2014-05-14 LOC Established 2220Carl Brandt
Vice President/Market Manager
7685 Zachary Lane
P.O. Box 2548
Maple Grove, MN 55369
Phone (763) 255-1657 Toll Free (800) 725-6690
e-mail — cbrandt@greatsouthembank.com
AMOUNT U.S. $160,000.00 DATE: May 22, 2014
IRREVOCABLE LETTER OF CREDIT NO. 2220
TO: City of Albertville, MN
5959 Main Avenue NE
P.O. Box 9
Albertville, MN 55301
RE: Tollberg Homes, LLC
Gentlemen,
We hereby establish our Irrevocable Letter of Credit No. 2220 in your favor for the account of Tollberg Homes, LLC for
the sum or sums not exceeding a total of One Hundred Sixty Thousand ($160,000.00) available by your drafts at sight on
Great Southern Bank, 7685 Zachary Lane, Maple Grove, MN 55369 with payment from Great Southern Bank, 1451 E.
Battlefield, Springfield, MO 65804, indicating this Letter of Credit Number 2220, accompanied by the following
documents:
Each draft drawn relative hereto must be marked: Drawn against Irrevocable Letter of Credit No. 2220 and
must be accompanied by a copy of your statement of the amounts necessary to cure any default of Tollberg Homes, LLC
under that certain agreement between Tollberg Homes, LLC and the City of Albertville entitled "City Of Albertville
Conditional Use /Planned Unit Development Agreement Hunters Pass Estates Second Addition."
This original Letter of Credit must accompany any presentation of documents. We hereby agree with you that all drafts
under and in compliance with the terms of the Letter of Credit will be duly honored within five (5) business days of
presentation and delivery of documents as specified to us in Maple Grove, Minnesota not later than May 22, 2015. It is a
condition of this Letter of Credit that it shall be deemed automatically extended, without amendment for one year from
the present or any future Expiration Date hereof, unless at least 60 days prior to any such date, we shall send you, a
written notice that we elect not to consider this Letter of Credit renewed for such additional one-year period.
This credit is subject to the "Uniform Customs and Practice for Documentary Credits, International Chamber of
Commerce Publication No. 600".
Great S90ern B k
BY:
Carl Brandt, Vice President