1998-03-19 LOC
MAR.20.1998 11:47AM
~HERST BANK eOLHT
NO.4':?5
P.2/2
.
11 Northeast
,. Bank
Your Indep'nde~t
Coml1lunity Bank
IRREVOCABLE LETTEk F CREDIT NO. #9-98
77 Bro3dvvay N.~.
~innc~polis, MN 55413
612.379.8811
fAX 612362.3262
March 19, 1998
MenlbQr FO.l.e.
City of Albertville
Attn: Linda Houghton
Box 13 I
Albertville, MN 55301
The above mentioned Letter of Credit issued Ma:r 19, 1998 for benefit of Pilot Land
Development Company hereby includes the fol~ ing:
RE: SUBDIVISION IMPROVEMENTS IN 1"E CENTER OAKS 2ND ADDITION, CITY
OF ALBERTVILLE AS REGULATED BY T~ EVELOPERS AGREEMENT, AND YARD
TREE, DRlVEW A Y & SOD GUARANTEES, I I
: I
We hereby establish our Irrevocable Letter of C~ ,it ##9-98, effective immediately upon the
recording of the Final Plat, in favor of1he City Qf (J)ertville (the"Citytl) at the request and for
the account of Pilot Land Development COKnpa (the "Developer") in the amount of Tlu'ee
Hundred Thirty Five Thousand Four Hundred Thi Seven and 00/100 ($335,437.00), as such
amO\Ult is decreased as provided below, available you by your sight draft or draft dravm upon
us in connection with the completion of streets, st flU and sanitary sewers, and water lines in and
creating access to Center Oaks 2nd Additioo, Ci of Albertville (the "Improvements") in the
,
Development Agreement between the City of Alb rtville and Pilot Land Development Company.
A draft drawn unde.r this Letter of Credit must be on its face the words: "Drawn under
Northeast Bank Letter of Credit No, 9~98 dated ch 19) 1998.
This Letter oCCredit expires June 30, 1999 or an ~xtended date. All other terms and conditions
shall remain unchanged. I
I :
~?"~ .~
~B:~
President
. I