2007-08-30 LOC 902053 EstablishedWELLS FARGO BANK, N. A.
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
ONE FRONT STREET, 21ST FLOOR
SAN FRANCISCO, CALIFORNIA 94111
(Member FDIC)
IRREVOCABLE LETTER OF CREDIT
Wright County
10 Second St NW
Buffalo, MN 55313
Attention: Bob Hiivala
Letter of Credit No.: 902053
Date: August 30, 2007
Ladies and Gentlemen:
At the request and for the account of Deutsch Construction Inc., we hereby
establish our irrevocable Letter of Credit in your favor in the amount of Fifty Thousand
United States Dollars (US$50,000.00) available with us at our above office by payment
of your drafts at sight drawn on us at sight accompanied by your signed and dated
statement worded as follows:
The undersigned, an authorized representative of Wright County hereby certifies
that Deutsch Construction Inc. is in default of its payment obligations under that
certain Bid Agreement signed by and between Beneficiary and Applicant and that
the amount drawn under is now due and owing.
Each draft must also be accompanied by the original of this Letter of Credit for
our endorsement on this Letter of Credit of the amount of our payment on such draft.
Partial and multiple drawings are permitted under this Letter of Credit.
Each draft must be marked "DRAWN UNDER WELLS FARGO BANK, N.A.
LETTER OF CREDIT NO.: 902053
This is an integral part of Letter of Credit Number: 902053
If any instructions accompanying a drawing under this Letter of Credit request
that payment is to be made by transfer to an account with us or at another bank, we
and/or such other bank may rely on an account number specified in such instructions
even if the number identifies a person or entity different from the intended payee.
This Letter of Credit expires at our above office on August 28, 2008, but shall be
automatically extended, without written amendment, to August 28 in each succeeding
calendar year unless we have sent written notice to you at your address above by
registered mail or express courier that we elect not to renew this Letter of Credit beyond
the date specified in such notice, which date will be August 28, 2009 or any subsequent
August 28 and be at least 30 calendar days after the date we send you such notice.
Upon our sending you such notice of the nonrenewal of the expiration date of this Letter
of Credit, you may also draw under this Letter of Credit by presentation to us at our
above address, on or before the Final Expiration Date specified in such notice, of your
draft drawn on us at sight accompanied by your signed and dated statement worded as
follows:
"The undersigned, an authorized representative of Wright County hereby certifies
that Beneficiary has received notification from Wells Fargo Bank, N. A. that Letter
of Credit No. 902053 will not be extended beyond its current expiration date. The
undersigned further certifies that as of the date of this statement, Beneficiary has
not received a letter of credit or other instrument acceptable to Beneficiary as a
replacement to the Well's Credit."
This Credit is subject to the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce as in effect on the date of issuance of this Letter of
Credit, and engages us in accordance with the terms thereof.
Sincerely,
Wells Fargo Bank, N.A.
l.~ ~ ~ f,rt
Sharon Valley, Community B~(nking President