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THOMAS L. OWENS ATTORNEY AT LAW ONE FINANCIAL PLAZA, SUITE 2500 1 20 SOUTH SIXTH STREET MINNEAPOLIS, MINNESOTA 55402 City of Orono P.O. Box 66 Crystal Bay, MN 55323 ATT: Mike Gaffron Dear Mr. Gaffron: TEL (61 2) 349-5280 FAX (61 2) 349-5230 December 21, 1997 I have examined title to the premises located in the County of Hennepin, State of Minnesota, and legally described on Exhibit A attached hereto. My examination was based upon an Abstract of Title containing Entry Nos. 1 through 99 and last certified by Title Insurance Company of Minnesota as of February 27, 1989, and was supplemented by my review of pertinent records in the office of the Hennepin County Recorder. From such examination, I have determined that fee ·title of record is vested in VCI Ca.pi tal, Inc., a Minnesota corporation. SUBJECT TO THE FOLLOWING: 1. Easements for private driveways de'scribed in Document Nos. 3135397, 3204981 and 5736296. 2. Covenants in favor of the City of Orono filed January 25, 1990, as Document No. 5620610. 3. Real estate taxes due and payable in the year 1998, the amount of which is not yet known. The total amount of taxes for 1997 was $12,914.02. The premises are assessed in the name of VCI Capital, Inc., as non-homestead; Property Identlfication Nos. 06-117-23-11-0003 and 06-117-23-12-0003. 4. Special assessments, whether the same have been levied or not, on account of any special improvements heretofore made to the premises. There are no special assessments included in this year's taxes. 5. Mechanic's lien rights that may exist for work performed or materials furnished. 6. Local zoning or building ordinances or regulations, if any, or platting or subdivision ordinances or regulations, if any. 7. Public easements. 8. Defects or encroachments upon the boundary lines which might