NOTICE OF CANCELLATION OF PURCHASE AGREEMENT

NOTICE OF

CANCELLATION

OF PURCHASE AGREEMENT

To: Leetech Properties IV, a Delaware corporation, and Randi Simons, doing business as LeeTech Properties IV.

YOU ARE NOTIFIED:

1.Default has occurred in the Purchase Agreement dated May 3, 2012, (the "Purchase Agreement"), between CP Pine City RE Holdco LLC, a Michigan limited liability company and CP Stillwater RE Holdco LLC, a Michigan limited liability company, collectively as Seller, and LeeTech Properties IV, a Delaware corporation, as Purchaser, for the real property in Washington County and Pine County, Minnesota, legally described as follows:

Parcel 1

Property situated in the Pine City, Minnesota, more particularly described as follows:

That part of the Northeast 1/4 of the Southwest 1/4 of Section Four (4), Township Thirty-eight (38), Range Twenty-one (21), Pine County, Minnesota, described as follows:

Beginning at the Northeast corner of the Northeast 1/4 of the Southwest 1/4; thence South along the East line of the Northeast 1/4 of the Southwest 1/4 a distance of 300 feet; thence West and parallel to the North line of the Northeast 1/4 of Southwest 1/4 a distance of 792 feet; thence North and parallel to the East line of the Northeast 1/4 of the Southwest 1/4 a distance of 300 feet to the North line of the Northeast 1/4 of the Southwest 1/4; thence East along the North line of the Northeast 1/4 of Southwest 1/4 a distance of 792 feet to a point of beginning.

Parcel 2

Property situated in the Oak Park Heights, Minnesota, more particularly described as follows:

Lot 1, Block 1, Jacob Addition

Washington County, Minnesota

2.The default is as follows:

(i) Failure to deposit $50,000.00 with Commonwealth Land Title Insurance Company to be held as the earnest money deposit.

(ii) Failure of Purchaser to close and pay the purchase price of $1,740,000.00 on the day required under the Purchase Agreement.

3.The conditions contained in Minn. Stat. § 559.209 have been complied with or are not applicable.

4.THIS NOTICE IS TO INFORM YOU THAT BY THIS NOTICE, THE SELLER HAS BEGUN PROCEEDINGS UNDER MINN. STAT. § 559.21 TO TERMINATE YOUR CONTRACT FOR THE PURCHASE OF YOUR PROPERTY FOR THE REASONS SPECIFIED IN THIS NOTICE. THE CONTRACT WILL TERMINATE NINETY (90) DAYS AFTER THE FIRST DATE OF PUBLICATION OF THIS NOTICE UNLESS BEFORE THEN:

a.THE PERSON AUTHORIZED IN THIS NOTICE TO RECEIVE PAYMENTS RECEIVES FROM YOU:

(1)THE AMOUNT THIS NOTICE SAYS YOU OWE; PLUS

(2)THE COSTS OF SERVICE (TO BE SENT TO YOU); PLUS

(3)ZERO DOLLARS ($0.00) TO APPLY TO ATTORNEYS' FEES ACTUALLY EXPENDED OR INCURRED; PLUS

(4)FOR CONTRACTS EXECUTED ON OR AFTER MAY 1, 1980, ANY ADDITIONAL PAYMENTS BECOMING DUE UNDER THE CONTRACT TO THE SELLER AFTER THIS NOTICE WAS SERVED ON YOU; PLUS

(5)FOR CONTRACTS, OTHER THAN EARNEST MONEY CONTRACTS, PURCHASE AGREEMENTS, AND EXERCISED OPTIONS, EXECUTED ON OR AFTER AUGUST 1, 1985, $ N/A (WHICH IS TWO (2%) PERCENT OF THE AMOUNT IN DEFAULT AT THE TIME OF SERVICE OTHER THAN THE FINAL BALLOON PAYMENT, ANY TAXES, ASSESSMENTS, MORTGAGES, OR PRIOR CONTRACTS THAT ARE ASSUMED BY YOU); OR

b.YOU SECURE FROM A COUNTY OR DISTRICT COURT AN ORDER THAT THE TERMINATION OF THE CONTRACT BE SUSPENDED UNTIL YOUR CLAIMS OR DEFENSES ARE FINALLY DISPOSED OF BY TRIAL, HEARING, OR SETTLEMENT. YOUR ACTION MUST SPECIFICALLY STATE THOSE FACTS AND GROUNDS THAT DEMONSTRATE YOUR CLAIMS OR DEFENSES.

IF YOU DO NOT DO ONE OR THE OTHER OF THE ABOVE THINGS WITHIN THE TIME PERIOD SPECIFIED IN THIS NOTICE, YOUR CONTRACT WILL TERMINATE AT THE END OF THE PERIOD, AND YOU WILL LOSE ALL THE MONEY YOU HAVE PAID ON THE CONTRACT; YOU WILL LOSE YOUR RIGHT TO POSSESSION OF THE PROPERTY; YOU MAY LOSE YOUR RIGHT TO ASSERT ANY CLAIMS OR DEFENSES THAT YOU MIGHT HAVE; AND YOU WILL BE EVICTED. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE, CONTACT AN ATTORNEY IMMEDIATELY.

5.YOU MAY BE ELIGIBLE FOR AN EXTENSION OF THE TIME PRIOR TO TERMINATION UNDER MINN. STAT. § 583.01 to 583.12.

6.The name, address, and telephone number of the Seller or of an attorney authorized by the Seller to accept payments pursuant to this notice are:

John D. Giudicessi

Gray, Plant, Mooty, Mooty & Bennett, P.A.

500 IDS Center

80 South 8th Street

Minneapolis, MN 55402

Telephone: (612) 632-3074

This person is authorized to receive the payments from you under this notice at the above address.

__________________________

John D. Giudicessi

Gray, Plant, Mooty, Mooty & Bennett, P.A.

500 IDS Center

80 South 8th Street

Minneapolis, MN 55402

Telephone: (612) 632-3074

Attorney for Sellers

10/10-10/17/2012

Tags: public notices, general legals