2002-04-26 LOC Establish
e
STATE BANK
OF ROGERS
April 26, 2002
City of Albertville
PO Box 9
Albertville, MN 55301
To City Clerk:
RE: Leuer-Munsterteiger Properties, Inc.
Letter of Credit #2002-1
We hereby establish our Irrevocable Letter of Credit #2002-1in your favor for the account ofLeuer-
Munsterteiger Properties, Inc. The aggregate amount is not to exceed Two Hundred Twenty Thousand,
Two Hundred Fourteen and 50/100 dollars ($220,214.50) available by your draft drawn at sight at the State
Bank of Rogers, 12916 Main Street, Rogers, MN 55374.
The drafts drawn under this Letter of Credit #2002-1 are to be endorsed hereon and must bear the clause
"Drawn under State Bank of Rogers Letter of Credit #2002-1, and are to 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 Agreement for the Kollville Estates Second Addition.
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 April 26, 2004, 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,
C\:J ~~
Doug~leess
Vice President
DEB:jw
12916 MAIN STREET · P.O. Box 127 · ROGERS, MN 55374-0127 · www.statebankofrogers.com
763-428-2222 Member FDIC FAX 763-428-8510