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BRIGGS AND MORGAN <br />PROFESSIONAL ASSOCIATION <br />August 11, 2006 <br />CERTIFIED MAIL — RETURN RECEIPT <br />REOUESTED <br />Ramsey Town Center LLC <br />4200 Central Avenue N.E. <br />Minneapolis, MN 55421 <br />Attention: President <br />2200 FIRST NATIONAL BANK BUILDING <br />332 MINNESOTA STREET <br />SAINT PAUL. MINNESOrA 55101 <br />TELEPHONE {651) 808-6600 <br />FACSIMILE I6511 808-6950 <br />WRITER'S DIRECT DEAL <br />(651) 808-6564 <br />WRITER'S E-MAIL <br />tbray a@briggs.com <br />CERTIFIED MAIL — RETURN RECEIPT <br />REQUESTED <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 by First Amendment to City of <br />Ramsey Master Development Agreement for Ramsey Town Center <br />dated February 28, 2005; Our Fife 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 Developer's defaults under Sections 11.1, 11.2, 12.3 and 12.4 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 />I934727v1 <br />2366502v2 <br />MINICEAPOLIS OFFICE • IDS CENTER • WWWBRICGS.CCM <br />MEMBER - LEX MONDI. A GLOBAL ASSOCIATION Or INDEPENDENT LAW FIRMS <br />A-2 <br />