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Deposit Agreement <br />ERMU acknowledges receipt of the following deposits submitted by RSR on December <br />2, 2009 for the House Accounts: <br />Account No. 16911 $3,000 <br />Account No. 16268 $3,000 <br />Account No. 16269 $1,000 <br />In addition, RSR will submit the following additional deposits: <br />Account No. 16762 $150 <br />Account No. 16764 $150 <br />Pursuant to ERMU policy and Minnesota Statutes, these deposits will be held by ERMU <br />subject to the following: <br />o Interest will be paid on the deposits at the rate provided by Minnesota Statutes; <br />o Interest will be paid annually, by direct payment or as a credit on the bill for the <br />respective account; <br />o If full payment on any account becomes 30 days past due, ERMU reserves the <br />right to apply the deposit towards the past due amount and to provide the account <br />holder with 30 days written notice that electrical service will be discontinued if <br />the past due amounts are not paid in full, and the full amount of the deposit <br />restored, within those 30 days; <br />o The deposits will be returned to RSR, together with any interest due and less any <br />deductions as provided below, within 45 days of the date that service to the <br />account is terminated or transferred to another party; <br />o Payment of all amounts due for electrical service provided up to the date that <br />service is terminated or transferred will be required prior to return of the deposits <br />and, if full payment is not provided, any and all amounts due for electrical service <br />provided up to the date of termination or transfer will be deducted from the <br />deposit to be returned. <br />ELK RIVER MUNICIPAL UTILITIES <br />~.. ..--ti--~ <br />r^ <br />by: John Dietz, ha' by: Tro Adams, Director of Operations <br />ROCK SOLID REALTY MINNESOTA, LLC, dba ROCK SOLID MANAGEMENT <br />~, <br />by: Ron Touchett ~~--~` ~j~ ~7~~ <br />GP:2695862 v2 <br />