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04/03/2006 10:39 IFAX DFAX@KRASSMONROE.COM <br />04/03/06 MON 11:34 FAX 6516339221 ROSEVILLE PROPERTIES <br />NORTH AMaxzcn.�v ��zvz���rc Co�zz�n�rY <br />� DFax <br />IRREVOCABLE LETTER OF CREDIT NO. 3Q89S37 <br />DATE: March 31, 20a6 <br />Senef ciary: <br />City of Roseville <br />266� Civic C�nter Drir�e <br />Roseville, MN 55113-1$99 <br />At�n: Finance Director <br />By order of: <br />Roseville Acquisitions, LLC <br />2575 Fairview Ave N, Suite 250 <br />Raseville, MN 55113 <br />Atkn: Scott Clover <br />l� oozioo3 <br />l7j 002 <br />Re: Contract for Private Redevelopment by and hetween tlae City of Roseville, <br />Minnesota and Roseville Twin Lakes, LLC dated as of Se�tember 9, 2005 <br />Ladie�/Gentletnen: <br />We hereby issue in your favor this Irrevocable Letter of Crec�it �ar the accaunt of Roseville <br />Acquisitions, LLC, a Minnesota liarraited liability coznpany, for an amount or amounts not to <br />exceec� in the aggregate LTS$827,550.00 (Eight Hundred Twenty Seven Thou�and Six Hundred <br />�'ifty and 401100 United States Dollars) available by yaur draft(s) at sight at the undersigned <br />Banlc effective immediately. <br />A draft drawn under this Letter of Credit must: <br />1 <br />2. <br />Be signed and dated by ar� authorized representativ� of the Beneficiaz�y; <br />Bear on zts face the clause "Drawn under Letter of Credit No. 3089537 t�a�ed <br />March 31, 2Q06; <br />3. Be presented for payment at 2230 Alhert Street, Roseville, Mznnesota, not later <br />than 5:00 P.M. Central Time on March 31, 2Q07, a.fter which time this Lettez' of <br />Cr�dit will be nu�l a�d void; and <br />li 4 S E V i I- 1.. .F, � �� L N N L' A P O L 1 S ��' � A 5 T I ri7 G 5 � W O O D R ll� R Y <br />Page 1 of 2 <br />VG ��� W.:iAI3AN 1.CCO. CC7M <br />