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EXHIBIT E <br />Guaranty <br />To induce the Economic Development Authority of the City of Little Canada, Minnesota <br />(the "EDA "), to convey the Development Property (as defined in the Development Agreement) <br />to The Village at Little Canada LLC (the "Developer ") as provided in that certain Development <br />Agreement between the EDA and the Developer, dated , 20 (the <br />"Development Agreement ") and perform the EDA's other obligations under the Development <br />Agreement, the undersigned hereby unconditionally guarantees payment of all sums payable by <br />the Developer to the EDA in accordance with the terms of Section 8.2 of the Development <br />Agreement. <br />No notice of any renewal, compromise or extension of the Development Agreement or of <br />any modification in the terms of the same need to be given to the undersigned, who hereby <br />consents to each of such acts. The undersigned hereby expressly waives presentment, demand, <br />notice of nonpayment, protest and notice of protest on any obligation and also acceptance of this <br />guaranty. <br />The undersigned agrees that possession of this instrument of guaranty by the EDA shall <br />be conclusive evidence of due delivery hereof by the undersigned. <br />This guaranty shall be construed according to the laws of the State of Minnesota, in <br />which state it shall be performed by the undersigned. <br />Dated as of the day of , 20 . <br />E -I <br />George E. Sherman <br />