EX-10.10






WELLS FARGO BANK, NOTE MODIFICATION AGREEMENT


NATIONAL ASSOCIATION WITH STINGRAY PROPERTIES, LLC



THIS NOTE MODIFICATION AGREEMENT (the “Modification Agreement”), effective July 1, 2006 (the
“Effective Date”), is between STINGRAY PROPERTIES, LLC (the “Borrower”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION (the “Bank”).




RECITALS



FIRST: Pursuant to that Construction — Term Loan Agreement effective September 16, 2005 (the “Loan
Agreement”), the Bank granted the Borrower a $4,000,000.00 construction — term loan (the “Loan”)
to finance the construction of improvements to the property legally described on Exhibit A
attached hereto (the “Property”).



SECOND: The Borrower’s obligation to repay the Loan is evidenced by that certain Construction Loan
Note dated of even date with the Loan Agreement and in the original principal amount of
$4,000,000.00 (the “Note”). Payment of the Note, in turn, is secured by that certain Third Party
Mortgage, Security Agreement, Fixture Financing Statement, and Assignment of Leases and Rents on
the Property from Sylvan Holdings, LLC, a Minnesota limited liability company (the “Mortgage”).
The Mortgage is dated of even date with the Note and is a lien on the Property. The Note is
guaranteed by the individual Guaranty of each of the Guarantors, as defined in the Agreement,
Sylvan Holdings, LLC, Crystal Blue Properties, LLC Ronald Berg, Gary Verkinnes, Dr. Jeffrey
Gerdes, Dr. Hector Ho, and Dr. Samir Elghor.



THIRD: The Borrower and the Bank desire to clarify certain terms of the Note. In addition, the
Borrower has requested that the due date of installments under the Note be adjusted from the
first day of each month to the fifteenth day.



NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and the Bank agree as follows:




1. Note Modification.



1.1 Interest. The section of the Note under the heading “INTEREST” is hereby modified as
follows:



(a) In subsection (a), the initial phrase, “Beginning from the date hereof through the
month in which the Phase II Completion Date (as defined in the Loan Agreement, which, in
turn, is defined below) occurs,” is hereby amended and restated in its entirety to read,
“Beginning from the date hereof’ (deleting the portion that reads “through the month in
which the Phase II Completion Date (as defined in the Loan Agreement, which, in turn, is
defined below) occurs”);



(b) In subsection (a), the phrase, “rounded upward if necessary to
the nearest whole 118th of 1 %” is hereby deleted in its entirety; and




(c) Subsection (b) is hereby deleted in its entirety.




1,2 Repayment Terms. The Section of the Note under the heading “REPAYMENT TERMS” is hereby
amended and restated in its entirety as follows:



“REPAYMENT TERMS: Principal and interest on this Construction Loan Note shall be due and
payable as follows:



(a) Beginning from the date hereof, and continuing on the fifteenth day
of every month thereafter through and including September 15, 2006, monthly
installments of accrued interest only;



(b) Beginning September 15, 2006, and continuing on the fifteenth day
of every month thereafter, monthly installments of accrued interest PLUS principal
in accordance with Schedule I attached hereto; and



(c) The entire outstanding principal balance and unpaid accrued interest shall be
due and payable in full on August 15, 2021 (the “Maturity Date”).”



1.3 Revised Schedule. “Schedule I” of the Note is hereby amended and restated in its entirety by
the “Revised Schedule I” attached to this Amendment.



2. Miscellaneous.




(a) Except as expressly modified by this Modification Agreement, all terms and
conditions of the Note and the Loan Agreement and Loan Documents, as defined in the Loan
Agreement, shall remain unchanged and in full force and effect.



(b) This Modification Agreement may be executed in multiple counterparts, each
of which shall be deemed an original.



IN WITNESS WHEREOF, the Bank and the Borrower have executed this Modification Agreement as of
the Effective Date.



WELLS FARGO BANK, NATIONAL ASSOCIATION



By: /s/ Todd Mack

Its: Vice President




STINGRAY PROPERTIES, LLC



By: /s/ Jeff Gerdes

Its: Chief Manager




ACKNOWLEDGMENT AND CONSENT




Each of the undersigned Guarantors acknowledges and consents to the foregoing Note Modification
Agreement, and agrees that his Guaranty remains in full force and effect and covers the Note, as
modified by the foregoing.



	 	 	 
	/s/ Jeffrey Gerdes

	Name:

	 	Jeffrey Gerdes






Dated: August 11, 2006



	 	 	 
	/s/ Ronald Berg

	Name:

	 	Ronald Berg






Dated: August 11, 2006



/s/ Dr. Hector Ho


Dr. Hector Ho


Dated: August 11, 2006



	 	 	 
	/s/ Gary Verkinnes

	Name:

	 	Gary Verkinnes






Dated: August 11, 2006



	 	 	 
	/s/ Samir Elghor

	Name:

	 	Samir Elghor






Dated: August 11, 2006



ADDITIONAL SIGATURE PATE TO NOTE MODIFICATION AGREEMENT DATED AS OF JULY 1, 2006 BETWEEEN WELLS
FARGO, NATIONAL ASSOCIATION AND STINGRAY PROPERTIES, LLC



SYLVAN HOLDINGS, LLC,


a Minnesota limited liability company



	 	 	 
	By: /s/ Jeffrey Gerdes

	Name:

	 	Jeffrey Gerdes






Title: Chief Manager


Dated: August 11, 2006



CRYSTAL BLUE PROPERTIES, LLC


a Minnesota limited liability company



	 	 	 
	By: /s/ Gary Verkinnes

	Name:

	 	Gary Verkinnes






Title: Partner


Dated: August 9, 2006