10-25-01 6. DEVELOPMENT AGREEMENT

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EXHIBIT F INVESTOR LETTER Orono Housing and Redevelopment Authority Orono, Minnesota City of Orono, Minnesota Orono, Minnesota Re: Orono Housing and Redevelopment Authority Tax Increment Revenue Note Ladies and Gentlemen: The undersigned representative of (the "Purchaser"), being the purchaser of the Orono Housing and Redevelopment Authority Tax Increment Revenue Note of 2001, dated as of November , 2001 (the "Note"), does hereby certify, represent and warrant for the benefit of the addressees that: (a) The Purchaser is either a bank, savings and loan association, registered investment company, insurance company or other "Accredited Investor" as defined in Rule 501(a) of Regulation D of the Securities Act of 1933, as amended. Purchaser(i) is duly and validly organized under the laws of its jurisdiction of incorporation or organization, (ii) is legally authorized to purchase the Note as lawful investment of the Purchaser, (iii) has such knowledge and experience in business and financial matters as to be capable of evaluating the merits and risks of an investment in the Note on the basis of the information and review of documents described in section(d)below and the investigation which the Purchaser has conducted and(iv) can bear the economic risk of the purchase of the Note. (b) The Purchaser has purchased the Note for its own account for investment purposes only or has become the registered owner thereof for security purposes and not for the account of any other person and not for distribution, assignment or resale; provided, however, the Purchaser may dispose of the Note or any portion thereof or interest therein in compliance with paragraph 10 of the Note and provided further that a sale of shares in any investment company that purchases the Note will not, in and of itself, constitute a distribution of the Note for the purposes of this section(b). F-1