1997-11-06 LOC_~V)
November 6th, 1997
City of Albertville
5975 Main Ave NE
Albertville, MN 55301
STAT E BAN K
OF ROGERS
12916 MAIN STREET
P.O. Box 127
ROGERS, MN 55374-0127
(612) 428-2222
RE: Irrevocable Letter of Credit #97-11
Don's Bus Garage Conditional use permit planned unit Developer's Agreement
We hereby established our Irrevocable Letter of Credit #97-11 in your favor for the
account of Don's Bus garage located at Barthel Commercial Park, Albertville, MN 55301.
Amount, up to the aggregate amount of $148,500 (one hundred forty eight thousand five
hundred dollars) to complete obligations under conditional use permit planned unit
Developer's Agreement. Funds are available by your draft drawn at sight at State Bank of
Rogers, 12916 Main Street, Rogers, MN 55374. It is understood that this amount will be
reduced as improvements are completed.
The drafts drawn under this Letter of Credit #97-11 are to be endorsed hereon and must
bear the clause "Drawn under State Bank of Rogers Letter of Credit #97-11" and be
accompanied by a statement signed by an authorized person of the City of Albertville,
advising us that the applicant did not comply with the terms under the developer's
contract, dated November 6, 1997.
We hereby agree with the drawers, endorsers, and bona fide holders of all drafts drawn
under and in compliance with the terms of this credit, that such drafts will be duly honored
upon presentation to the drawee, if drawn on or before November 6, 1998 after which
time this Letter of Credit will be null and void.
This credit is subject to the Uniform Customs and Practice for Documentary Credit,
International Chamber of Commerce publication No. 500 (1993 Revision).
Sincerely,
~ ~ ~Q9.~-
Doug Bleess
Vice President
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