2017-12-13 Irrevocable Letter of Credit 400 4th Ave N E
Sentr Bank PO Box 159
Y St Joseph, MN 56374
Member FDIC 320-363-7721
IRREVOCABLE LETTER OF CREDIT
To: City of Albertville No: 162
5959 Main Ave NE
P O Box 9 Dated: December 13, 2017
Albertville, MN 55301
Re: Carlson Dingmann Hansen, LLC
We hereby issue, for the account of Carlson Dingmann Hansen, LLC ("Developer"), and in your
favor, our Irrevocable Letter of Credit No 162 in the amount of$388,800.00, available
to you by your draft drawn on sight on the undersigned bank as security for Developer's
full and complete compliance with the requirements set forth in that certain Agreement for Hunters
Lake Estates permit between the Developer and the City of Albertville, dated December 13, 2017
("Developer's Agreement"). This Letter of Credit relates to all property governed by said
Developer's Agreement.
Each draft drawn under this Letter of Credit must:
(a) Be accompanied by the original of this Letter of Credit;
(b) Be accompanied by a notarized statement executed by the Clerk of the City of
Albertville stating that the Developer is in default of the Developer's Agreement and that
the City is entitled to draw upon the Letter of Credit. Such statement shall set forth the
basis for determining that the Developer is in default in the Developer's Agreement and
the amount required to cure such default;
(c) Be in an amount required to cure the default by the Developer, which amount
shall not exceed $388,800.00.
(d) Bear on its face the clause: "Drawn under Letter of Credit No.162, dated December 13, 2017.
(e) Be presented for payrnent at Sentry Bank, 400 4th Ave NE, PO Box 159, St Joseph MN 56374
prior to the expiration of this letter of credit.
This Letter of Credit shall automatically renew for successive one-year terms unless, at
least forty-five(45) days prior to the next annual renewal date(which shall
be December 13, 2018, of each year), Sentry Bank delivers written notice to the City of
Albertville 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, 5959 Main Ave NE, 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.
This Letter of Credit sets forth in full our understanding which shall not in any way be
modified, amended, amplified, or limited by reference to any document, instrument, or
agreement, whether or not referred to herein.
www.mysentrybank.com
St Joseph • St Cloud West • St Cloud Downtown • St Stephen
This Letter of Credit is not transferable or assignable. This is not a Notation Letter of
Credit. More than one draw may be made under this Letter of Credit.
This Letter of Credit shall be governed by the most recent revision of the Uniform
Customs of Practice for pocumentary Credits, International Chamber of Commerce
Publication No. 500.
We agree that drafts drawn under and presented in conformity with the terms of the
Letter of Credit will be duly honored upon presentation.
SENTR, AN
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By: Douglas Danielson, Senior Vice President