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RELEASE OF LAND FROM RESTRICTIONS WHEREAS, Ramsey Town Center LLC, a Minnesota limited liability company, executed a warranty deed conveying certain property legally described as Outlots L, M, S, T, X, Y, Z and AA, RAMSEY TOWN CENTER, Anoka County, Minnesota to the City of Ramsey, a Minnesota municipal corporation (the "City ") dated on or about February 22, 2005, and filed for record on March 16, 2005 as Torrens Document No. 482124.004 and Abstract Document No. 1973 660.003, in the Office of the Registrar of Titles of Anoka County, Minnesota (the "Warranty Deed "). Exhibit B of the Warranty Deed sets forth certain Permitted Encumbrances and creates a Restriction on the use of "the City Hall and Parking Ramp Sites." The Restriction states that it shall run with the land and is for the benefit of the owners of the property in the Core Area, which is legally described on Exhibit B -1 to the Warranty Deed. WHEREAS, the City and the Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a body politic and corporate under the laws of the State of Minnesota (the "HRA ") are now the owners of all of the property in the Core Area. WHEREAS, the second paragraph of Section 8 on Exhibit B to the Warranty Deed states that the restrictions set forth on Exhibit B may be amended or released with the written consent of the owners of a majority of the tax parcels within the Core Area. WHEREAS, the City and the HRA, as the owners of all of the tax parcels within the Core Area, as set forth on Exhibit A, desire to release and terminate the restrictions set forth on Exhibit B of the Warranty Deed. NOW THEREFORE, pursuant to the authority set forth in Paragraph 8 on Exhibit B of the Warranty Deed, the City and the HRA, as the Owners of all of the tax parcels located wholly or partially within the "Core Area" as defined on Exhibit B -1 of the Warranty Deed, completely and fully release the restrictions set forth in Paragraph 8 on Exhibit B of the Warranty Deed. 3523543v2