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FORMAL' REOUEST FOR RELEASE OF CERTAIN ESCROWED MONIES <br /> <br /> Pu?suant to Section 9.7 of that certain Master Development Agreement, dated <br />Scptcmbcr 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 P.,arking 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 and!the City, as follows: (i) $132,000 from the closing with respect to Lot 1, Block 1, <br />P, amscy Towfi 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 respe¢}fully requests that the City Council of the City authorize the'Title Company to <br />relcase to RTe such $696,000.00, provided RTC agrees to pay into escrow with the Title <br />Company, pursuant to an escrow agreement or agreements among RTC, the City and the Title <br />Company, all tsale$ proceeds arising from the sale by RTC of commercial tots within Ramsey <br />Town ('enter ~r~ excess of $5.50 per square foot, until RTC has replenished the sum of <br />$696,000,00. iRTC 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 Mottles. <br /> <br />RAMSEY TOWN CENTER LLC <br /> <br />By <br /> Its <br /> <br /> <br />