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2011-12-19 LOC Establish 20709818IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: STARION FINANCIAL 333 N 4TH ST BISMARCK, NO 58501 Date of Issue:12-19.2011 Letter of Credit Number: 20709818 Amount: U.S. $ 116,525.00 ( ONE HUNDRED SIXTEEN THOUSAND FIVE HUNDRED TWENTY FIVE AND N01180 DOLLARS) For Benefit Of: Beneficiary Name and Address CITY OF ALBERTVILLE CIO CITY CLERK PO BOX 9 ALBERTVILLE MN 55301 For Account Of: Applicant Name and Address KILBER SECTION 36, LLC 501 E MAIN AVE BISMARCK, NO 58501 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. ® Partial drawings are permitted. The maximum number of drawings that may be made is UNLIMITED DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: ❑ The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: SEE ATTACHED EXHIBIT "A" Irrevocable Standby Letter of Credit VMPLC-STANDBY 9/11/2009 OO Bankers Systems7M Wolters Kluwer Financial Services © 2001, 2009 VMPC612 (0909).00 Page 1 of 2 EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 4:00 P.M. (Time) on 12-14.2012 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No. 600 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of NORTH DAKOTA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. STARION FINANCIAL (Issue e (Signature) (Date) DEBRA EISEMAN, VPIBUSINESS BANKING (Signer Name and Title) Irrevocable Standby Letter of Credit LC -STANDBY 9/11/2009 VMPOO Bankers SystemsTM VMPC612 (0909).00 Wolters Kluwer Financial Services © 2001, 2009 Page 2 of 2 Exhibit "A" Notwithstanding the expiration date identified above, this Letter of Credit shall automatically renew for successive one-year terms from the date of the initial expiration dated identified above unless, at least forty-five (45) days prior to the identified expiration date (or a subsequent expiration date), Bank delivers written notice to the Albertville City Clerk that it intends to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if delivered to, or sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next annual renewal date addressed to, the following address: City of Albertville, c/o City Clerk, P.O. Box 9, Albertville, MN 55301 and is actually received by the City Clerk at least thirty (30) days prior to the renewal date. Issuer Name: Starion Financial Y Date Debra Eiseman, Senior Vice President