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embank. FimSar&r%imG=*nucd t,�+ U.S. Bank National Association 800 Nicollet Mall Minneapolis, Minnesota 55402 866-359-2503 x 5854 612-303-7395 August 14, 2007 City of Orono ("City"} Orono City Hall 2750 Kelley Parkway P.O. Box 66 Crystal Bay, Minnesota 55323 International Banking Division, BC-MN-H2OG TELEX: 192179 USB INTL MPS S.W.I.F.T.: USBKUS44 ! Fax: 612 303-5226 We hereby issue, for the account of Bruce G. Paddock, 3940 Quebec Avenue North, Minneapolis, Minnesota 55427 and in your favor, our Irrevocable Letter of Credit Number SLCMMSP004747 in the amount Two Hundred Forty Eight, Eight Hundred Seventy Three no1100 U.S. Dollars ($248,873.00), available to you by your draft drawn on sight on the undersigned bank. The draft must: a) Bear the clause, "Drawn under Letter of Credit No: SLCMMSP04747 dated August 14, 2007 of U.S. Bank National Association"; b) Be accompanied by a Beneficiary's signed statement, purportedly signed by the Mayor or City Manager of the City of Orono stating: "Bruce G. Paddock is iti default of the Development Contract with the City of Orono and that five (5) business prior written notice has been given by the City to the developer with respect to the existence of such default, and such default has not been cured." c) Be presented for payment at U.S. Bank National Association, Attn: Standby Letters of Credit BC-MN4M H2OG, 800 Nicollet Mall, Minneapolis, Minnesota 55402 on oI before 4:00 p.m. on August 8, 2008. This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) days prior to the next annual renewal date, the can delivers written notice to the Orono City Administrator that it intends to modify the terms of, or cancel, this Letter of Credit: Written notice is effective if sent by courier at least forty-five (45) days prior to the next annual renewal date addressed as follows: Orono City Administrator, Orono City Hall, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323. This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein. This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. I This Letter of Credit shall be governed by the laws of the State of Minnesota and by the most recent revision of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600. t t We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored upon presentation. U.S. Bank National Association Authorized Signature