2013-09-16 LOC Established 163905277he Bank
IRREVOCABLE LETTER OF CREDIT NO. 163905277
DATE: September 16, 2013
FOR THE ACCOUNT OF: Evans Park, Inc.
TO BENEFICIARY: City of Albertville
5959 Main Ave
Albertville MN 55301
RE: Municipal Improvements, Landscaping Materials, Erosion Control
AMOUNT: $261,350.00
EXPIRATION: September 16, 2014
We hereby establish this as our Irrevocable Letter of Credit in favor of the City of Albertville,
hereinafter referred to as (the "Beneficiary"), at the request and for the account of Evans Park,
Inc., hereinafter referred to as (the "Applicant"), available by your drafts at sight on up to, but
not exceeding Two Hundred Sixty One Thousand Three Hundred Fifty and 00/100 ($261,350.00)
in U.S. Currency.
Your draft must be presented to us on or before September 16, 2014, or any extended date,
and must be accompanied by the following:
1. Be signed by an authorized officer of the Beneficiary
2. Bear on its face the clause "Drawn under The Bank of Elk River Letter of Credit
Number 163905277 dated September 16, 2013.
A notarized written statement, signed by the drawer of the draft, to the effect that
Evans Park, Inc. is in default of the terms and conditions pertaining to the "Guardian
Angels of Albertville" project.
3. A copy of the Beneficiary's notice to Applicant of its intent to draw upon this Letter
of Credit.
4. Be accompanied by this Letter of Credit Number 163905277.
630 Main Street, Elk River, MN 55330 p) 763-441-1000 t) 763-441-0847 www.thebankofelkriver.com i wmberFDlc
Irrevocable Letter of Credit No. 163905277
Applicant: Evans Park, Inc.
Beneficiary: City of Albertville
Page 2 of 2
We hereby agree that all drafts under and in compliance with the terms of this Letter of Credit
will be duly honored if drawn and presented for payment at our offices located at 630 Main
Street, Elk River, MN. 55330, by 5:00 p.m. Central Standard Time, on or before the expiration
date of September 16, 2014. However, this Letter of Credit shall be void as to the portion
payable if not presented by the close of business on the expiration 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 aforementioned address
that The Bank of Elk River elects not to renew this Letter of Credit for additional periods.
The Letter of Credit shall be governed in all respects by the laws of the State of Minnesota,
including the Uniform Commercial Code in effect in said State.
Except as otherwise stated herein, the Letter of Credit is subject to the Uniform Customs and
Practices for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, or any subsequent revision thereto.
The Bank of Elk River
A � 4. �
Thomas L. Lund
Vice President
September 16, 2013
Wright County Highway Department
1901 Highway 25 North
Buffalo MN 55313
IRREVOCABLE LETTER OF CREDIT NO. 163905293
Gentlemen:
We hereby open our Irrevocable Letter of Credit Number 163905293 in favor of the
Wright County Highway Department for the account of Evans Park, Inc., for a sum not to
exceed the aggregate amount of Ten Thousand and 00/100 Dollars ($10,000.00),
available by your one or more clean drafts at sight on us.
Each draft so drawn must be marked "Drawn under The Bank of Elk River, 630 Main St.,
Elk River, MN 55330, Irrevocable Letter of Credit #163905293" and be accompanied by
a signed statement from the Wright County Highway Department that Evans Park, Inc.
has failed to honor their contractual agreement with the Wright County Highway
Department in regard to Guardian Angels right-of-way application (right-of-way permit
R13-087).
This Irrevocable Letter of Credit is subject, so far as applicable, to the "The Uniform
Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of
Commerce Publication No. 600."
We hereby agree with you that all drafts drawn under and in compliance with the terms of
this Irrevocable Letter of Credit will be duly honored if drawn and presented for payment
to, The Bank of Elk River, 630 Main St., Elk River, MN 55330.
Unless extended as provided herein, this Irrevocable Letter of Credit shall expire on
September 16, 2014.
If you have any questions regarding this Irrevocable Letter of Credit, please contact the
undersigned.
Sincerely,
-
Thomas L. Lund
Vice President
763-241-8536
630 Main Street, Elk River, MN 55330 p) 763-441-1000 if) 763-441-0847 1 www.thebankofelkrlver.com I Member FDIC