1996-10-04 LOC Amendment
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IRREVOCABLE LETTER OF CREDIT
Number 25-96
AMENDJ\1ENT I
4 October 1996
'Your !mI0!lemJel1f
Cmmmmity Ban!(
City of Albertville
Attn: Linda Houghton
Box 131
Albertville, MN 55301
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The above mentioned Letter of Credit, originally issued 13 August 1996, for benefit of Ken co
Construction, is hereby amended to include the following highlighted changes:
RE: SUBDIVISION IMPROVEJ\1ENTS IN THE P ARKS IDE 3RD ADDITION AND 60TH
STREET TRUNK SEWER PROJECT CITY OF ALBERTVILLE AS REGULATED
BY THE DEVELOPERS AGREEJ\1ENT
We hereby establish our Irrevocable Letter of Credit 25-96, 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 Ken co Construction, Inc. (the "Developer") in the amount of Eight Hundred
Eleven Thousand One Hundred Twenty Four and 00/100 Dollars ($811,124.00), as such amount
is decreased as provided below, available to you by your sight draft: or draft:e drawn upon us in
connection with the completion of streets, storm and sanitary sewers, and water lines in and
creating access to Parkside 3rd Addition, City of Albertville (the "Improvements") in the
Development Agreement between the City of Albertville and Kenco Construction, Inc.
The Letter of Credit is further amended to reduce the amount to Five Hundred Eleven Thousand
One Hundred Twenty Four and 00/100 Dollars ($511,124.00) effective 8 October 1996.
A draft: drawn under this Letter of Credit must bear on its face the words: "Drawn under
Northeast Bank Letter of Credit No. 25-96, dated 13 August 1996."
All other terms and conditions shall remain unchanged.
Sincerely,
~4s
LarrWietr~ak
Senior Vice President