2005-02-04 LOC Establish
A
ALLIANCE BANK
"
IRREVOCABLE LETTER OF CREDIT NO 6512-96
DATE:
February 4, 2004
FOR THE ACCOUNT OF: Contractor Property Developers Company
TO BENEFICIARY:
City of Albertville
5975 Main Avenue
Albertville, MN 55301
RE:
Shoppes of Towne Lakes One
AMOUNT:
$405,628.00
EXPIRATION:
February 4, 2005
We hereby establish this as our Irrevocable Letter of Credit in favor of the City of
Albertville, hereinafter referred to as' (the "Beneficiary"), at the request and for the
account of Contractor Property Developers Company, hereinafter referred to as (the
"Applicant"), available by your drafts at sight on up to, but not exceeding Four Hundred
Five Thousand Six Hundred Twenty Eight and 00/100 Dollars ($405,628.00) inD.S.
Currency.
Your draft must be presented tous on or before February 4, 2005, or any extended date,
and must be accompanied by the following:
1. Be signed by an authorized officer of the Beneficiary
2. Bear on its face the clause "Drawn under Alliance Bank Letter of Credit
Number 6512-96, dated February 4,2004."
3. Anotarized written statement, signed by the drawer of the draft, tothe effect that
Contractor Property Developers Company is in default of the terms and
conditions as stated in the City of Albertville Master Planned Unit Development!
Conditional Use Agreement Shoppes at Towne Lakes One, dated
issued between Contractor Property Developers Company and the City of
Albertville.
Irrevocable Letter of Credit No. 6512-96
Applicant: Contractor Property Developers Company
Beneficiary: City of Albertville
Page 2 of2
4. A copy of Beneficiary's notice to Applicant of its intent to draw upon this Letter
of Credit.
5. Be accompanied by this Letter of Credit Number 6512-96.
We hereby agree that all drafts under and in compliance with the terms of this Letter of
Credit will be duly honored if drawn and presented for payment at our offices located at
120 Town Square, 444 Cedar Street, St. Paul, Minnesota 55101, by 3:00 p.m., Central
Standard Time, on or before the expiration date of February 4, 2005. However, this
Letter of Credit shall be void as to the portion payable ifnot presented by the close of
business on the expiration date.
It is a condition of this Letter of Credit that it shall be automatically extended for
additional periods of one (l) year from the present or each future expiration date unless
sixty (60) days prior to such date you are notified in writing by registered mail at the
afore mentioned address that Alliance Bank elects not to renew this Letter of Credit for
additional periods.
The Letter of Credit shall be governed in all respects by the laws of the State of
Minnesota, including the Uniform Commercial Code in effect in said State.
Except as otherwise stated herein, the Letter of Creditls subject to the Uniform Customs
and Practices for Documentary Credits (1993 Revision), International chamber of
Commerce Publication No. 500, or any subsequent revision thereto.
Alliance Bank
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