2000-07-27 LOC
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BUILDERS MORTGAGE COMPANY LLC
e
Construction Loan Specialists for Professional Builders
646 East River Road
Anoka, MN 55303
(763) 323-0820
(763) 323-9105 (Fax)
14300 Nicollet Ct, Suite 110
Burnsville, MN 55306
(763) 898-1110
(763) 892-6555 (Fax)
July 27, 2000
City of Albertville
PO Box 9
5975 Main Avenue NE
Albertville, MN 55301
IRREVOCABLE LETTER OF CREDIT NO. 5669-700-DI DATED: Julv 27.2000
Ladies and Gentlemen:
We hereby establish our Irrevocable Letter of Credit, numbered as indicated above, and effective
upon the recording of the plat for Kollville Estates, in favor of the CITY OF ALBERTVILLE
(the "Beneficiary") at the request and for the account of LEUER-MUNSTERTEIGER
PROPERTIES, INC., a Minnesota corporation (the "Developer") in the amount not to exceed
FIVE HUNDRED FORTY THREE THOUSAND EIGHT HUNDRED Dollars and No/lOO
($543,800.00 U.S.), as such amount is decreased as provided below, available to you by your
sight draft(s) upon us to guarantee the completion of the Developer Improvements in connection
with that certain Development Contract between the Beneficiary and the Developer dated
2'1 -:5 vf., 'I ,2000 for the subdivision to be known as Kollville Estates.
Each draft under this Letter of Credit must be accompanied by:
A. The Original oftms Letter of Credit;
B. A notarized statement executed by the Beneficiary stating the Developer has failed to
complete the Development Improvements as required under the Development Contract
referenced above, the Beneficiary is entitled to draw upon the Letter of Credit, and
certifying the funds obtained herefrom shall be expended towards completion of the
Developer Improvements.
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e
City of Albertville
Page 2
IRREVOCABLE LETTER OF CREDIT NO.5669-700-DI DATED: Julv 27. 2000
Each draft under this Letter of Credit must:
1. Be signed on behalf of the Beneficiary by its City Administrator;
2. Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO. 5669-700-
DI DATED: July 27,2000";
3. Be presented for payment during regular business hours at our Collection Department,
646 East River Road Suite #1, Anoka, MN 55303 no later than 2PM on July 27, 2001,
at which time this Letter of Credit shall expire.
The amount of the Letter of Credit shall reduce by the amount of each drawing the
amount available under this Letter of Credit.
We hereby agree that drafts drawn under and presented in conformity with the terms of
this Letter of Credit will be duly honored upon presentation.
Facsimile documents on Beneficiary letterhead requesting amendment(s) to this
Irrevocable Letter of Credit will be accepted as original documentation by BUILDERS
MORTGAGECOMPANYLLC.
Except as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documentary Credits (1983 Revision). This Letter of Credit shall be
deemed to be a contract made under the laws of the State of Minnesota, and as to matters not
governed by Uniform Customs, shall be governed by and construed in accordance with the laws
of the State of Minnesota, including the Uniform Commercial Code as in effect in the State of
Minnesota.
This Letter of Credit is not transferable or assignable and is not issued for the benefit of
any third party claimant.
We shall not be called upon to resolve issues of law or fact between the Beneficiary and
the Developer.
BillQ;]TGA: COMPANY LLC
By _ -4i'- j) ,
Its Vice President
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BUILDERS MORTGAGE COMPANY LLC
e
Construction Loan Specialists for Professional Builders
646 East River Road
Anoka, MN 55303
(763) 323-0820
(763) 323-9105 (Fax)
14300 Nicollet Ct, Suite 11 0
Burnsville, MN 55306
(763) 898-1110
(763) 892-6555 (Fax)
July 27, 2000
City of Albertville
PO Box 9
5975 Main Avenue NE
Albertville, MN 55301
IRREVOCABLE LETTER OF CREDIT NO. 5669-700-DI DATED: Julv 27. 2000
Ladies and Gentlemen:
We hereby establish our Irrevocable Letter of Credit, numbered as indicated above, and effective
upon the recording of the plat for Kollville Estates, in favor of the CITY OF ALBERTVILLE
(the "Beneficiary") at the request and for the account of LEUER-MUNSTERTEIGER
PROPERTIES, INC., a Minnesota corporation (the "Developer") in the amount not to exceed
FIVE HUNDRED FORTY THREE THOUSAND EIGHT HUNDRED Dollars and No/lOO
($543,800.00 U.S.), as such amount is decreased as provided below, available to you by your
sight draft(s) upon us to guarantee the completion of the Developer Improvements in connection
with that certain Development Contract between the Beneficiary and the Developer dated
2"7 :s tJt. Y ,2000 for the subdivision to be known as Kollville Estates.
Each draft under this Letter of Credit must be accompanied by:
A. The Original of this Letter of Credit;
B. A notarized statement executed by the Beneficiary stating the Developer has failed to
complete the Development Improvements as required under the Development Contract
referenced above, the Beneficiary is entitled to draw upon the Letter of Credit, and
certifying the funds obtained here from shall be expended towards completion of the
Developer Improvements.
--
e
City of Albertville
Page 2
IRREVOCABLE LETTER OF CREDIT NO.5669-700-DI DATED: Julv 27. 2000
Each draft under this Letter of Credit must:
1. Be signed on behalf of the Beneficiary by its City Administrator;
2. Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO. 5669-700-
DI DATED: July 27,2000";
3. Be presented for payment during regular business hours at our Collection Department,
646 East River Road Suite #1, Anoka, MN 55303 no later than 2PM on July 27, 2001,
at which time this Letter of Credit shall expire.
The amount of the Letter of Credit shall reduce by the amount of each drawing the
amount available under this Letter of Credit.
We hereby agree that drafts drawn under and presented in conformity with the terms of
this Letter of Credit will be duly honored upon presentation.
Facsimile documents on Beneficiary letterhead requesting amendment(s) to this
Irrevocable Letter of Credit will be accepted as original documentation by BUILDERS
MORTGAGECOMPANYLLC.
Except as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documentary Credits (1983 Revision). This Letter of Credit shall be
deemed to be a contract made under the laws of the State of Minnesota, and as to matters not
governed by Uniform Customs, shall be governed by and construed in accordance with the laws
of the State of Minnesota, including the Uniform Commercial Code as in effect in the State of
Minnesota.
This Letter of Credit is not transferable or assignable and is not issued for the benefit of
any third party claimant.
We shall not be called upon to resolve issues of law or fact between the Beneficiary and
the Developer.
BUQ]..MO T. GA: COMPANY LLC
By_ . ~':P.
Its Vice President
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City of Albertville
Page 2
IRREVOCABLE LETTER OF CREDIT NO.5669-700-DI DATED: Julv 27. 2000
Each draft under this Letter of Credit must:
1. Be signed on behalf of the Beneficiary by its City Administrator;
2. Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO. 5669-700-
DI DATED: July 27,2000";
3. Be presented for payment during regular business hours at our Collection Department,
646 East River Road Suite #1, Anoka, MN 55303 no later than 2PM on July 27,2001,
at which time this Letter of Credit shall expire.
The amount of the Letter of Credit shall reduce by the amount of each drawing the
amount available under this Letter of Credit.
We hereby agree that drafts drawn under and presented in conformity with the terms of
this Letter of Credit will be duly honored upon presentation.
Facsimile documents on Beneficiary letterhead requesting amendment(s) to this
Irrevocable Letter of Credit will be accepted as original documentation by BUILDERS
MORTGAGECOMPANYLLC.
Except as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documentary Credits (1983 Revision). This Letter of Credit shall be
deemed to be a contract made under the laws of the State of Minnesota, and as to matters not
governed by Uniform Customs, shall be governed by and construed in accordance with the laws
of the State of Minnesota, including the Uniform Commercial Code as in effect in the State of
Minnesota.
This Letter of Credit is not transferable or assignable and is not issued for the benefit of
any third party claimant.
We shall not be called upon to resolve issues of law or fact between the Beneficiary and
the Developer.
BUILDERS MORTGAGE COMPANY LLC
~~~
By
Its Vice President
e
e
City of Albertville
Page 2
IRREVOCABLE LETTER OF CREDIT NO.5669-700-DI DATED: Julv 27. 2000
Each draft under this Letter of Credit must:
1. Be signed on behalf of the Beneficiary by its City Administrator;
2. Bear on its face the clause "DRAWN UNDER LETTER OF CREDIT NO. 5669-700-
DI DATED: July 27,2000";
3. Be presented for payment during regular business hours at our Collection Department,
646 East River Road Suite #1, Anoka, MN 55303 no later than 2PM on July 27,2001,
at which time this Letter of Credit shall expire.
The amount of the Letter of Credit shall reduce by the amount of each drawing the
amount available under this Letter of Credit.
We hereby agree that drafts drawn under and presented in conformity with the terms of
this Letter of Credit will be duly honored upon presentation.
Facsimile documents on Beneficiary letterhead requesting amendment(s) to this
Irrevocable Letter of Credit will be accepted as original documentation by BUILDERS
MORTGAGE COMPANY LLC.
Except as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documentary Credits (1983 Revision). This Letter of Credit shall be
deemed to be a contract made under the laws of the State of Minnesota, and as to matters not
governed by Uniform Customs, shall be governed by and construed in accordance with the laws
of the State of Minnesota, including the Uniform Commercial Code as in effect in the State of
Minnesota.
This Letter of Credit is not transferable or assignable and is not issued for the benefit of
any third party claimant.
We shall not be called upon to resolve issues of law or fact between the Beneficiary and
the Developer.
BUILDERS MORTGAGE COMPANY LLC
~~-
By
Its Vice President