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EXHIBIT P
<br />ENCUMBRANCES ON THE UNSOLD SUBJECT PROPERTY
<br />1. Mortgage by Ramsey Town Center, LLC to Community National Bank dated
<br />September 18, 2003, and recorded September 24, 2003, as document number
<br />446331 (Torrens) and 1854362 (Abstract) in the amount of $35,000,000.00.
<br />2. Mortgage by Ramsey Town Center, LLC to Community National Bank dated
<br />October 3, 2003, recorded October 17, 2003, as document number 449055
<br />(Torrens) and 1863874 (Abstract) in the amount of $2,785,000.00.
<br />3. Mortgage by Ramsey Town Center, LLC to William G. Sandison, Jerome B.
<br />Peterson and Ross W. Sandison dated October 3, 2003, recorded October 17, F
<br />2003, as document number 449056 (Torrens) and 1863875 (Abstract) in the
<br />amount of $990,000.00.
<br />4. Mortgage by Ramsey Town Center, LLC to Pentagon Credit, LLC, dated
<br />September 2, 2004, and recorded September 22, 2004, as document number
<br />476991 (Torrens) and 1863875 (Abstract) in the amount of $6,000,000,000.
<br />5. Terms and conditions of Ordinance number 86-11 establishing a Storm Sewer
<br />Improvement Tax District recorded October 28, 1987, as document number
<br />784944.
<br />6. Easements for Roadway and Utility Purposes and Temporary Construction set out
<br />in Quit Claim Deed dated July 27, 2001 and recorded August 23, 2001 as
<br />document number 1597261.
<br />7. Master Development Agreement with the City of Ramsey recorded September 24,
<br />2003 as document numbers 1854364 (Abstract) 446333 (Torrens).
<br />8. Terms and conditions of Restriction not to construct a banking institution
<br />recorded September 26, 2003, as document number 1855389 (Abstract) 446644
<br />(Torrens).
<br />9. UCC Financing Statement between Ramsey Town Center, LLC and Community
<br />National Bank filed January 13, 2004, as document number 1889431 (Abstract).
<br />10. Streets, easements and restrictions as shown on the plat of Ramsey Town Center
<br />Addition and restrictions to access to County Roads and streets as shown thereon.
<br />11. Purchase and sale agreement by and between Ramsey Town Center, LLC and
<br />Ramdance, LLC for the purchase and sale of Outlots H,I, L and M, Ramsey Town
<br />Center Addition dated March 18, 2004' and recorded July 9, 2004, as document
<br />number 471387 (Torrens).
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