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FO,.~.MAL REQUEST FOR RELEASE OF CERTAIN ESCROWED MONIES <br /> <br /> Pui'suant to Section 9.7 of that certain Master Development A~eement, dated <br />September 17, 2003, as amended (the "Master Development A~eement"), between The City of <br />Ramsey (the "City") and Ramsey Town Center LLC ("RTC"), RTC has placed into escrow the <br />sum of'$696,000.00 (the "Escrowed Monies") with Powerhouse Title, LLC (the "Title <br />Company"). The Escrowed Monies relate solely to pending special assessments with respect to <br />the "Phase I Parking Ramp," as defined in the Master Development Agreement. The Escrowed <br />Monies were placed into escrow pursuant to two escrow agreements executed by RTC, the Title <br />Company andthe City, as follows: (i) $132,000 from the closing with respect to Lot 1, Block 1, <br />Ramsey Town Center Addition, Ramsey County, Minnesota, and (ii) $564,000 from the closing <br />with respect to Outlot BB, Ramsey Town Center Addition, Ramsey County, Minnesota. RTC <br />hereby respectfully requests that the City Council of the City authorize the Title Company to <br />release to RTC such $696,000.00, provided RTC a~ees to pay into escrow with the Title <br />Company, pursuant to an escrow agreement or agreements among RTC, the City and the Title <br />Company, all sales proceeds arising from the sale by RTC of commercial lots within Ramsey <br />Town Center in excess of $5.50 per square foot, until RTC has replenished the sum of <br />$696,000.00. RTC further requests that the two lots described above be released from any <br />pending special assessments for such Phase I Parking Ramp, to the extent related to the <br />Escrowed Monies. <br /> <br />RAMSEY TOWN CENTER LLC <br /> <br />By <br /> Its <br /> <br /> <br />