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<br />01'- ~ ~ \i'-~Q ~ec \~tJ~ - <br /> <br />,?" cr':61~~.J'o;"" '"'""'" ,,"""' Coo",", <br />V^--ec;;'l~ <br /> <br /> <br />IRREVOCABLE LETTER OF CREDIT NO. 3089537 <br /> <br />DATE: March 31, 2006 <br /> <br />Beneficiary: <br /> <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, MN 55113-1899 <br />Attn: Finance Director <br /> <br />By order of: <br /> <br />Roseville Acquisitions, LLC <br />2575 Fairview Ave N, Suite 250 <br />Roseville, MN 55113 <br />Attn: Scott Clover <br /> <br />Re: Contract for Private Redevelopment by and between the City of Roseville, <br />Minnesota and Roseville Twin Lakes, LLC dated as of September 9,2005 <br /> <br />Ladies/Gentlemen: <br /> <br />We hereby issne in your favor this Irrevocable Letter of Credit for the account of Roseville <br />Acquisitions, LLC, a Mimlesota limited liability company, for an amonnt or amonnts not to <br />exceed in the aggregate US$827,650.00 (Eight Hundred Twenty Seven Thousand Six Hundred <br />Fifty and 001100 United States Dollars) available by your draft(s) at sight at the undersigned <br />Bank effective immediately. <br /> <br />A draft drawn under this Letter of Credit must: <br /> <br />1. Be signed and dated by an authorized representative of the Beneficiary; <br /> <br />2. Bear on its face the clause "Drawn under Letter of Credit No. 3089537 dated <br />March 31, 2006; <br /> <br />3. Be presented for payment at 2230 Albert Street, Roseville, Milmesota, not later <br />than 5:00 P.M. Central Time on March 31, 2007, after which time this Letter of <br />Credit will be null and void; and <br /> <br />ROSEVILLE <br /> <br />~ <br /> <br />MINNEAPOLIS -$-, HASTINGS + <br />Page I of2 <br /> <br />WOODBURY <br />