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NOTICE OF FORECLOSURE SALE

Thursday, May 21, 2009 - 7:44am

NOTICE OF FORECLOSURE SALE PURSUANT TO

VOLUNTARY MORTGAGE FORECLOSURE AGREEMENT

Date: May 19, 2009

YOU ARE NOTIFIED THAT:

1. Default has occurred in the conditions of the Mortgage dated October 18, 2002, executed by Edina Development Corporation, a Minnesota limited liability company, as Mortgagor, to Lakeland Construction Finance, LLC, a limited liability company, as Mortgagee, and filed for record October 22, 2002, as Document No. 474493 in the Office of the Recorder of Goodhue County, Minnesota. Edina Development Corporation, a Minnesota corporation, is the Mortgagor as that term is defined by Minn. Stat. §582.32, Subd. 2 (g) The land described in the Mortgage is not registered land.

2. The original principal amount secured by the Mortgage was: Three Million, Three Hundred Fifty Thousand and no/l00ths Dollars ($3,350,000.00).

3. No action or proceeding at law is now pending to recover the debt secured by the Mortgage, or any part thereof.

4. The holder of the Mortgage has complied with all conditions precedent to acceleration of the debt secured by the Mortgage and foreclosure of the Mortgage, and all notice and other requirements of applicable statutes.

5. At the date of this notice, the amount due on Mortgage, and taxes, if any, paid by the holder of the Mortgage is: One Hundred Fourteen Thousand, Eight Hundred Seventy-Four and 50/100ths Dollars ($114,874.50).

6. This mortgage foreclosure is being conducted in accordance with the terms and conditions of a Voluntary Mortgage Foreclosure Agreement dated March 12, 2009.

7. Pursuant to the power of sale in the Mortgage, the Mortgage will be foreclosed, and the land legally described as:

Lot 8, Block 1, Sandstone Ridge Second Addition, Goodhue County, Minnesota

will be sold by the County Sheriff of Goodhue County, Minnesota, at public auction on July 22, 2009, at 10:00 a.m. at the Sheriffs office, Goodhue County Sheriffs Department, 430 West Sixth Street, Red Wing, MN.

8. The time allowed by law for redemption by Mortgagor or Mortgagor's personal representatives or assigns is two (2) months after the date of sale. Each holder of a junior lien may redeem in the order and manner provided in Minnesota Statutes §582.32, Subd. 5(d), beginning after the expiration of the mortgagor's redemption period.

The following information is provided pursuant to Minnesota Statutes Section 580.025:

(1) Street Address of Property: Not assigned, Cannon Falls, MN

(2) Name of Transaction Agent, Residential Mortgage Servicer, Lender &/or Broker: N/A

(3) Tax Parcel Identification Number of the Property: 52-456-0080

(4) Transaction Agent's Mortgage Identification Number, if known: N/A

(5) Name of Mortgage Originator, if stated on mortgage: N/A

THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES, SECTION 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.

Lakeland Construction Finance, LLC HELLMUTH & JOHNSON, PLLC

Dated: May 19,2009 By:

Joel A. Hilgendorf, I.D. # 315953

Attorneys for Mortgagee

10400 Viking Drive, Suite 500

Eden Prairie, MN 55344

(952)941-4005

File No.: 04380.0254

(May 21, 28, June 4, 11)


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