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<br />Letter of Credit No. 3089537 <br /> <br />Date: March 31, 2006 <br /> <br />4. Be accompanied by a certificate signed by an authorized representative of the <br />Beneficiary stating: <br /> <br />Roseville Twin Lakes, LLC has defaulted on its obligations under <br />Article 1lI of that certain Contract for Private Redevelopment by <br />and between the City of Roseville, Minnesota and Roseville Twin <br />Lakes, LLC dated as of September 9,2005. <br /> <br />Partial drawings are allowed. <br /> <br />1t is a condition of this Letter of Credit that it shall be automatically renewed without amendment <br />for an additional period of one (1) year from the expiration date hereof or any future expiration <br />date unless at least thiliy (30) days prior to such expiration date we notify you by registered mail, <br />return receipt requested or hand delivered courier, that we elect not to renew this Letter of Credit <br />for any such additional period. In that event the Beneficiary is authorized to draw down all or <br />any pari of this Letter of Credit. <br /> <br />This Letter of Credit shall be subject to the Unifonn Customs and Practice for Documentary <br />Credits as most recently published by the International Chamber of Commerce ("UnifOlID <br />Customs"). To the extent that it is not inconsistent with said Uniform Customs, this Letter of <br />Credit shall be construed and interpreted in accordance with the laws of the State of Minnesota, <br />including the Uniform Commercial Code in effect in said State. <br /> <br />We hereby agree that drafts under and in compliar1ce with the telIDS of this Letter of Credit will <br />be duly honored upon presentation. Weare not to be called upon to resolve issues oflaw or fact <br />between you al1d Roseville Twin Lakes, LLC. <br /> <br />This Letter of Credit sets forth in full the telIDS of our undertaking, and such undertaking shall <br />not in al1Y way be modified or amplified by reference to any docw11ent, instrument or agreement <br />refened to herein or in which this Letter of Credit relates, and al1Y such reference shall not be <br />deemed to incorporate herein by reference any document, instrument or agreement. <br /> <br /> <br />G:\WPDATA\R\ROSEVILLE 9987\20\DOC\LETTER OF CREDIT V1.00C <br /> <br />Page 2 of2 <br />