1994-08-08 LOC Established
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OFFICES:
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701 Central Avenue E.
St. Michael, Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
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We hereby establis~,burIRREVOCABLE stapdby Letter of Credit in your
favor for the ac.:.t:.......O\l,ir't.. o.....f.. . Douglas.>l'sy.. k. of Albertville, Minnesota
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available by your',drafts'drawn at sigh~ on Security Bank Northwest,
St. Michael, MN 55376 for any sum or: sums not exceeding a total
agg'regate <:!-mourit of Six Thousand, Fiive Hundred ($6,500.00) and
NOI100Dollars.
Any d~W under this Letter of Credit imust be accompanied by this
origi I Letter of Credit, a copy of'I>~yks" Fifth Addition Develop-
ment ontract dated July 1, 1993 betweien Douglas Psyk and The City
of Al ertville in the amount of $6,500i.00 and a statement signed by
a Certified Official of the City of Alb~rtville stating that Douglas
Psyk has not performed his obligatipns as required under that
Contract and that the amount of the $ight draft accompanying the
draw request is equal to the amounts ow~d by The City of Albertville
to COver expenses necessary to rectify: the failure of Douglas Psyk
to perform under the contract.
Except as otherwise stated herein, this Credit is subject to the
Uniform Customs and Practices for i Documentary Credits (1983
Revision), International Chamber of Comkerce Publication No. 400.
The amount of each draft negotiated, w~th the date of negotiation,
must be endorsed hereon by the nego~iating bank, and any draft
presented t.O us shall constitute a warranty of the negotiating bank
that such endorsement was effected.
All drafts drawn under this credit sllould bear the clause "Drawn
Under Security Bank Northwest, St. Michael, MN Letter of Credit
#256263 dated August 8, 1994.
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Albertville: 58&2 Main Street Northeast, Albertville, Minnesota 55301, (612) 497-3525' Maple Grove: 13370 Grove Drive. Maple Grove, Mtnnesot~5~369l'(612)A2(j-30~
City of Albertville
Attn: Linda Houghton, City Administrator
P.O. Box 131
Albertville, MN 55301
Date: August 8, 1994
L!tter of Credit: #256263
Expiration Date: A~gust 8, 1995
Dear Ms. Houghton:
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City of Albertville
Letter of Credit #256263
August 8, 1994
Page 2
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All documents required by this Lette~ may be submitted until its
expiration date. Partial drawings ar~ acceptable as are multiple
drawings although total draws may not 1xceed $6,500.00
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We hereby agree with you and with nego~iating banks and bankers that
all drafts drawn by virtue of this C#edit, and in accoradnce with
its terms, shall meet with due honor ~pon presentation and delivery
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of documents as specified to Security ! Bank Northwest, St. Michael,
MN if negotiated, or if presented at this office together with
Letter of Credit on or before August 8,! 1995.
Sincerely,
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Douglas E. Bleess
Vice President
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