I am using the Mono Tools from mono-tools.org and when I try to run my ASP MVC3 project in mono using the mono menu, I get the following error:

Is there a way to set to compile using the .net 4 compiler? I have set targetFramework in the project file to v4.0.
I have also tried setting the command line argument on the mono-tools advanced page to be --with-profile4=yes which still results in the same error.
Output from mono --version
Mono JIT compiler version 2.10.2 (tarball) 
Copyright (C) 2002-2011 Novell, Inc and Contributors. www.mono-project.com
    TLS:           normal
    SIGSEGV:       normal
    Notification:  Thread + polling
    Architecture:  x86
    Disabled:      none
    Misc:          softdebug
    LLVM:          supported, not enabled.
    GC:            Included Boehm (with typed GC and Parallel Mark)