2007-08-08 LOC Affidavit to Draw 455CITY OF ALBERTVILLE
WRIGHT COUNTY
COPY, STATE OF MINNESOTA
AFFIDAVIT OF LARRY KRUSE IN SUPPORT OF
DRAW UNDER LETTER OF CREDIT NO.455,
DATED AUGUST 8, 2007 OF STEARNS BANK, N.A.
State of Minnesota )
) ss.
County of Wright )
I, Larry Kruse, being the duly appointed City Administrator for the City of
Albertville, Wright County, Minnesota, Beneficiary of Irrevocable Letter of Credit
No. 455 dated August 8, 2007 of Stearns Bank, N.A., pursuant to the authority
granted by the City Council of the City of Albertville, being first duly sworn,
deposes and says that Finken Water, Inc has failed to provide the City with
$52,500.00 or to renew its letter of credit in the same amount prior to July 4, 2008.
Invoice or invoices were not paid by Finken Water, Inc. to the City of Albertville
within the specified period stated on the invoice. Finken Water, Inc. is therefore in
default of paragraph 4.17. of its Developer's Agreement for Shoppes at Prairie Run
dated May 5, 2005.
WITNESS my hand as City Administrator for the City of Albertville, Wright
County, Minnesota this 5t' day of August, 2008.
Larry Kruse, oyAdministrator
Subscribed and sworn to before
me this 5 b day of August, 2008.
1 i Bridget M. Miller
Notary Public
Minnesota
Notary Pu lic " ''`My Commission F_xpires January 31, 2013
CITY OF ALBERTVILLE
5959 MAIN AVE NE
PO BOX 9
ALBERTVILLE MN 55301
763-497-3384 FAX 763-497-3210
To: SHOPPES AT PRAIRIE RUN -
FINKE
Finken Water, Inc
3423 County Road 74
P O Box 7190
St. Cloud MN 56301
PLEASE MAKE PAYMENT TO:
CITY OF ALBERTVILLE
5959 MAIN AVE NE
POBOX 9
ALBERTVILLE, MN 55301
Invoice
No. 02008181
Date 8/5/2008
I
Ship SHOPPES AT PRAIRIE RUN - FINKE
To: Finken Water, Inc
3423 County Road 74
P O Box 7190
St. Cloud MN 56301
IF YOU HAVE ANY QUESTIONS CONCERNING THIS INVOICE
PLEASE CONTACT THE CITY OF ALBERTVILLE @ 763-497-3384
1111111111111111111111niiuqiun�l�imi rnankYou
RECEIPT OF LETTER OF CREDIT MATERIALS
FROM MICHAEL COURI, CITY ATTORNEY FOR THE
CITY OF ALBERTVILLE
Received of Michael Couri, City Attorney for the City of Albertville, the
following original documents:
I . Irrevocable Letter of Credit No. 455, dated August 8, 2007 issued by
Stearns Bank N.A. on account of Finken Water, Inc.
2. Affidavit of Larry Kruse, City Administrator for the City of Albertville in
support of draw on Letter of Credit No. 455 dated August 8, 2007;
3. Site Draft of the City of Albertville in the amount of $52,500.00; and
4. Letter from Larry Kruse requesting Stearns Bank, N.A. to disburse
$52,500.00 to the City of Albertville as a draw on Letter of Credit No. 455.
August 5, 2008
BY:
Title:
Stearns Bank, N.A.
August 5, 2008
VIA HAND DELIVERY
Stearns Bank, N.A.
4191 2nd Street South
St. Cloud, MN 56301
Re: City of Albertville; Shoppes at Prairie Run.
Dear Sirs:
Accompanying this letter are the following original documents:
1. The original Letter of Credit No. 455 dated August 8, 2007 issued by
Stearns Bank, N.A. on account of Finken Water, Inc.;
2. Affidavit of Larry Kruse, City Administrator;
3. Receipt of Letter of Credit Materials from Larry Kruse, City Administrator
for the City of Albertville.
Please disburse $195,993.77 as a draw on the letter of credit to City of Albertville.
Thank you.
Sincerely,
Larry se
City of Albertville
CITY OF ALBERTVILLE
WRIGHT COUNTY
STATE OF MINNESOTA
AFFIDAVIT OF LARRY KRUSE IN SUPPORT OF
DRAW UNDER LETTER OF CREDIT NO.455,
DATED AUGUST 8, 2007 OF STEARNS BANK, N.A.
State of Minnesota )
) ss.
County of Wright )
I, Larry Kruse, being the duly appointed City Administrator for the City of
Albertville, Wright County, Minnesota, Beneficiary of Irrevocable Letter of Credit
No. 455 dated August 8, 2007 of Stearns Bank, N.A., pursuant to the authority
granted by the City Council of the City of Albertville, being first duly sworn,
deposes and says that Finken Water, Inc has failed to provide the City with
$52,500.00 or to renew its letter of credit in the same amount prior to July 4, 2008
and is therefore in default of paragraph 4.17. of its Developer's Agreement for
Shoppes at Prairie Run dated May 5, 2005.
WITNESS my hand as City Administrator for the City of Albertville, Wright
County, Minnesota this 5 h day of August, 2008.
Larry Kruse, ity Administrator
Subscribed and sworn to before
me this 5t' day of August, 2008.
Notary Public y TINA L GUISE LANNES
W)TARY Nl'Et_I04 f NE:GTA
\; •- ,%� `•! Ccm n. tea. Jan. 31, 2N09
Date: August 5, 2008
USD $52,500.00
SITE DRAFT
At sight, pay to the order of City of Albertville the amount of $52,500.00 U.S.
Dollars Drawn under Stearns Bank National Association Letter of Credit Number
455.
TO:
City of Albertville
Larry Kruse, City Administrator
5959 Main Avenue NE f4AA�
P.O. Box 9
Albertville, MN 55301 Authorized Signature, Drawer
(endorse on reverse)
l a X e
RECEIPT OF LETTER OF CREDIT MATERIALS
FROM MICHAEL COURI, CITY ATTORNEY FOR THE
CITY OF ALBERTVILLE
Received of Michael Couri, City Attorney for the City of Albertville, the
following original documents:
l . Irrevocable Letter of Credit No. 455, dated August 8, 2007 issued by
Stearns Bank N.A. on account of Finken Water, Inc.
2. Affidavit of Larry Kruse, City Administrator for the City of Albertville in
support of draw on Letter of Credit No. 455 dated August 8, 2007;
3. Site Draft of the City of Albertville in the amount of $52,500.00; and
4. Letter from Larry Kruse requesting Stearns Bank, N.A. to disburse
$52,500.00 to the City of Albertville as a draw on Letter of Credit No. 455.
5. Invoice # 02008181 from the City of Albertville in the amount $52,500.00
August 5, 2008
By: _
Title:
Stearns Bank, N.A.