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04/03/2006 10:39 IFAX DFAX@KRASSMONROE.COM <br />04/03/06 MON 11:34 FAX 6516339221 <br />Letter of Credit No. 3089537 <br />ROSEVILLE PROPERTIES <br />� DFax <br />C� 003/003 <br />l7j 003 <br />Date: March 3I, 20Q6 <br />4. Be accorrxpar�ied by a certificate signed by an authorized representative of the <br />Beneficiary stating: <br />Roseville Twin Lakes, LLC has defaulted on its ahligations under <br />Article rIT of that certain Contract for Private Rede�elopment by <br />and between the Ciiy of Roseville, Minnesata and Raseville Twin <br />Lalees, LLC dat�d as of September 9, 2005. <br />Partial drawings are allor�ed. <br />It is a condition of this Letter of Credit that it shall be automatically renewed withou� amendment <br />far an additional periad of one (1) year from the expiration date hereaf ar any future expiration <br />date unless at least thirty (30) days prior tQ sucla expiration date we notify you by registered mail, <br />return receipt requested or hand deli�rered caurier, tha# we elect not to renew this Letter of Credit <br />for any such additional period. In that event the Beneficiary is au�horized ta dravv down all or <br />any part of this Letter of Credit. <br />This Letter of Credit shall be subject to the Uniform C�stoms and Practice for Dc�cumentary <br />Credits as most recentiy published by the International Chamber of Commerce ("Unifarm <br />Customs"). To the extent that it is nofi inconsisteni with said Unifarm Cus�oms, this Le#�er of <br />Credii shall be construed and interpreted in accordance with the laws of the State of Minnesota, <br />including the Unifarzn Cornmercia.� Code in effect in said State. <br />We hereby agree that drafts under ar�d in campliance with the terms of this Let�er o� Cradit rx�ill <br />be duly honored upon presentation. We are not to be cailed upon ta resolve issues of law or fact <br />between you and Roseville Twin Lakes, LLC. <br />This Letter of Credit s�ts forth in full the terms af our wndertaking, and such undertaking shall <br />nat in any way be modified or amplif'ied by reference to any document, instrufnent or agreement <br />referred to herein ar in which this Letter of Credit relates, and any such xeference shall not b� <br />de�med to incorporata herein by reference any document, instrum�ent or agreem�nt. <br />Y Y <br />G:1WP�ATAIRIROSEVILLE 99871201DOC1LETTER OF CR�DIT V4.D�C <br />Yage 2 of �, <br />