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• EXHIBIT L <br />MT Permitted Encumbrances and Objections <br />Permitted Encumbrances: <br />• Building and zoning laws, ordinances, state and federal regulations; <br />• Reservation of minerals or mineral rights to the State of Minnesota; <br />• Repurchase Agreement between City of New Brighton and MT Properties, Inc. as set <br />forth at Exhibit M attached hereto <br />• Exceptions as noted at Schedule B — Section II, paragraphs 11, 12, 18(1) and 18(3) of <br />Commitment No. 307654 3rd Supplemental, dated April 15, 2008 at 7:00 a.m. and issued <br />by Land Title, Inc. on behalf of Stewart Title Guaranty Company <br />Objections: <br />• Fulfill requirements as noted at Schedule B — Section I of Commitment No. 307654 3 d <br />Supplemental, dated April 15, 2008 at 7:00 a.m. and issued by Land Title Inc. on behalf <br />of Stewart Title Guaranty Company <br />• Exceptions as noted at Schedule B — Section 11, paragraphs 1 through 10, 13, 14, 16, <br />17and 18(2) of Commitment No. 307654 3`d Supplemental, dated April 15, 2008 at 7:00 <br />a.m. and issued by Land Title, Inc. on behalf of Stewart Title Guaranty Company <br />J-5 <br />