2001-04-19 LOC
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CONSTRUCTION FINANCE, LLC
7830 Main Street, Suite 210, Maple Grove, MN 55369
Phone: (763) 420-9130 . Fax: (763) 420-9134
IRREVOCABLE LETTER OF CREDIT NO. 200132 DATED APRIL 12,2001
City of Albertville
5975 Main Avenue
PO Box 9
Albertville, MN 55301
Dear Sir or Madam:
We hereby establish our IRREVOCABLE LETTER OF CREDIT, numbered as indicated
above, and effective immediately, in favor of the City of Albertville (the "City") at the
request and for the account of Edina Development Corporation, ("Developer) in the
amount of and not to exceed Nine Hundred Thirty One Thousand and 001100 Dollars
($931,000.00), as such amount is decreased as provided below, available to you by your
sight draft or drafts drawn upon us in connection with the completion of certain
improvements (the "improvements") for the subdivision known as Albert Villas Third
Addition, as such Improvements are described in the Development Agreement between
the City and the Developer.
Each draft drawn under the LETTER OF CREDIT must be accompanied by:
A. The original of this LETTER OF CREDIT;
B. A notarized statement executed by the City Administrator, stating that the
Developer is in default of the Development Agreement, that the Developer
has failed to complete the Improvements in accordance with the terms of the
Development Agreement, and, that the City is entitled to draw upon the
LETTER OF CREDIT. Such statement shall set forth the Improvements not
completed, the respect in which the Improvements had not been completed,
and the amount required to cure such failure.
Each draft drawn under this LETTER OF CREDIT must:
I. Be signed on behalf ofthe City by the City Administrator or his/her designee;
2. Be in the amount required to cure the default by the Developer to complete the
Improvements, amount shall not exceed $931,000.00.
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3. Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO.
200132, Dated April 12, 2001.
4. Be presented for payment during regular business hours at our Collection
Department, 860 Blue Gentian Road, Suite 135, Eagan, MN 55121, no later
than 2:00 p.m. on April 12, 2002, at which time this LETTER OF CREDIT
shall expire.
The amount of this LETTER OF CREDIT shall be reduced by the amount of the
estimated c6st of the work completed as each portion of the Improvements are completed
and paid for, and the City Engineer approves in writing such reduction. Each drawing
hereunder shall reduce by the amount of such drawing the amount available under this
LETTER OF CREDIT.
We hereby agree that drafts drawn under and presented in conformity with the terms of
the LETTER OF CREDIT will be duly honored upon presentation.
Except as otherwise expressly stated, this LETTER OF CREDIT is subject to the
Uniform Customs and Practice for Documentary Credits (1993 Revision). International
Chamber of Commerce Publications No. 500 (the "Uniform Customs"). This LETTER
OF CREDIT shall be deemed to be a contract made under the laws of the State of
Minnesota and, as to matters not governed by the Uniform Customs, shall be governed by
and construed in accordance with the laws of the State of Minnesota, including the
Uniform Commercial Code as in effect in the State of Minnesota.
This LETTER OF CREDIT is not transferable or assignable and is not issued for the
benefit of any third party claimant.
We shall not be called upon to resolve issued of fact or law between the City and the
Developer.
LAKELAND CONSTRUCTION FINANCE, LLC
By ~c:~~t ~
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~KE~ANDl
CONSTRUCTION FI.NANCE,LLC
7830 MAIN STREET. SUITE 210
MAPLE GROVE. MN 55369;
WELLS FARGO BANK MINNESOTA. N.A.
MINNEAPOLIS. MN
17-1/910
8841
April 12, 2001
PAY TO THE
ORDEROF
Citynf ~lh~rt:vi lle
$
$70.140.00
SEVENTY THOUSAND ONE HUNDRED<FORTY AND 001100 DOLLARS
DOLLARS
MEMO:
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II- 0 0 B B ... . II- I: 0 g . 0 0 0 0 . g I: O. g b 2... g ?... 211-
SECURITY FEATURES: MICRO PRINT TOP & BOTTOM BORDERS. COLORED PATTERN - ARTIFICIAL WATERMARK ON REVERSE SIDE MISSING FEATURE 'NDICATES A COPY
LAKELAND CONSTRUCTION FINANCE. LLC
Builder: EDINA DEVELOPMENT CORPORATION
Payee: City of Albertville
Date:April 12, 2001
Amount: $70,140.00
Description:Trunk sewer charges - Albert Villas Third Addn
Draw(s) :
8841
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~KiANDl
CONSTRUCTION FINANCE, LLC
7830 MAIN STREET. SUITE 210
MAPLE GROVE. MN 55369
WELLS FARGO BANK MINNESOTA. N.A.
MINNEAPOLIS. loiN
17-11910
8842
April 12. 2001
PAY TO THE
ORDER OF
City of ~lbort~illo
$
$55,110 00
DOLLARS
Ji'IFTY-Ji'IUE TI:lOTlSA~JD ONE HTTNDEED TE.t>l J:lND QO/100DOLLZ'lRS
MEMO:
II-OOBB'" 211- 1:0 g ~OOOO ~ gl: 0 ~ g b 2... g ?... 211-
SECURITY FEATURES: MICRO PRINT TOP & BOTTOM BORDERS - COLORED PATTERN ARTIFICIAL WATERMARK ON REVERSE SIDE - MISSING FEATURE INDICATES A COPY
LAKELAND CONSTRUCTION FINANCE. LLC
Builder: EDINA DEVELOPMENT CORPORATION
Payee: City of Albertville
Date:April 12, 2001
Amount: $55,110.00
Description:Trunk water charges - Albert Villas Third Addn.
Draw(s) :
8842
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