Estoppel Certificate ESTOPPEL CERTIFICATE
(Development Contract/PUD Agreement—Stone Creek Town Offices)
Northern States Power Company
414 Nicollet Mall, MZ
Minneapolis, MN 55401
Attn: Timothy S. Mauseth
Re: Outlot A, Stone Creek Town Offices
Ladies and Gentlemen:
Reference is made to that certain(i) Development Contract/PUD Agreement(Developer
Installed Improvements) ("1998 Contract") dated June 22, 1998, by and between the City of
Chanhassen("City") and Bluff Creek Partners ("Bluff Creek")recorded on October 8, 1998 as
Document No. A236214 in the land records of Carver County, Minnesota; and(ii) Development
Contract/PUD Agreement(Developer Installed Improvements) ("2004 Contract") dated June 14,
2004, by and between the City of Chanhassen("City") and Stone Creek Office Group, LLC
("Stone Creek") recorded on August 11, 2004 as Document No. A394123 in the land records of
Carver County, Minnesota, (collectively, the 1998 Contract and the 2004 Contract may
hereinafter be referred to as the "Contracts").
All capitalized terms used in this Estoppel Certificate and not otherwise defined herein
shall have the meanings ascribed to such terms in the Contracts. The City understands that Bluff
Creek has entered into an agreement with Northern States Power Company ("Buyer") to acquire
Outlot A, Stone Creek Town Offices ("Property") which is a portion of Stone Creek Town
Offices, and understands and acknowledges that Buyer is relying on the information set forth in
this Estoppel Certificate in connection with its proposed purchase of the Property.
In consideration of the foregoing,the undersigned hereby certifies to Buyer, Buyer's
lenders, and their respective successors and assigns as follows:
1. No default currently exists under any terms of the 1998 Contract or the 2004 Contract nor
has any event occurred, which with the passage of time (after notice, if any, required by the
Contracts)would become an event of default under either Contract.
2. Bluff Creek is in compliance with its obligations under the Contract.
3. Stone Creek is in compliance with its obligations under the Contract.
4. The Contracts are valid and enforceable according to its terms against the Property.
5. This certification may not be changed, waived or discharged orally, but only by an
agreement in writing.
6. This certification may be relied upon, and shall inure to the benefit of Buyer, its lenders
and their respective successors and assigns and all parties claiming through or under such
persons or any such successor or assign.
7. The person signing this certification on behalf of the City is a duly authorized signatory
for the City.
IN WITNESS WHEREOF,the undersigned has caused this certification to be executed as of this
10 day of I Ol V 1 VIay ,2022.
CITY OF CHANHASSEN
By:
'AWN-AWF-CA/1/teilrl
Laurie Hokkanen, City Manager
This Instrument was Drafted by:
Fredrikson & Byron, P.A. (bao)
200 South Sixth Street, Suite 4000
Minneapolis, MN 55402
74491913 vl