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to the Restaurant Developer funds for the construction of and equipping of a 4,330 <br />square foot Culver's Restaurant to be located on Parcel 3. <br />WHEREAS, the Bank will not advance funds to the Restaurant Developer unless <br />the EDA agrees to the terms and conditions of this Agreement. <br />NOW, THEREFORE, in consideration of the foregoing recitals and for other good <br />and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereto hereby agree as follows: <br />1. Recitals. The above recitals are hereby incorporated by reference and <br />made a part of this Agreement. <br />2. Definitions. Defined terms not otherwise defined in this Agreement shall <br />have the meanings set forth in the Development Agreement. <br />3. Notices. The EDA shall give the Bank notice (the "Notice") of any default <br />by the Restaurant Developer under its obligations as provided for in that portion of the <br />Development Agreement assigned by the Developer to the Restaurant Developer. The <br />Notice from the EDA to the Bank shall be in writing and shall be delivered, or mailed by <br />registered or certified mail, return receipt requested, or by a nationally recognized <br />overnight courier, postage prepaid and addressed as follows: <br />North Star Bank <br />Attn: Commercial Loan Department <br />1820 Lexington Avenue North <br />Roseville, Minnesota 55113 <br />Such Notice from the EDA shall set forth in specific terms the nature of the default by <br />the Restaurant Developer under the portion of the Development Agreement assigned to <br />it and the specific requirements for such default to be cured or remedied. <br />4. Opportunity to Cure. For a period of 180 days after receipt of the Notice <br />by the Bank, as provided for in the preceding paragraph, the Bank shall have the <br />opportunity to cure such default in accordance with the requirements contained in the <br />Notice. During such cure period, the EDA shall not exercise any of its rights or <br />remedies to re-enter Parcel 3 under Section 6.5 of the Development Agreement. <br />5. EDA Requirements. The EDA confirms that the following are the <br />requirements as to the construction of the Culver's Restaurant by the Restaurant <br />Developer on Parcel 3: <br />a. The facility to be constructed shall be not less than 4,000 square <br />feet; and <br />b. Such facility shall be substantially completed by June 30, 2010. <br />842156.1 2 <br />