2004-02-04 LOC
~.~.'
'. ~
#' .
ALLIANCE BANK
IRREVOCABLE LETTER OF CREDIT N~
DATE:
February 4, 2004
FOR THE ACCOUNT OF: Contractor Property Developers Company
TO BENEFICIARY:
City ~l mar
5975 Main Avenue
Albertville, MN 55301
RE:
>@: f i"i~ ~ ~r;":J. --; "11~' ~I~ ,'", ~~\ ~)-: t~'~'J r;! :t:f ~ 1', 0-
AMOUNT:
~/ ~ q/,-: :.tk..~l;'{~ $.U
EXPIRATION:
.-
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) in U.S.
Currency.
Your draft must be presented to us 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 AUillnce Bank Letter of Credit
Number 6512-96, dated February 4,2004."
3. A notarized written statement, signed by the drawer of the draft, to the 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.
120 TOWN SQUARE . 444 CEDAR STREET . ST. PAUL MN 55101 · (651)229-0070 · FAX(651)229-0966
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 if not 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 (1) 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 Credit is 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
By:
Its: V P
'0
~
--
\\
RETURN TO:
TRI COUNTY ABSTRACT & TITLE
921 FIRST ST N #200
PO BOX 1332
ST CLOUD MN 56302-1332
Doc. No. A 896395
OFFICE OF THE COUNTY RECORDE
WRIGHT COUNTY, MINNESOTA
Certified Rlec! and/or Recorded on
02-10-2004 at 04:00
Check #: 124051 Fee: $ 46.0
Payment Code 02
Add!. Fee NS
Larry A. Unger, County Recorder
CITY OF ALBERTVILLE
MASTER PLANNED UNIT DEVELOPMENTI
CONDmONAL USE AGREEMENT
SHOPPES AT TOWN LAKES ONE
TIllS AGREEMENT, entered into 1his U day of fr~M~ ,2004 by
and between Contractor Property Developers Company, collectively erred to
herein as "Developer"; and the CITY OF ALBERTVILLE, County of Wright, State
of Minnesota, hereinafter referred to as "City";
WITNESSETH:
WHE~ Developer is the fee owner of the real property described in the
attached Exhibit A, which real property is proposed to be subdivided and platted for
development, and which subdivision, which is the subject of this Agreement, is
intended to bear the name "Shoppes at Town Lakes One" and shall hereinafter be
referred to in its entirety as "Said Plat" or "Subject Property"; and
WHEREAS, Developer has received final plat approval for 6 lots within Said
Plat; and
'WHEREAS, this Agreement is entered into for the purpose of setting forth
and memorializing for the parties and subsequent owners, the understandings and
covenants of the parties concerning Said Plat and the conditions imposed thereon;
and
WHEREAS, approval of a Planned Unit Development is required to permit
development of Said Plat in the manner proposed by the Developer; and
WHEREAS, the City has given preliminary approval of the Development
contingent upon compliance with certain City requirements including, but not limited
to, matters set forth herein; and
1
.,. , .
,
CJ Developer will provide the City with an irrevocable letter of credit (or
L/' other surety as approved by the City Attorney) as security that the
obligations of the Developer under this contract shall be performed.
Said letter of credit or surety shall be in the amount of $405,628.00
representing the sum <?f 100% of the estimated cost of the Municipal
Improvements ($139,028.00), 100% of the on and off-site
improvements related to streets, ($116,600.00), and 150% of the
estimated cost for landscaping/screening materials ($150,000.00).
Said letter of credit or surety must meet the approval of the City
attorney as to form and issuing bank.
. B. The City may draw on said letter of credit or surety to' complete work
not performed by Developer (including but not limited to on- and off..;.
site improvements, Municipal Improvements described above,' erosion
control, and other such measures), to pay liens on property to be
dedicated to the City, to reimburse itself for costs incurred in the '
drafting, execution, administration or enforcement of this Agreement,
to repair or correct deficiencies or other problems which occur to the
Municipal Improvements during the warranty period, or to otherwise
fulfill the obligations of Developer under this agreement.
C. In the event that any cash, irrevocable letter of credit, or other surety
referred to herein is ever utilized and found to be deficient in amount
to payor reimburse the City in total as required herein, the Developer
agrees that upon being billed by the City, Developer will pay within
thirty (30) days of the mailing of said billing, the said deficient
amount. If there should be an overage in the amount o(utilized
security, the City will, upon making said determination, refund to the
Developer any monies which the City Juis in its possession which are
in excess of the actual costs of the project as paid by the City.
D. Developer hereby agrees to allow the City to specially assess
Developer's property for any and all costs incurred by the City in
enforcing any of the terms of this agreement should Developer's letter
of credit or surety prove insufficient or should Developer fail to
maintain said letter of credit or surety in the amount required above
within 30 days of mailing of written request by the City. Should the
City assess Developer's property for said costs, Developer agrees not
to contest or appeal such assessment and waives all statutory rights of
appeal under Minnesota Statutes, including Minnesota Statute
429.081.
9