2006-09-06 LOC Establish 3172Central
Bank September 6, 2006
Coon Rapids
3585 124th Ave. NW
Letter of Credit No. 3172
Coon Rapids, MN 55433
(763) 780-0484
Fax (763) 783-1863
City of Albertville
c/o City Clerk
P.0.Box 9
Eden Prairie
Albertville, MN 55301
6640 Shady Oak Road
Eden Prairie, MN 55344
(952) 944-6640
Ladies and Gentlemen:
Fax (952) 944-3696
We hereby establish this as our Letter of Credit in your favor for
the account of Albertville Plaza, LLC, a Minnesota limited liability
Golden Valley
company ("Borrower"), in the amount of One Hundred Eighty-nine
Golden Valley. MvN55427
Thousand Eight Hundred Fifty and no/100 ($189,850.00) Dollars in the
( a63(763) 545 6663
aggregate available to you by one (1) draft at sight on the undersigned
Bank.
A draft drawn under this Letter of Credit must:
St. Michael
750 Central Avenue NW
St. Michael, MN 55376
1. Be sipp-py1ed bV an authorized officer of the addressee hereof,
signed
(763)497-3114
Fax (763) 315-8958
2. Bear on its face the clause "Drawn under Letter of Credit
No. 3172, dated September 6, 2006;
Stillwater
2270 Frontage Road West
3. Be presented for payment at Central Bank, 3585 124cn
P.O. Box 225
Stillwater, MN55082
Avenue N.W., Coon Rapids, Minnesota 55433, no later than 2:00
439-3050
Fax1(651) 351--1550
p.m. Coon Rapids times on the Expiry Date (defined below), after
which time this Letter of Credit will be null and void;
White Bear Lake
4. Be accompanied by this Letter of Credit; and
3670 East County Line N
White Bear Lake, MN 55110
426-2564
5. Not exceed the amount of One Hundred Eighty-nine
Fax(651)426-6348
Fax
Thousand Eight Hundred Fifty and no/100 ($189,850.00) Dollars
and be accompanied by a certificate signed by an authorized
officer of the addressee hereof, stating as follows:
Website
www.centralbnk.com
"The undersigned is entitled to make a draw hereunder in
the amount of $189,850.00 because a default has occurred
under that certain Developer's Agreement between
1121
Equal Housing
LENDER
Member F.D.I.C.
Page 2
Borrower and addressee dated September 6, 2006, and has
not been cured by the Borrower within any applicable
period of cure, grace or notice set forth in the Developer's
Agreement."
This Letter of Credit is not assignable or transferable by
endorsement or in any other manner.
This Letter of Credit shall terminate on July 31, 2007 (the "Expiry
Date").
It is a condition of this Letter of Credit that it shall be
automatically extended for additional periods of one (1) year from the
present or each future expiration date unless sixty (60) days prior to such
date you are notified in writing by registered mail at the afore mentioned
address that Central Bank elects not to renew this Letter of Credit for
additional periods.
This Letter of Credit is subject to the Minnesota Uniform
Commercial Code — Letters of Credit as set forth in Minnesota Statutes
Sections 336.5-101 through 336.5-117, as amended.
We hereby agree that a draft under and in compliance with the
terms of this Letter of Credit will be duly honored upon presentation, we
are not to be called upon to resolve issues of law or fact between you and
Borrower.
This Letter of Credit sets forth in full the terms of our undertaking,
and such undertaking shall not in any way be modified or amplified by
reference to any document, instrument or agreement referred to herein or
in which this Letter of Credit relates, and any such reference shall not be
deemed to incorporate herein by reference to any document, instrument or
agreement.
CENTRAL BANK
BY ay y Qh�
Sheryl Carlson
Its Vice President