2008-08-05 LOC Affidavit DrawCITY OF ALBERTVILLE
WRIGHT COUNTY
STATE OF MINNESOTA
AFFIDAVIT OF LARRY KRUSE IN SUPPORT OF
DRAW UNDER LETTER OF CREDIT NO.8815-0707-DI,
DATED JULY 99 2007 OF CONTRACTORS CAPITAL CORPORATION
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. 8815-0707-DI dated July 9, 2007 of Contractors Capital Corporation, pursuant
to the authority granted by the City Council of the City of Albertville, being first
duly sworn, deposes and says that Hunters Development, LLC, is in default of the
Developer's Agreement for Hunters Pass Estates dated August 15, 2005 in that
Hunters Development, LLC has failed to renew the letter of credit prior to 45 days
before its expiration pursuant to paragraph 51. of the Developer's Agreement.
The City shall use said funds in the amount of $195,993.77 obtained from the
Letter of Credit to preserve its security as the letter of credit is set to expire on
August 12, 2008. The City may use these funds to complete portions of the
obligations of Hunters Development, LLC pursuant to the terms of the Developer's
Agreement.
WITNESS my hand as City Administrator for the City of Albertville, Wright
County, Minnesota this 5ffi day of August, 2008.
Larry , City Administrator
Subscribed and sworn to before
me this 5t` day of August, 2008.
Notary Public
TINA LOUISE L7ANNES
RA14 4 W 0 L PT I N e 4 d i t 9 1--4 V. A M,
NOTARY PUCLIC•MINNESOTA
`y C°err ri, Exp, inn. 1, 2X9
Date: August 5, 2008
USD $195,993.77
CUSTOMER DRAFT
At sight, pay to the order of City of Albertville the amount of $195,993.77 U.S.
Dollars Drawn under Letter of Credit Number 8815-0707-DI dated July 9, 2007 of
Contractors Capital Corporation.
TO:
City of Albertville
Larry Kruse, City Administrator
5959 Main Avenue NE
P.O. Box
Albertville, MN 55301 Authorized Signature, Drawer
(endorse on reverse)
RECEIPT OF LETTER OF CREDIT MATERIALS
FROM TINA LANNES, FINANCE DIRECTOR FOR THE
CITY OF ALBERTVILLE
Received of Tina Lannes, Finance Director for the City of Albertville, the
following original documents:
1. Irrevocable Letter of Credit No. 8815-0707-DI dated July 9, 2007 issued by
Contractor Capital Corporation on account of Hunters Development, LLC;
2. Affidavit of Larry Kruse, City Administrator for the City of Albertville in
support of draw on Letter of Credit No. 8815-0707-DI dated July 9, 2007;
3. Site Draft of the City of Albertville in the amount of $195,993.77; and
4. Letter from Larry Kruse requesting Contractor Capital Corporation to
disburse $195,933.77 to the City of Albertville as a draw on Letter of
Credit No. 8815-0707-DI dated July 9, 2007.
August 5, 2008
By: _
Title:
Contractor Capital Corporation
RECEIPT OF LETTER OF CREDIT MATERIALS
FROM TINA LANNES, FINANCE DIRECTOR FOR THE
CITY OF ALBERTVILLE
Received of Tina Lannes, Finance Director for the City of Albertville, the
following original documents:
I. Irrevocable Letter of Credit No. 8815-0707-DI dated July 9, 2007 issued by
Contractor Capital Corporation on account of Hunters Development, LLC;
2. Affidavit of Larry Kruse, City Administrator for the City of Albertville in
support of draw on Letter of Credit No. 8815-0707-DI dated July 9, 2007;
3. Site Draft of the City of Albertville in the amount of $195,993.77; and
4. Letter from Larry Kruse requesting Contractor Capital Corporation to
disburse $195,933.77 to the City of Albertville as a draw on Letter of
Credit No. 8815-0707-DI dated July 9, 2007.
August 5, 2008
August 5, 2008
VIA HAND DELIVERY
Contractors Capital Corporation
1428 5t' Avenue
Anoka, MN 55303
Re: City of Albertville; Hunters Development.
Dear Sirs:
Accompanying this letter are the following original documents:
1. the original Letter of Credit No. 8815-0707-DI dated July 9, 2007 issued by
Contractors Capital Corporation on account of Hunters Development, LLC;
2. Affidavit of Larry Kruse;
3. Site Draft of City of Albertville in the amount of $195,993.77; and
4. 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