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CERTIFICATE OF COMPLETION AND RELEASE OF FORFEITURE The City Ramsey, a home rule city organized and existing under the constitution and laws of the State of Minnesota (the "City") and The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a public body politic and corporate under the laws of the State of Minnesota (the "HRA"), hereby acknowledge that F & C Ramsey, LLC, an Indiana limited liability company (the "Developer"), has substantially has completed the construction of the "Minimum Improvements" as defined in that certain Development Agreement by and between the HRA, the City of Ramsey and the Developer, dated as of 2010, and recorded in the office of the Anoka County Registrar of Titles on , 2011 as Document No. as the same may be amended from time to time (the "Development Agreement") and has fully satisfied Developer's obligations to commence and complete construction of the Minimum Improvements under Section 5.4 of the Development Agreement. The HRA further expressly acknowledges and agrees that Developer has satisfied the conditions subsequent of the Right of Reverter that is described in Section 4.3 of the Development Agreement and reserved in the Limited Warranty Deed from the HRA to the Developer dated April , 2011 and recorded in the office of the Anoka County Registrar of Titles on April , 2011 as Document No. and that said Right of Reverter has terminated and is of no further force or effect. STATE OF MINNESOTA ) ) ss COUNTY OF ANOKA ) The foregoing instrument was , 2011, by THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA By Its Chair By Its Secretary acknowledged before me this day of and , the Chair and the Secretary, respectively, of The Housing Ramsey, Minnesota, a public body politic the State of Minnesota . and Redevelopment Authority in and for the City of and corporate organized and existing under the laws of 2714114v2 10/21/10