1993-10-13 LOC Established
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(((((III1H)))1 NORTHW=ST
701 Central Avenue E.
St. Michael. Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
City of Albertville
Attn: Linda Houghton
Box 131
Albertville, MN 55301
Date: October 13, 1993
Letter of Credit #259705
Expiration Date: October 13, 1994
Dear Ms. Houghton:
We hereby establish our IRREVOCABLE standby Letter of Credit
in your favor for the account of Braun Development, Inc.
available by your drafts drawn at sight on Security Bank
Northwest, st. Michael, MN 55376 for any sum or sums not
exceeding a total aggregate amount of $116,500.00.
Any draw under this Letter of Credit must be accompanied by
this original Letter of Credit, a copy of the Hardwood Pond
Second Addition Developer Agreement dated October 13, 1993
between Braun Development, Inc. and the City of Albertville
in the amount of $116,500.00 and a statement signed by a
Certified Official of the City of Albertville stating that
Braun Development, Inc. has not performed his obligations as
required under that contract and that the amount of the
sight draft accompanying the draw request is equal to the
amounts owed by The City of Albertville to cover expenses
necessary to rectify the failure of Braun Development, Inc.
to perform under the contract.
Except as otherwise stated herein,
the Uniform Customs and Practice
(1983 Revision), International
Publication No. 400.
this credit is subject to
for Documentary Credits
Chamber of Commerce,
The amount of each draft negotiated, with the date of
negotiation, must be endorsed hereon by the negotiating
bank, and any draft presented to us shall consti tute a
warranty of the negotiating bank that such endorsement was
effected.
All drafts drawn under this credit should bear the clause
"Drawn Under Securi ty Bank Northwest, st. Michael, MN Letter
of Credit #259705 dated October 13, 1993.
OFFICES:
Albertvlile: 5882 Main Street Northeast, Albertville, Minnesota 55301, (612) 497-3525. Maple Grove: 13370 Grove Drive, Maple Grove, Minnesota 55369, (612) 420-3039
City of Albertville
October 13, 1993
Page 2
All documents required by this Letter may be submitted until
its expiration date. Partial drawings are acceptable as are
multiple drawings although total draws may not exceed
$116,500.00.
The term of this letter of credit shall automatically extend
one (1) year from the expiration date provided herein unless
Security Bank Northwest notifies the City that said term
shall not be renewed or extended beyond the date provided
herein. Said notification shall be effective only if it is
provided to the City in writing at least sixty (60) days
prior to the expiration of said irrevocable letter of credit
as provided herein. Said extension shall occur annually
until said notice of non-renewal/non-extension is timely
provided to the City.
We hereby agree wi th you and wi th negotiating banks and
bankers that all drafts drawn by virtue of this credit, and
in accordance with its terms, shall meet with due honor upon
presentation and deli very of documents as specified to
Security Bank Northwest, St. Michael, MN if negotiated, or
if presented at this office together with Letter of Credit
on or before October 13, 1994.
Sincerely,
, ,
-:~ /j/'- f / / /-:) _ 'f;.
Kathryn A. Marquette
Asst. Vice President
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KAM/ce
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\ -?; BAN<
I(((ffll IUJII NORTHW=ST
701 Central Avenue E.
St. Michael, Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
City of Albertville
Attn: Linda Houghton
Box 131
Albertville, MN 55301
Date: October 13, 1993
Letter of Credit #259713
Expiration Date: October 13, 1994
Dear Ms. Houghton:
We hereby establish our IRREVOCABLE standby Letter of Credit
in your favor for the account of Braun Development, Inc.
available by your drafts drawn at sight on Security Bank
Northwest, st. Michael, MN 55376 for any sum or sums not
exceeding a total aggregate amount of $7,500.00.
Any draw under this Letter of Credit must be accompanied by
this original Letter of Credit, a copy of the Hardwood Pond
Second Addition Developer Agreement dated October 13, 1993
between Braun Development, Inc. and the City of Albertville
in the amount of $7,500.00 and a statement signed by a
Certified Official of the City of Albertville stating that
Braun Development, Inc. has not performed his obligations as
required under that contract and that the amount of the
sight draft accompanying the draw request is equal to the
amounts owed by The City of Albertville to cover expenses
necessary to rectify the failure of Braun Development, Inc.
to perform under the contract.
Except as otherwise stated herein,
the Uniform Customs and Practice
(1983 Revision), International
Publication No. 400.
this credit is subject to
for Documentary Credits
Chamber of Commerce,
The amount of each draft negotiated, with the date of
negotiation, must be endorsed hereon by the negotiating
bank, and any draft presented to us shall consti tute a
warranty of the negotiating bank that such endorsement was
effected.
All drafts drawn under this credit should bear the clause
"Drawn Under Securi ty Bank Northwest, st. Michael, MN Letter
of Credit #259713 dated October 13, 1993.
OFFICES:
Albertville: 5882 Main Street Northeast, Albertville, Minnesota 55301, (612) 497 -3525. Maple Grove: 13370 Grove Drive. Maple Grove, Minnesota 55369. (612) 420-3039
. "
City of Albertville
October 13, 1993
Page 2
All documents required by this Letter may be submitted until
its expiration date. Partial drawings are acceptable as are
multiple drawings although total draws may not exceed
$7,500.00.
The term of this letter of credit shall automatically extend
one (1) year from the expiration date provided herein unless
Security Bank Northwest notifies the City that said term
shall not be renewed or extended beyond the date provided
herein. Said notification shall be effective only if it is
provided to the City in writing at least sixty (60) days
prior to the expiration of said irrevocable letter of credit
as provided herein. Said extension shall occur annually
until said notice of non-renewal/non-extension is timely
provided to the City.
We hereby agree with you and wi th negotiating banks and
bankers that all drafts drawn by virtue of this credit, and
in accordance with its terms, shall meet with due honor upon
presentation and delivery of documents as specified to
Security Bank Northwest, st. Michael, MN if negotiated, or
if presented at this office together with Letter of Credit
on or before October 13, 1994.
Sincerely,
/'
//.,,///, "
Kathryn A.
Asst. Vice
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Marquette
President
KAM/ce