2007-08-29 LOC Reduction AmendmentLAKE
COMMUNITY
BANK
Long Lake
P.O. Box 636 • 1964 West Wayzata Boulevard
Long Lake, MN 55356 • 952-473-7347
Albertville
11102 Fifty -Seventh Street NE
Albertville, MN 55301 • 763-497-0402
AMENDMENT (REDUCTION)
IRREVOCABLE STANDBY LETTER OF CREDIT
Date: August 29, 2007
Letter of Credit Number: 226
Account Party: Lake Community Bank f/k/a State Bank of Long Lake
Beneficiary: City of Albertville
Issuance Date: August 4, 2005
Original Amount (U.S. Dollars): $9,000.00
Reduction Amount: $8,550.00
Net Amount: $450.00
Expiration Date: August 4, 2008; this letter of credit shall automatically renew for
successive one year terms unless, at least thirty (30) days prior to the next annual renewal
date, the Bank delivers written notice to the Albertville City Administrator that it intends
to modify the terms of, or cancel, this Letter of Credit.
To: Tina L. Lannes
Finance Director
City of Albertville
5959 Main Avenue NE, PO Box 9
Albertville, MN 55301
In conjunction with sidewalk escrow for Albertville Crossings Third Addition, our bank
issued the above mentioned Irrevocable Letter of Credit. As per your request, this Letter
of Credit is hereby reduced to $450.00. All other terms and conditions remain unchanged
and in place.
Sincerely,
OAA�L o
Anne Kronebusch
Executive Vice President
akronebuschglcbankmn. com
copy: Michael J. Byrne, President
Jay V. Eull, Vice President and Albertville Branch Manager
Mike Couri, City Attorney
www.Icbankmn.com Continuous Banking Since 1905
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LENDER
MEMBER
FDIC