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RELEASE OF OPTION <br />RECITALS <br />A. Ramsey Town Center LLC, a Minnesota limited liability company ("RTC") and the City of <br />Ramsey, a municipal corporation organized and existing under the laws of the State of Minnesota ("City") <br />entered into an Option Agreement dated February 28, 2005 and recorded in the office of the Anoka County <br />Recorder and the Anoka County Registrar of Titles on January 18, 2006 as Document No. 1981372.001 <br />(Abstract) and Document No. 486116.001 (Torrens) (the "Option Agreement"). <br />B. Pursuant to the Option Agreement, RTC granted City an option to purchase the real property <br />located in the City of Ramsey, County of Anoka, State of Minnesota and described on the attached Exhibit A <br />(the "Property"). <br />C. On or about February 8, 2006, RTC and Minnwest Bank Central, a bank corporation organized <br />and existing under the laws of the State of Minnesota ("Minnwest"), entered into an Acknowledgment of Option <br />Agreement wherein Minnwest acknowledged that its interests in the Property, as mortgagee, were subject to the <br />City's rights under the Option Agreement (the "Acknowledgement"). The Acknowledgement was recorded in <br />the office of the Anoka County Recorder and the Anoka County Registrar of Titles on February 16, 2006 as <br />Document No. 1982185.001 (Abstract) and as Document No. 486509.001 (Torrens). <br />D. City desires to execute this Release to document in the public records of Anoka County, <br />Minnesota that City releases any and all rights it has or had under the Option Agreement. <br />RELEASE <br />NOW THEREFORE, City hereby releases any and all right, title, and interest it has or may have in the <br />Property pursuant to the Option Agreement. <br />3511905v4 <br />