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~> . The RiverBank Osceola IRREVOCABLE LETTER OF CREDIT Date: October 29, 2004 TO: City of Centerville 1880 Main Street CentervilIe, MN 55038 Dear Sirs: We hereby issue in your favor, this Irrevocable Letter of Credit #128445DSW for the account of Sedona Townhomes, LLC ("Developer"), pertaining to Developer's obligations, performance and undertakings, as described in the Development Agreement for CentervilIe Town Office Park (the "Development Agreement"), between Developer and City of Centerville, Minnesota (the "City"), in the amount of $199,746.00, available to you by your draft at the sight of the undersigned bank when accompanied by a signed statement by the City President and Administrator certifying that the conditions of the above referenced Development Agreement have not been satisfied in accordance with that Development Agreement as follows: I. The City President and Administrator certifies to the Bank truthfully that: (a) Developer is in default in the payment of City Costs as defined in the Development Agreement or is otherwise in default under the Development Agreement; and (b) The City has given written notice of said default to each of Developer and the undersigned and 30 days or more has expired since the giving of such notice and such default continues; and (c) The City is drawing upon such Letter of Credit the amounts necessary to pay the City Costs or otherwise satisfy the Developer's obligations under the Development Agreement and that it will utilize and funds for the payment of such City Costs and the satisfaction of such Developer obligations. 2. The City presents this Letter of Credit; and 3. The City presents a copy of the 30-day written notice specified in l(b) above. 304 Cascade Street . P.O. Box 188 . Osceola, WI 54020 . (715) 294-2183 . Fax: (715) 294-2199