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WELLS FARGO International Trade Services 525 Market Street,25th Floor San Francisco,CA 94105 WELLS FARGO BANK, N.A. TRADE SERVICES DIVISION,NORTHERN CALIFORNIA 525 MARKET STREET,25TH FLOOR SAN FRANCISCO,CALIFORNIA 94105 Contact Phone: 1-800-798-2815(Option No. 1) IRREVOCABLE LETTER OF CREDIT City of Orono Letter of Credit No.NZS439594 2750 Kelly Parkway Date: May 7,2001 Orono,MN 55356 Attention:Michael Gaffron Ladies and Gentlemen: At the request and for the account of Frana and Sons,Inc.,633 Second Avenue So.,Hopkins MN 55343,we hereby establish our Irrevocable Letter of Credit in your favor in the amount of Three Hundred Thirty One Thousand Two Hundred Eight and 00/100's United States Dollars(US$331,208.00)available with us at our above office by payment of your draft(s)drawn on us at sight accompanied by your signed and dated statement worded as follows: "Frana and Sons,Inc.has failed to make certain payments required to be made for improvements or complete the improvements to the satisfaction of the City of Orono ("City"),pursuant to the Developer's Agreement dated November 30,2001 concerning - Orono Wood Senior Housing between the City and Frana and Sons,Inc." Each draft must also be accompanied by the original of this Letter of Credit for our endorsement on this Letter of Credit of our payment of such draft. Partial and multiple drawings are permitted under this Letter of Credit. Each draft must be marked"Drawn under Wells Fargo Bank,N.A.Letter of Credit No. NZS439594." If any instructions accompanying a drawing under this Letter of Credit request that payment is to be made by transfer to an account with us or at another bank,we and/or such other bank may rely on an account number specified in such instructions even if the number identifies a person or entity different from the intended payee. This Letter of Credit expires at our above office on November 15,2002,but shall be automatically extended,without written amendment,to May 1,2003 unless on or before September 15,2002,we have sent written notice to you at your address above by registered mail or express courier that we elect not to renew this Letter of Credit beyond November 15,2002. This Letter of Credit is subject to the Uniform Customs and Practice For Documentary Credits (1993 Revision),International Chamber of Commerce Publication No.500,and engages us in accordance therewith. Very truly yours WELLS FARGO BANK,N.A EBY: ki,„( AUTHORIZED :IGN )