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.IRST BANK First Bank National Association Minneapolis Office 601 Second Avenue South Minneapolis, Minnesota 55402-4302 612 973-0736/0710 International Banking Division. MPFP1007 Cable: FIRSTBANK, MPS TELEX: 192179 FBNA INTL MPS S.W.I.F.T.: FNBMUS44 Fax: 612 973-0838 FEBRUARY 12,1998 CITY OF ROSEVILLE 2660 CIVIC CENTER DRIVE ROSEVILLE, MINNESOTA 55113 WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. 76932 FOR THE ACCOUNT OF FRANCHISE ASSOCIATES, INC., 5354 PARKDALE DRIVE, SUITE 100, MINNEAPOLIS. MINNESOTA 55416 IN THE AMOUNT OF $28,000.00 (TWENTY EIGHT THOUSAND AND NO/100 US DOLLARS) AND AUTHORIZE YOU TO DRAW AT SIGHT ON FIRST BANK NATIONAL ASSOCIATION. MINNEAPOLIS OFFICE. DRAFTS ON US AT SIGHT MUST BE ACCOMPANIED BY A BENEFICIARY'S SIGNED STATEMENT (PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER OF CITY OF ROSEVILLE) AS FOLLOWS: "FRANCHISE ASSOCIATES, INC. HAS NOT MET THE SPECIFICATIONS REQUIRED BY THE CITY OF ROSEVILLE IN CONNECTION WITH LANDSCAPING IMPROVEMENTS." THE AMOUNTS OF ANY DRAFTS DRAWN UNDER THIS CREDIT ARE TO BE ENDORSED ON THE REVERSE SIDE HEREOF. SUCH DRAFTS MUST BEAR THE CLAUSE "DRAWN UNDER FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE CREDIT NUMBER 76932 DATED FEBRUARY 12,1998." WE HEREBY AGREE WITH DRAWERS THAT DRAFTS AS SPECIFIED ABOVE WILL BE DULY HONORED UPON PRESENTATION TO FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE, 601 SECOND AVENUE SOUTH, A TTN: STANDBY LETTERS OF CREDIT MPFP1007, MINNEAPOLIS, MINNESOTA 55402-4302, IF PRESENTED ON OR BEFORE MAY 1.2000. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, PUBLISHED BY THE INTERNATIONAL CHAMBER OF COMMERCE, OR ANY SUBSEQUENT REVISION THERETO. FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE 76932Bsz.DOC