> <br />o Cash Escrow <br /> <br />The cash r BF2 and BF3 still held by City totals $ The parties <br />acknowledge ey have previously approved withdrawal of the sum of $26,000.00 from this <br />escrow to ena e City to pay for certain remedial work needed in the BF2 and BF3 projects. 21st <br />and Oakwood hereby release the remaining funds to City for usage as City deems appropriate, <br />and surrender and release any claims to the funds. <br /> <br />2 <br />