2001-03-05 LOC 423~ ~~
CENTURY , BANK
March 5,2001
Letter of Credit No. 423
City of Albertville
C/O City Clerk
F.O. Box 9
Albertville, MN 55301
Ladies and Gentlemen:
We hereby establish this as our Letter of Credit-'in your favor for the account of
Albertville Plaza, LLC, a Minnesota limited .liability company ("Borrower"), in the amount of
Ten Thousand and no/100 ($10,000.00) Dollars in the aggregate available to you by one (1) draft
at` sight on the undersigned Bank..
A draft drawn under this Letter of Credit must:
l . Be signed by an authorized officer of the addressee hereof;
2. Bear on-its face the clause "Drawn under Letter of Credit No. 423,
dated March 5; 2001 „;
3. Be presented for payment at Century Bank National Association, 3500 .129th
Avenue NW, Coon Rapids, Minnesota 55448, no later than 2:00 p.m. Coon-
`Rapids time on the Expiry Date (defined below),-after which time this Letter of
Credit will be null and void;
4. Be accompanied by this Letter of Credit; and.
5. 1*~TOt exceed the amount of 'd'en Thousand and no/100 ($10~000.~0) and be
accompanied by a "certificate signed by an authorized officer _of the addressee
hereof,. stating as follows:
"The undersigned is entitled to makea draw hereunder in the amount
of $ because a default has. occurred under that certain
Developer's Agreement between Borrower arldAddressee dated
..March 5,2001 and has not been cured by the Borrower withirr any
applicable period of cure,. grace or notice set forth in the Developer's
Agreement.
This Letter of Credit is not assignable or transferrable by endorsement or in any other
manner.
i 1455 Viking Drive 3500 - 129th Avenue N.W. 5775 Wayiata Boulevard
Eden Prairie, MN 55344 Coon Rapids, MN 55448 St. Louis Park, MN 55416
(952)943-2300. (763)421-2044 (952)544-3100
Fax: 943-2020 Fax: 421-2601 Fax: 544-1552
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Page 2 ;
This Letter of Credit: shall terminate on Mazch 5,2002 (the "Expiry Date").
This Letter of Credit is subject to the Minnesota Uniform Commercial Code -Letters of
Credit as set forth in Minnesota Statutes Sections 336:5-101 through 336.5-117, as amended.
We herebyagree that a draft under and in compliance with the terms of this Letter of
Credit will be duly honored .upon presentation. We aze not to be called upon to resolve issues of
law or fact between you and Borrower.
This Letter of Credit.. sets forth in full the terms of our undertaking, and such undertaking
shall: not in any:.: way be modified or amplified by reference to :any document, instrument or
agreement` referred to $erein or in which this Letter of Credit relates, ar~ld any such' reference
shall not be :deemed to incorporate herein by reference to .any document, instrument- or `
agreement.
CENTUR BANK NATION LASSO TION
may... ~' -=
By
'lts Ll6 /~fi~l
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