2007-02-13 LOC
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FE8-1j-2007 TUE 11:42 AM DEAN JOHNSON HOMES
Of/13/2PD! ~ 10:34 FA! 9710578 ~ Di4N JOHNSON
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FAX NO. 7634794821
P. 02
!ill 002/008
: 1. De sigaed OIl beba1C of the City by the AdmiDistrativc E1l8baccring
T~1miGiID 01' hisIhar deRlDec.
'. 2. Be in all 1nIOUDJ: te41uired to cure the default by the Developet, '\1I~blch
I amount abaU ~ excee4 5610,337.00.
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.' ~ 3. Bear 011 ita faclo the c:1auso, "DRA WN UNDD Llh I CoR OF OJiDIT
., f. NO. 2601 00'" datccI AUl\llt 6,2004.
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8l6-~ 610/900'd ZZ9-! 99~~Z8ge9l+
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ALPINE CAPITAL, LLC
919 TweLve OAKS CINn:R
15500 WAl'ZATA BOUUVARD
WA\'2ATA, MN '5391
PHONe "2-Z4'-.907'
p~ g52..24~)..J 141
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, nWwOCABLE IJ:;ruuc. OF ctUmlT NO. ~_Ot 001 DATBD AUGUST 6, 1AlO4.
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slr8live Eu,gjftemiDg reahuiGian
:City f AlbcrtviDc
-597S . AV8I1ue
.P.O. box 9
*De..MNSS301
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eby establish our laevocable Lrater' ot Credit, DDlDbCRd IS indicated abov~ II1C~
've immediaccly, in favor ottbe City of AlbemriJle C"City"), at the request aacl ',r the
of Golci Key Development, IDe. (tha DeveJap.) in the amolDlt of aad!lOt to ~t cced Six
d' Bigbty 'IbousaDd TJuree HUZIdred '11drty Seven and 001100 (5680,337.00). is .uch
" t is decreased 18 provided be1cnv, available to ~u by yaw sight draft or drafts drawn UPOD
~Iin ~on with the Dnelopcrs abJiptiDDS as clescribed in the Planned Ullit De'/e1opment
?A . iDt tbr the Plam1cd Umt ~t to be lcDawn as "Prairie Ran". 'Ibis 8Q1t3unt
5 SO% of the estimated costs of the MumcipaJ lmprovem8!1ts. This :&rcvocab~: Lcucr
.t is valid I1pOn recordins ofb Plat.
draft drBWll UDder thi& LcIt.- of Credlt mast be accompanied by:
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The origiDal otThis Le&eer afCndit;
A DOtarizcd statement exewted by the AdmiDistrat:in Eogiaeerirlg
TeoJmicjan. statiq that the Developer is in defiwJt under the terms of tho
DGvo1opers Agmm-. m4 that the City is entitled. to cltaw upolJ the
Letter of Credit. SUch ItatemClllt sbaU set forth the amount requiled to
cure such defiwlt.
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, !draft drawn UDder 1his Lilt.. of Crcctit Ul\Ut;
FAX NO, 7634794821
p, 03
iii 003/001
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8e prcacmted for payment duriq rapier lJasiMss hours at our 1~311ecliOD
deputllud at 901 Twelve Oalca Ceotar Drive, Suite 919, Waylllta, MN
55391, no later tlum. 2:00 p.m. em luna 30, 2005.
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hu i. able Lotter of Credit maybe reduced by SO% of tho amount of special auetsments
~aif1' n in)' lot in Prairie RIm purIU8I1t to the Surety Release provilians set out in Section 6 or
~ 'ty of AlbmwiD.e P1aDnGci UBit DcvclGpMcut Apeement Prairie Run. The reductlon.per lot
. ;lis I an Exhibit A
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drawiDs htnImder sball re4uee by the amoU1U of sub cItawiIa~ t21e iIll101mt avaihlble under
of Credit.
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, ' agrea that <lrafta drawn UDder ara4 preHIltecI in confomlity with the teems (I:f~
of Cndit will be duly baDm'Cd. "pem JlRlQltatiOIlo
as otbGrwisc ~y dated, dIis Letter of Omit is subject to the Ummm CmtGlDs aad
e for Dootm1G1lt8zy CIeclits (IateJt Rev.), Intemdioul Ch~er ofCommcme JII~bUcatiOJlS
00 (or JatM DO.) (the Uniform Cu$tOm.s). As to matters not govemed by the Uni10rm
I" ~ Letter aCCredit 8ba11 be governed b~ aDd CODIUUCl in accordlr1ee with '~.lawa of
ofMiDnesota, iDeludhtg the UIli!onn ColnIIacial Code as in effect in the S_ or
of Credit is not tranafaahle or assipab1c aDd. is not ilmed fbr tbJ:= bmefit of any third
~~il'd"'.
~We all Dot be called 1IpOJl to resolve isaues of Cia or Jaw betweeD the City ad the I>>eveloper,
~ er, .c cDsteaDe of a dispute as to iswcs of Jaw or faat betweea The CitY _ lilt:
~~ sball have DO effect em th. City" s ability to draw OIl this Jzrcvocablc Letter 00 fCredit.
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. DUe 1. Swcmon
ProsidCllJt
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8l6.~ 610ll00'd ZZ9-!
99vvZ89E9l+
Vd !!Yn , NOS~3!3d NOS~V' NOSNHor-no~~
8):91 lOOZ-OZ-a3~
P. 04
FEB-13-2007 TUE 11:43 AM DEAN JOHNSON HOMES FAX NO. 7634794821
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'02/13/1001 10:'5 FAX 9110518 ~ DEAN JOHNSON
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, ~nlO. Uowin8 amaunts ate tb& per lot special ossessm.ts to be assessed ill Prairie a1UL The
. : ia~ Irrevocable Later of CraiU may bo reduced as each lot's assessments are paic~ pd.l'SUant
. ho. s\1icty Rd*CI pIOvisicms set out in Seeticm 6 of the City of Albertville Ptamaecl. Unit
: ~DCv :. t Agreement Prairie lbm. ,
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:;1 I, Sing1cFamilylots n9,400.00x SOOA.:;::S14,700
l . DctaGbed Towobomelots $22,350.00 X SOIA = SllJ 175
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Ii 004/008
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BL6-~ 610/BOO'd ZZ9-l
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6~:SI LOOZ-OZ-83~
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FEB-13-2007 ruE 11:43 AM DEAN JOHNSON HOMES
.Or::~/~D~ ~ lD.35 PAX .'10." ... DB&N JDlNSQN
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FAX NO. 7634794821
P. 05
lCII 005/008
ALPINE CAPITAL, LLC
, 9J9 'I'wELw OArs CINnR
15500 \VAYZATA Bouu:vAaD
WAY7.ATA, MN 5S391
PHONE: 952-249-9019
f~ "20024'-1141
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j ,IRREVOCABLE LBTTBR OF CREDIT NO. ~dQ.lOO2 DATBD AUGUST ct, :~004.
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.I~~ '~~Tecmmm
. ,1597 :to Avcmac
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JAlb '. MN S5301
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~Dca Sir or Madam:
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creby establish our lnevocabJe Letter of Credit_ numbered u mOlted above. aul
'w immediately, in filvar cftbe City of AlltertVi11e ("Cily''). at tile request and llJt the
. t pt Gold Koy DcwloplDCllt. Inc. (tho DovolopGr) in tho 3JIlOWlt af ad DOt to .,:cUd Yafly
Thousand _ 00/100 (S53~OOO.OO). lIS sacls amaUllt is decreased as pro"Yided "'~IQw,
~ to you by yoUI' lipt draft or drafts draq upoa us in c:oaneetioD with the Dc:lrelopcr's
telatms to the oomplelion of OIL IIDd af(.site improvements as descn'bed in the
. .Ullit Development A~ for the PJaaer1 Uait DoveJopment to be kDowrl 88
. RuJ1P. This ImMlcablo Wtte: of Credit is valid upon recording of the Plat.
. draft draWD undCJt this Letter of Credit must be accampauicd by:
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Tho oriJim1 ofthii Letter ofCrcdit;
A notarized statemlll1t oxecuted by the .6.AmiltiAtntive E1lgiDea1DC
Technician, stalinl tl1at the Deve1opa' is in ddmlt under the te;~rDl of'tbe
Devdopa:s ~ and that 1be City is catitlcd to draw \lpm& the
Lctt:cr of Qoedit. S\1Gh atatemaat shall set forth the II!UJUl1t l'Clqlcired to
cure sach default.
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:~ draft aWl! under this t..ett.- at Credit must:
; 'I . I. lie sisnorI an bo1Wf orllle ellY by the AdmiDiJlntive llD8iDeaiaC
'I T-el1.uie.iaD or bisIber dclsipee.
2. Be iD III amount required to =c the default by the Developer. whiCh
amount shaD not exccecl 153,000.00.
Bear on its lace 1he clause, t1)JAWN UNDER LEn_ OF CIUIDlT
NO. 2601 002" dlto4 August 6. 2004.
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9l6-~ 610/600.d ZZ9-!
99"Z99E9l+
Vd !!~ , NOS~3!3d NOS~V' NOSNHor~o~~
6,:91 lOoz-oz-a3~
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FE8-13-2007 TUE 11:43 AM DEAN JOHNSON HOMES
FAX NO. 7634794821
P. 06
111008/008
'O'/13l~O~
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:~O:3S 'AX g'lOS'8 .~ DEAN JQSNSQN
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, ; k 4. Be prescueecl for ~ durina regular bus~ hours at our I::allcction
, i I d.cpartmOClt at 90l1'welve Oaks c.tetDbvo. Suite 919, WaY2nu.. MN
" 5S3'1, no latei' than 2:00 p.m. OD.l1.IDe 30, 200s.
; ; I~ .: blc LelW orClldiUlIay lie ~ 111- COSI orlUlIIIlIIIIl olklrc ~....;......,..
, ~ aDd paid for by the Dove1opcr pumII1It to the Surety JelBue provisiOl'l8 set ow ill
, ~Scc ~ :oftbo City of AIbclttille PlanDed tTDit Development Agreement Prairie Rul3.
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dr~ heretmd.er &ha.l1 ft5duce by the amoom: of such drawing the 1JD.D1D1t avaiblble UDder
iter of Cre4it
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by asrcc cbat mull dmwa. UDder lIDd prcsCAtcd in confosmitywith tba tfIUU ufthis
of Qedit will be duly bonarcclllpgn pRlCDtatiOD.
~BX 8$ otbQwise expte9S1y itaIed, this Letter of Credit is subjcet to the UDi1\mu Customs and
; ce for Doc1unentary Credits (11lte8t Rev.).1Dtema1ioDa1 Chamber of Commerce l~ubJioatiODS
~N~. '(ot' lar.est~) (the 1Jt't~ CUJromI). AA to mAtters not IDVIB'IlCd by the tTDirgrm
~CUst. . this LeUer ofOedit &ball be govcmcd by aDd COAStrucd in acoorcIarA with 1hc laws of
~S otM'"umeaota, UducliD; the Umtimft COIDIIICRliat Co4c as in effect ill the State c~
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~ T.lPs 'rter of Credit ia Dot &nIDdnJ>>le or assipablc aDd is DOt issued fOr rhc bc:r:lc& tlf m1 third
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, . ~We ~ DOt be called upon to resolv. issUttS offaa or law betweas the City and tho J:lcvclopcr,
,ib ~ ~ die exiaenee of a cliIpute as '" iuuas DEJa- or M betWeen the City aDd the
, : ~ ' . ~p;lIr sha1J 'have DO effect on the City's ability to draw QD this Irrevocable l.ctta:r I,f ~
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9l6-~ 610/010'd ZZ9-L
99~~Z99€9l+
Vd LLYn , NOS~3L3d NOS~V' NOSNHOr-nO~~
09:91 lOOZ-OZ-a3~
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FE8-13-2007 TUE 11:44 AM DEAN JOHNSON HOMES
FAX NO. 7634794821
P, 07
10:38 PAl 8Tl0S78 ... DEAN JOHNSON
IZI 00'7/008
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ALPINE CAPITAL, LLC
'l~ T9BLVE OAKs corrEll
1 SSOO WAYZATA BoUUVAID
WMZATA. MN '5391
PNONe: 9S2-149~90~
FAit: 952-299-11.(1
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, ; I ! . ~OCABU! Ll!TTBR OF CREDIT NO. 26OLOO3 DATllD AUGUST 6, :1004.
; IA i . " 've BDp"'-.mg Tecbnicim
,~~ ~~e
,;,597 MRinAvenu
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'~ ' . . MN SS301
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'nc.r. Sir or Madam:
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~WO y establiah our Imvocable Lotter of Credit, numbemi as indi;atcd above, aE~J,
~ c: ':\Ie immediardy, i:a favor. oftbe City of AlbertviUe ("Cicy"), at the request and itar the
lacCO t ofGolc1 Key :Development, Inc. (the Developer) in tP mloaW of aDd DOt to e.:caed Fifty
,~. T4Qusand Two HUDdred 8Ild 00/100 (SSB.200.00), as &ud1 amcnmt is clecDa&ecI as proviclcd
F,bm1o ,aVailable 10 you by your sight draft or drath draWn upOD us in oonnection witb the
t . "'8 obligatioll& matinS to completion of l~~ ID8teria1s as (~~"bai iD
'~~ ADDed Unit Devolopment Agreemat for the PIaDaed Uait Development to be la,l>>W11 IS
r' 'c Run". This amoumrepreseat51S0% of the cstimatccl QOsts of the l3ndscapin!~'sci'el:Ding
~lU . i'related 10 said Plat. This Jmvogab1eLelta' ofCnditis valid uponUGOlcJinJ: Qfthc
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,~~ ~ drawn under ~ Letter GfCnctit must be aoaompmi~ by~
~ 1. The oriliDal of this LCltter afCredit;
~ 2, A notarized ttatemllllt execur.ed by the AdmiDistrativc E.n.-t1i
;: Teolmidan. statioC that the Developer is in default uder dle rcuu'oCtIle
Dcvc10pers A~t, aDd that d\c City is CIlotle4 to dmw upon th~
LeIter of Credit. Such smcmcnt shaD. set fotth the amQunt requi.red to
cure such default
draft drawn UDder this Leer ofCndit must:
Bo siped on \Jehalfofthe Cityby the AcIIrlinietratM Eugiu.crlJ~
Teclmic:im or hisIIlcr dellipee. .
., in 11ft imnat Jaquiml to cure the default by dle Developer, which
amouut IhaU 1l018XeeecI. $51.200.00.
Bear on its face the clause, ".DllA WN UNDER LE IlEa. OF CnEDlT
NO. ~OL9D3" elated Auauat 6. 2004.
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S9vvZB9E9l+
Vd !!~ , NOS~3!3d NOS~V' NOSNHor-~o~~
OS:SI lOoz-oz-a3~
FEB-13-2007 TUE 11:44 AM DEAN JOHNSON HOMES
-;~ .: i:P: 113/2LoT 10:38 FAX 9110878 ...... DEAN JOHNSON
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FAX NO. 7634794821
P. 08
IiII 008/008
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Be presstad fDr payJllCllt durirJ& replax bllSirle8s baus at our l~olleotiou
depll1ll:&eallt 901 Twelve Oaks Center Drive, Suite lUg. Wayz;u.-MN
SS391. DO lartbm2;OOp.m. an Deeembe:r 31. 2006.
4.
ac:ab1o Letter ofCnditmayltereduced by 150% oftha GOQ otcompletccl
. ~iq mat.a:ials punumt. tIt the Surety R.eleaae provisions set out in Sc:ction 6 of
of AIberMUe l'Jamaed Unit Dcwolopment AgrHlDellt Pmirie: RWI, exc. tbat in DO
sbaJ1 the lcttm of c;n:dit be m1u=:l below 59,700.00 (25% of the estimated landscaping
tor Wio years from the timo of the irasWlatiou of the 18Ddsoapiq materia1s- . _
. ber8UDda' 8hIU n:cJuce by the IIDD1IIIt of sud1 dnwiq the amount .yu]~ibll: 1md~
of Credit.
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. tNe ~y agree t1w drafts drawn under and pmented. in ~m.;1y with the terms urd1is
, .!: af Credit wiD be duly boDored upon preslDfllZion.
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, iBX U otlwrwise expressly stated. tbis Letter of Credit is &UbjBCt to the Uuifcum Qastoms md
: ~PrJIc :for Docmumtary Credits (latest Rev.), Intema1:icmal Chamber ofCommcICC 1)l&bUGadoDJ
, ~o. . '(ar 1atestno.) (tho UDifoJm Custam&). As fa mavers DOt governed by tho UU:l:tOrm .
: ~ClISt ' ,:this I.ettc.- of CrBdit shall be pemcd by ad ccmstru.cd ia IGCOI'dancc with tbe laws of
IS I ofM'llme80ta, iDcluctiug the Unifoma Commlft:ial Code as ill effect in the Slate,:lf
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:~ af Credil is DOllraDlferable or assiguable and is !lOt issued far the benefit I~f my third
. .. el~m3Dt.
DOt be caUed upon to resolve iuaes olfact or Jaw between the City BIlIl the l)~elopar,
, ~ existence of a diepme as to iamua oflaw or fld betw_ the City and th1,
er sball have DO etl=t taD the City's IbiJity to draw aD this Izrevocable Letrer caf Credit.
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9l6-~ 610/Z10"d ZZ9-!
99~~Z99E9l+
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Og:gl lOOZ-OZ-a3~