2006-07-20 LOC Notice of Extension 401I
A\Ibertville
SmaV Town living. Ift titV Ufs.
5975 Main Avenue NE
P.O. Box 9
Albertville, MN 55301
July 20, 2006
Sterns Bank NA
4191 2"d Street South
St. Cloud, MN 56301
RE: Extension of Letter of Credit No. 401
Dated June 16, 2005
Finken Water, Prairie Run
Dear Steve Domine:
Our records indicate that the letter of credit for this agreement is expired and notification
was sent. Therefore, accept this as an official notification that the City of Albertville is
giving notice to extend the Letter of Credit No. 401 for one (1) year in the amount of One
Hundred One Thousand Eight Hundred Seventy -Six and 00/100 Dollars ($101,876.00).
The City of Albertville understands there is a letter requesting reduction, but until that is
authorized the required letter of credit must be the full amount. Submit the new letter of
credit to the City of Albertville immediately. If the City of Albertville doesn't not
receive the letter of credit by July 25, 2006 we will consider the development agreement
in default and will turn it over to the City Attorney. Please be advised if this is turned
over to the attorney all attorney costs will be the responsibility of the developer.
Should you have any questions or if the letter of credit cannot be submitted to the City of
Albertville by the set date, please contact Tina at (763) 497-3384.
Sincerely,
Tina L. Lannes
Finance Director
Cc: Mike Couri, City Attorney
Finken Water
3423 County Road 74
P O Box 7190
St. Cloud, MN 56301