1999-11-02 LOC 99-53 Issued
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We hereby issue in your favor our Irrevocable Letter of Credit No. 99-53 for the account of
Cascade II Land Company, LLC, for an amount or amounts not to exceed in the aggregate
U.S.Dollars, Two Hundred Thirty Three Thousand Three Hundred Thirty-Three and No/100
Dollars ($233,333.00) available by your drafts on sight at First National Bank of Elk River, 729
Main Street, Elk River, Minnesota 55330 and expiring November 2,2000.
Funds under this credit are available against your draft(s) mentioning our Letter of Credit No. 99-
53, dated November 2, 1999. The below mentioned documents must be presented at sight on or
before the expiration date of November 2,2000, in accordance with the terms and conditions of
the Letter of Credit.
Drafts drawn under this agreement must be accompanied by the following documents:
1. A signed. statement from an authorized signer of the City of Albertville which is to indicate
his/her title reading Cascade II Land CompanyLLC has not complied with the
requirements of the Developers Agreement between Cascade II Land Company LLC and
the City of Albertville.
2. The original Letter of Credit No. 99-53
3. Bear on its face the clause: "Drawn under Letter of Credit No.99-53, dated November 2,
1999."
4. Be presented for payment at this office no later than 1;00 PM on November 2,2000 at
which time this Letter of Credit shall expire.
Branches in: Anoka, Elk River, Hassan, Monticello, and Zimmerman
www.lnatbanker.com EMail >>-fnber@lnatbanker.com
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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 fact or law between the Beneficiary and the
Developer.
Sincerely,
'I: FIRST NATIONAL BANK OF ELK RIVER
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Thomas L. Lund,
Vice President
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