2026-03-26 24-71382 Letter of CreditTo: City of Albertville
P.O. Box 9
Albertville, MN 56301
Re: JAVA Retail Addition
IRREVOCABLE LETTER OF CREDIT
No: 524
Dated: March 26, 2026
We hereby issue, for the account of Java Albertville Retail LLC ("Developer"), and in your favor, our
Irrevocable Letter of Credit No 524 in the amount of $138,250.00, available to you by your draft drawn on sight
on the undersigned bank as security for Developer's full and complete compliance with the requirements set
forth in that certain Agreement entitled "City of Albertville Planned Unit Development Agreement, JAVA
Retail Addition B-3/PUD" dated March 26, 2026 ("Developer's Agreement"). This Letter of Credit relates to all
property governed by said Developer's Agreement.
Each draft drawn under this Letter of Credit must:
(a) Be accompanied by the original of this Letter of Credit;
(b) Be accompanied by a notarized statement executed by the Administrator of the City of Albertville
stating that the Developer is in default of the Developer's Agreement and that the City is entitled to draw upon
the Letter of Credit. Such statement shall set forth the basis for determining that the Developer is in default in
the Developer's Agreement and the amount required to cure such default;
(c) Be in an amount required to cure the default by the Developer, which amount shall not exceed
$13 8,250.00,
(d) Bear on its face the clause: "Drawn under Letter of Credit No. 524, dated March 26, 2026."
(e) Be presented for payment at Bravera Bank. at 11102 57th Street NE, Albertville, MN 55301 prior to the
expiration of this letter of credit
This Letter of Credit shall automatically renew for successive one-year terms on each December 31 S`, unless, at
least forty-five (45) days prior to the next annual renewal date, Bravera Bank delivers written notice to the
Albertville City Administrator that it intends to modify the terms of, or cancel, this Letter of Credit, in which
case it shall expire on the following December 31 st. Written notice is effective if delivered to, or sent by
certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next
annual renewal date addressed to, the following address: City of Albertville, c/o City Administrator, P.O. Box 9,
Albertville, MN 55301 and is actually received by the City Administrator at least thirty (30) days prior to the
renewal date.
This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended,
amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein.
This Letter of Credit is not transferable or assignable. This is not a Notation Letter of Credit. More than one
draw may be made under this Letter of Credit.
This Letter of Credit shall be governed by the most recent revision of the Uniform Customs of Practice for
Documentary Credits, International Chamber of Commerce Publication No. 600.
bravera.banl<
We agree that drafts drawn under and presented in conformity with the terms of the Letter of Credit will be duly
honored upon presentation.
Bravera Bank
BY '
Aaron DeBerg
Market President