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2200 FIRST NATIONAL BANK BUILDING <br />332 MINNESOTA STREET <br />SAINT PAUL, MINNESOTA, 55101 <br />BRIGGS nLVn MORGAN TELEPHONE '(651) 80 &6600 <br />MCSIMILE (651) 808 -6450 <br />PROFESSIONAL ASSOCIATION WRITER'S DIRECT DIAL, <br />(651)'808 -6564 <br />WRITER'S E -MAIL <br />tbray @brigp.com <br />August 11, 2006 <br />CERTIFIED MAIL — RETURN RECEIPT <br />REQUESTED <br />CERTIFIED MAIL — .RETURNREC <br />Elf <br />T <br />RROVESTED <br />Ramsey Town Center LLC <br />4200 Central Avenue N.E. <br />Minneapolis, MN 55421 <br />Attention: President <br />Community National Bank <br />5481 St. Croix Trail <br />North Branch, MN 55056 -5200 <br />Subject:- City of Ramsey Development Agreement for.Ramsey Town Center by <br />and between City of Ramsey and Ramsey Town Center LLC dated <br />September 17, 2003 as amended byFirstAmendment to City of <br />Ramsey Master Development Agreement for Ramsey Town Center <br />dated February 28, 2005, Our File No. 12952.19 <br />Capitalized terms used in this letter and not otherwise defined herein have the meanings. <br />set forth in the City of Ramsey Master Development Agreement for Ramsey Town Center by <br />and between City of Ramsey and Ramsey Town Center LLC dated September 17, 2003 (the <br />"Original Master Development Agreement" as amended by the First Amendment to Master <br />Development Agreement by and between the City of Ramsey, Ramsey Town Center LLC, <br />Ramdance LLC;and PSD, LLC dated February 28 2005 (the "First Amendment"). The Original <br />Master Development Agreement and the First Amendment are referred to herein, collectively; as <br />the "Master Development Agreement." <br />This letter is delivered pursuant to Section 15.1 of the Master Development Agreement <br />and constitutes the City's Formal Notice to the Developer and to Community National Bank that <br />the Developer is in default in the performance of the Developer's obligations under Section 11. 1, <br />11.2,12.3 and '12.4 of the Master Development Agreement. <br />This notice of the D'eveloper's defaults under Sections 11.1, 11.2, 12.3 and 12A of the <br />Master Development Agreement is not intended to imply that Developer is not in default in the <br />performance of any of the Developer's other obligations of the Master Development Agreement <br />or as a waiver of such other defaults if they exist. The City is in the process of reviewing >the <br />Master Development Agreement to determine the status of the Developer's performance of the <br />Developer's obligations and observance of the restrictions set forth in other Sections of the <br />1934727x1 MINNEAPOLIS OFFICE ■ IDS CENTER. WWW. <br />MEMBER — LEX MUNDI. A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS: <br />2366502v2 A -2 <br />