2008-08-07 LOC Establish 60017803Falcon
NATIONAL BANK
Member FDIC
August 7, 2008
City of Albertville
Attn: Tina Lannes
5975 Main Ave
PO Box 9
Albertville, MN 55301
Finken Water, Inc.
-r of Credit #60017803
ctive date: August 7, 2008
.ration date: August 7, 2009
We hereby establish our Irrevocable Letter of Credit, numbered as indicated above and, effective
imediately, in favor of City of Albertville ("City"), at the request and for the account of Finken Water, Inc.
ie Developer) in the amount of and not to exceed Fifty Two Thousand Five Hundred Dollars and no/00's
52,500.00), as such amount is decreased as provided below. This Letter of Credit is given to assure the
;rformance of Finken Water, Inc.'s obligations to the City under the Development Contract dated May 5, 2005
;tween Finken Water, Inc. and the City pertaining to the project known as the Shoppes at Prairie Run.
draft drawn under this Letter of Credit must be accompanied by:
1. The original Letter of Credit;
A notarized statement executed by the City Administrator, stating that the Developer has failed to perform
in accordance with the Development Contract, and that the City is entitled to draw upon the Letter of Credit.
Such statement shall set forth the defaults and the amount required to cure such default.
draft drawn under the Letter of Credit must:
1. Be signed on behalf of the City by the City Administrator or his (her) designee.
Be in the amount required to cure the default by the Developer, amount shall not exceed $52,500.00.
Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO. 60017803 dated August 7, 2008.
Be presented for payment during regular business hours at Falcon National Bank, 183 Cedar Drive, Foley,
MN 56329, no later than 12:01 PM on August 7, 2009.
Member
EQUAL HOUSING LENDER ��u�rc� that above the rest! FDIC
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 this Letter of Credit will
be duly honored upon presentation.
Except as otherwise expressly states, this Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce publications No. 500. As to
matters not governed by the Uniform Customs, this Letter of Credit shall be governed by and construed in
accordance with the laws of 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 issues of fact or law between the Commission and the Developer.
Falcon National Bank
-�
Y�
sic itz
Its Senior Lender
08/07/2008 15:20 763-497-2599 COURIMACARTHURRUPPE
C0URI,11,JACAI?THUR &
R UPPE, P.L.L.P.
lblichael C. Couri- attorneys at Gaw Kyle R. Hartnett
Andrew J. 1b1aCArthur 705 Central Avenue East
Rohert T. Ruppe-- PO Box 369
St. Michael, My 55376-0369
'A60 ftenxed in atllnni.r (763) 497-1930
-At.- bcems5,) in (,alVi mic (763) 497-2599 (FAX)
courin,acarthur@earthlink net
FACSIMILE COVER PAGE
TO: �U
OF:
FROM:
SUBJECT:,,A -
FAX NUMBER: c-1 q-7 — ?, y 1 Q
DATER C�� T_`' r�tJP
TOTAL PAGES (INCLUDING COVER SHEET)
ADDITIONAL
COMMENTS:
PAGE 01/04
THIS FACSIMILE TRANSMISSION IS CONFIDENTIAL. IT MAY BE PRIVILEGED AND IS
INTENDED FOR THE USE OF THE ADDRESSEE ONLY. IF YOU- ARE NOT THE
ADDRESSEE (OR A PERSON RESPONSIBLE FOR DELIVERING THIS TRANSMISSION TO
THE ADDRESSEE) DO NOT READ, COPY, OR USE THIS TRANSMISSION IN ANY WAY,
BUT PROMPTLY CONTACT THE SENDER BY TELEPHONE TO ARRANGE FOR THE
RETURN OF THE ORIGINAL DOCUMENT TO US.
08/07,12008 15:20 763-497-2599 COURIMACARTHURRUPPE PAGE 02%04
0810712008 13:53 FALCON NATIONAL BANK (FAX)320 968 6500 P.0011000i
183 Cedar Drive
Foley, MN 56329
Phones (320) 968.6300
Fax: (320) 968.6500
Fax
a1do'',n
NATIONAL BANK
To, Michael Couri Frow: Jessica Ritz
Fax: 763497-2599 Date: 8P7108
Phone: Poem.
Re: Finken Properties. LLC CC:
❑Urgent ❑ For Review ❑ Please Comment ❑ Please Reply ❑ Please Recycle
*Comments:
Michael — Here is the letter of credit. The original will be mailed today. Please let we
know if you have any questions. Thanks
08/07/2008 15:20 763-497-2599 COURIMACARTHURRUPPE PAGE 031'04
08107i2OO8 13*54 FALCON NATIONAL BANK (FAX)320 968 6500 P.002/0m
*Falcon
NATIONAL BANK
Member FDIC
7, 2008
of Albertville
a: Tina Lannes
5 Main Ave
Box 9
ertville. MN 55301
: Finken Water, Inc.
ter of Credit #60017803
=tive date: August 7, 2008
) ation date: August 7, 2009
We hereby establish our Irrevocable Letter of Credit, numbered as indicated above and, effective
.edistely, in favor. of City of Albertville ("City' , at the request and for the account of Finken Water, Inc.
Developer) in the amount of and not to exceed Fifty Two Tbousand Five Hundred Dollars and no/00's
,500.00), as such amount is decreased as provided below. This Letter of Credit is given to assure the
)ffiance of Finken Water, Inc.'s obligations to the City ceder the Development Contract dated May 5, 2005
Teen Finken Water, Inc. and the City pertaining to the project known as the Shoppes at Prairie Run.
draft drawn under this Letter of Credit must be accompanied by--
. The original Letter of Credit;
A notarized statement executed by the City Administrator, stating that the Developer has failed to perform
in accordance with the Development Contract, and that the City is entitled to draw upon the Letter of Credit
Such statement shall set forth the defaults and the amount required to cure such default
draft drawn under the Letter of Credit must:
Be signed on behalf of the City by the City Administrator or his (her) designee.
. Be in the amount required to cure the default by the Developer, amount shall not exceed $52,500.00.
. Bean on its face the clause "DRAWN UNDER LETTER OF CREDIT NO.60017803 dated August 7, 2008.
Be presented for payment during regular business hours at Falcon National Bank, 183 Cedar Drive, Foley,
MN 56329, no later than 12:01 PM on August 7, 2009.
41:�. -Q_ . _ _ 4-L „V- Q - -L -L -
08/07/2008 15:20 763-497-2599 COURIMACARTHURRUPPE PAGE 04/04
0310712WB 13:54 FALCON NATIONAL BANK (FAX)320 968 6500 P.0031000
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 this Letter of Credit will
be duly honored upon presentation.
Except as otherwise expressly states, this Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce publications No. 500. As to
matters not governed by the Uniform Customs, this Letter of Credit shall be governed by and construed in
accordance with the laws of 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 issues of fact or law between the Commission and the Developer -
Falcon National Rank
Ww", 214
r*V.A
iJA#i)r
Its Senior Lender