1998-07-24 LOC Amendment
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COHimUr!ilV Bank
IRREVOCABLE LETTER OF CREDIT NO. #9-98
AMENDMENT
July 24, 1998
City of Albertville
Attn: Linda Houghton
Box 131
Albertville, MN 55301
The above mentioned Letter of Credit issued March 19, 1998 for benefit of Pilot Land
Development Company hereby includes the following:
RE: SUBDIVISION IMPROVEMENTS IN THE CENTER OAKS 2ND AND 3RD
ADDITIONS, CITY OF ALBERTVILLE AS REGULA TED BY THE DEVELOPERS
AGREEMENT, AND YARD TREE, DRIVEWAY & SOD GUARANTEES.
We hereby establish our Irrevocable Letter of Credit #9-98, effective immediately upon the
recording of the Final Plat, in favor of the City of Albertville (the"City") at the request and for the
account of Pilot Land Development Company (the "Developer") in the amount of Three Hundred
Thirty Five Thousand Four Hundred Thirty Seven and 00/100 ($335,437.00), as such amount is
decreased as provided below, available to you by your sight draft or draft drawn upon us in
connection with the completion of streets, storm and sanitary sewers, and water lines in and creating
access to Center Oaks 2nd and 3rd Additions, City of Albertville(the "Improvements") in the
Development Agreement between the City of Albertville and Pilot Land Development Company.
A draft drawn under this Letter of Credit must bear on its face the words: "Drawn under Northeast
Bank Letter of Credit No. 9-98 dated March 19, 1998.
This Letter of Credit expires June 30, 1999 or any extended date. All other terms and conditions
shall remain unchanged.
SinCer~elY' /..--..,
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ThomM. Beck ~
President