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FORMAL REOUEST FOR ALTERNATIVE SECURITY ARRANGEMENTS <br /> <br /> Pursuant to Section 12.4 of that certain Master Development Agreement, dated <br />September 17~ 2003, as amended (the "Master Development Agreement"), between The City of <br />Ramsey (the '.!City") and Ramsey Town Center LLC ("RTC"), RTC hereby respectfully requests <br />that the City Council of the City accept the following alternative secur/ty arrangements with. <br />respect to the work required to complete the so-called "Plat Phase" (the "Plat Phase Work"), of <br />that portion of' the "Developer Public Improvements" described in Article 10 of the Master <br />Dcvelopment )~greement, in lieu of requiring a letter of credit: <br /> <br /> (a) Collateral assignment to the City of a Performance Bond and Payment Bond <br />(AIA Documcmt A312) to be issued by (surety corer>any) in the <br />fkmn of'the attached ExhibitA, in the amount of $ This amount represents <br />125"/0 of the total cost ($. ) of the Plat Phase Work, as estimated by the City <br />Engineer. <br /> <br /> (b) Evidence that RTC has construction financing sufficient to pay for the Plat <br />Phase Work~ ig the form of the attached letter from Community National Bank, labeled Exhibit <br />13, together w~lh the agreement of Community National Bank to deliver to the City copies of <br />cm~struction draws, lien waivers or other satisfactory evidence of payment of invoices as <br />construction proceeds. <br /> <br />RAMSEY TOWN CENTER LLC <br /> <br />By <br /> Its <br /> <br /> <br />