1992-10-01 LOC
-../
L.U
PRINCETON
IRREVOCABLE LETTER OF CREDIT
#213
City of Albertville
P. O. BoX 131
Albertville, Minnnesota 55301
Dated: October 1, 1992
Attn: City Administrator
Gentlemen:
At the request of John E. Darkenwald and George W. Yankoupe,
and in accordance with all applicable banking laws and
regulations, we author ize the city of Albertv ille to draw
upon princeton Bank of Princeton, a licensed and qualified
bank in the state of Minnesota up to an aggregate amount of
$81,375.00. It is understood that Princeton Bank of
princeton has agreed to provide this Letter of Credit as a
surety to guarantee that all of the terms and conditions of
the Developers Agreement for westw~nd Addition ( second
phase) dated Augus t 23 , 1991 , which is attached her eto and
incorporated herein by reference as Exhibit "A", are
performed by the Developer pursuant to the terms thereof.
This Letter of Credit is intended to be an Irrevocable
Letter of Credit signifying to the City of Albertville that
the bank named herein has pledged to the City the payment of
up to the aggregate amount set forth herein upon there being
any def aul t by the Developer of any of the condi ti,ons set
forth wi thin the aforesaid referred Developers Agreement.
Said aggregate amount shall be available to the City of
Albertville upon presentment of a draft or drafts signed by
the officially designated officials acting in behalf of the
City of Albertville and accompanied by the City's statement
stating that John F. Darkenwald and George W. Yankoupe have
defaulted in the performance of anyone or more of its
obligations to the city of Albertville and it shall be
accompanied by a copy of this Letter of Credit. The draft
shall bear on its face the clause "Drawn Under Letter of
Credi t #213, dated October 1, 1992" and be presented for
payment during the normal business hours of this institution
at any time from the date hereof until the undertakings
within said Developers Agreement are fully completed or the
date of expiration of this Letter of Creditor subsequent
Letter of Credit issued pursuant to the terms herein.
MILACA OGILVIE PEASE PRINCETON SAI'JT PAUL
~
~~
ZIMMERMAN
e
e
Irrevocable Letter of Credit #213
John F. Oarkenwald & George W. Yankoupe
Should the Developer fail to comply with all of the terms
and conditions of said Developers Agreement including making
the payments required for Special Assessments as set forth
therein, the City may draw, if drawn prior to its
expiration, the entire aggregate amount of this Letter of
Credit. It is our intention and agreement herein that upon
the expiration date of this Letter of Credit that until all
of the terms and conditions of said Developers Agreement are
fully satisfied, a new and continuing Letter of Credit and
subsequent new Letter of Credit, as are necessary, will be
issued to the City of Albertville in a like amount and under
the same terms and conditions (with exception of the
expiration date). Should we elect, however, for any reason
not to issue such a new Letter of Credit upon expiration of
this or a subsequently issued Letter of Credit, we will
notify the City of Albertville of the decision thirty
(30)days prior to the expiration date thereof. Said
notifications shall be sent by registered mail addressed to
the City Clerk of the City of Albertville, P. O. Box 131,
Albertville, Minnesota 55301. Upon receipt of such
notice,the City of Albertville shall be entitled to draw at
site, by presentment of a draft or drafts prior to the date
of expiration of the Letter of Credit, pursuant to the terms
hereof, up to the full aggregate amount as set forth herein.
A failure to deliver a notice of intent not to issue a new
Letter of Credit pursuant to the terms hereof to the City of
Albertville shall be deemed to automatically be a reissuance
or extension of this instrument in all its terms and
conditions for a period of one (1) yea~. In the event of a
withdrawal of all or a portion of the aggregate funds
referred to herein, it is understood that the City of
Albertville shall use such funds solely for the purpose of
meeting the Developer's obligation pursuant to the aforesaid
referred Developers Agreement. Any excess funds drawn by
the City to meet the Developer's obligations of the said
Developers Agreement, shall be returned to this institution
after the total fulfillment of the Developer's obligations
as set forth in the said Developers Agreement, including the
requirements for payment of Special Assessments.
Page 2
e
e
)
Irrevocable Letter of credit #213
John F. Darkenwald and George W. Yankoupe
Page 3
We further represent to you that all drafts drawn under and
in compliance with the terms of this Letter of credit will
be duly honored on or before the expiration date of the
first day of october, 1993, or any subsequent expiration
date of an automaticallY renewed or subsequently issued
Letter of credit as referred to herein. We confirm this
instrument and any subsequently issued instruments as
Irrevocable Letters of Credit and thereby undertake that all
drafts drawn or negotiated as above specified will be duly
honored by us. We further confirm to you that this
instrument is issued in accordance with the International
Chamber of Commerce of Commerce Brochure No. 400.
Your rights under this Letter of Credit are not assignable
or otherwise transferable.
Dated: october 1, 1992
PRIN~:::~
by: Ronald F. Howes
Senior Vice president
, :;r;;J;c;;:k;~;Y;;~#/';~'~ ~~'..a~//L/' 7'0
~'., r-~0
PRINCETON BANK PRINCETON "'--~ (>--_ ... \)... \ ~i\~'
'L/ ..~.. \., - ~\-~ \ _ 202 South LaGrande Avenue
. _. .J --..~ - Pnnceton, Minnesota 55371
(612) 389-2020
IRREVOCABLE LETTER OF CREDIT
11213
City of Albertville
P. O. Box 131
Albertville, Minnnesota 55301
Dated: October 1, 1992
Attn: City Administrator
Gentlemen:
At the request of John E. Darkenwald and George W. Yankoupe,
and in accordance with all applicable banking laws and
regulations, we author ize the city of Albertville to draw
upon Princeton Bank of Princeton, a licensed and qualified
bank in the State of Minnesota up to an aggregate amount of
$81,375.00. It is understood that Princeton Bank of
Princeton has agreed to provide this Letter of Credit as a
surety to guarantee that all of the terms and conditions of
the Developers Agreement for Westwind Addition ( second
phase) dated August 23, 1991,which is attached hereto and
incorporated herein by reference as Exhibit "A", are
performed by the Developer pursuant to the terms thereof.
This Letter of Credit is intended to be an Irrevocable
Letter of Credit signifying to the City of Albertville that
the bank named herein has pledged to the City the payment of
up to the aggregate amount set forth herein upon there being
any default by the Developer of any of the condi ti,ons set
forth wi thin the aforesaid referred Developers Agreement.
Said aggregate amount shall be available to the City of
Albertville upon presentment of a draft or drafts signed by
the officially designated officials acting in behalf of the
City of Albertville and accompanied by the City's statement
stating that John F. Darkenwald and George W. Yankoupe have
defaul ted in the performance of anyone or more of its
obligations to the City of Albertville and it shall be
accompanied by a copy of this Letter of Credit. The draft
shall bear on its face the clause "Drawn Under Letter of
Credi t #213, dated October 1, 1992" and be presented for
payment during the normal business hours of this institution
at any time from the date hereof until the undertakings
within said Developers Agreement are fully completed or the
date of expiration of this Letter of Credi t or subsequent
Letter of Credit issued pursuant to the terms herein.
MILACA OGILVIE PEASE
PRINCETON SAI'JT PAUL
~
..~
ZIMMERMAN
e
e
Irrevocable Letter of Credit #213
John F. Darkenwald & George W. Yankoupe
Page 2
Should the Developer fail to comply wi th all of the terms
and conditions of said Developers Agreement including making
the payments required for Special Assessments as set forth
therein, the City may draw, if drawn prior to its
expiration, the entire aggregate amount of this Letter of
Credit. It is our intention and agreement herein that upon
the expiration date of this Letter of Credit that until all
of the terms and conditions of said Developers Agreement are
fully satisfied, a new and continuing Letter of Credit and
subsequent new Letter of Credit, as are necessary, will be
issued to the City of Albertville in a like amount and under
the same terms and conditions (with exception of the
expiration date). Should we elect, however, for any reason
not to issue such a new Letter of Credit upon expiration of
this or a subsequently issued Letter of Credi t, we will
notify the City of Albertville of the decision thirty
(30)days prior to the expiration date thereof. Said
notifications shall be sent by registered mail addressed to
the City Clerk of the City of Albertville, P. O. Box 131,
Albertville, Minnesota 55301. Upon receipt of such
notice, the City of Albertville shall be entitled to draw at
site, by presentment of a draft or drafts prior to the date
of expiration of the Letter of Credit, pursuant to the terms
hereof, up to the full aggregate amount as set forth herein.
A failure to deliver a notice of intent not to issue a new
Letter of Credit pursuant to the terms hereof to the City of
Albertville shall be deemed to automatically be a reissuance
or extension of this instrument in all its terms and
conditions for a period of one (1) year. In the event of a
withdrawal of all or a portion of the aggregate funds
referred to herein, it is understood that the City of
Albertville shall use such funds solely for the purpose of
meeting the Developer's obligation pursuant to the aforesaid
referred Developers Agreement. Any excess funds drawn by
the City to meet the Developer's obligations of the said
Developers Agreement, shall be returned to this institution
after the total fulfillment of the Developer's obligations
as set forth in the said Developers Agreement, including the
requirements for payment of Special Assessments.
e e
Irrevocable Letter of Credit #213 Page 3
John F. Darkenwald and George W. Yankoupe
We further represent to you that all drafts drawn under and
in compliance with the terms of this Letter of Credit will
be duly honored on or before the expiration date of the
first day of October, 1993, or any subsequent expiration
date of an automatically renewed or subsequently issued
Letter of Credit as referred to herein. We conf irm this
instrument and any subsequently issued instruments as
Irrevocable Letters of Credit and thereby undertake that all
drafts drawn or negotiated as above specified will be duly
honored by us. We further confirm to you that this
instrument is issued in accordance with the International
Chamber of Commerce of Commerce Brochure No. 400.
Your rights under this Letter of Credit are not assignable
or otherwise transferable.
Dated: October 1, 1992
PRINCETON BANK, Princeton, Mn.
// I
~.---;; I...._--------z-~ ~---2.
. j./.J
by: Ronald F. Howes
Senior Vice President
~
/~-
--:::::
r
~ . ~ '. '.,,:,: i...;.;.:...:, .~.':; .: .::-..:: i ~- ',. ~~. '-"~": u._',; ....;..... --~., -CE~T~;FIC4TE 9:f,p~~pSI:r: - "-. -.. - 49502
P CETON BANK PlUNCBTON MlLACA lIOn. vm PEASIl. ST. PAUL . ZIMMJIJIWAN..~..." __,_ ......~ ' . ~"",,j ........ . :l _.~. No. ._.. ~.
-"'". .." ~1~J89..2020 ;''11\ 983-3116 .-...zn...w14 369-41$1 '.'; 2SJG.:z-t2-6 I'''''' 156-4a>> """,(",y~,,,,,,~f"""'?~"'~_""~l""-"';f'~.,~..,.~......,t"r~... -- '"~
'IIDGII!II'DIC . ,: {. ,'" iY-,lj; j/~(~" 'H.~J.'!"-"~1'" . t.' i.",.".~..:> 1~"."t~rU".>2\.4"1t"""~"-"~'S ~1"""'b' J... '30' r,'.. 92
. 1.~~li~'''=~{E:;~=;4=.r,~.~a,~;--'''n=J4=~ ~~;:'=l~=-!t~-lt=~ ~~~i:;:~ ~:':=j~.';" eptem er ,19'_
In t1i1/ 'nUi . I. inti'" - ihe'.r-..;.,,' :...)iiuoe.li.eIirir'}:' UM' - _" iIMlIitDi liiiae.r.......:':. 't.. u' u. "l" ,I. " ..l.....L ",I. ~,.' '. . ' _
:: - tt ce_f1aca~_ !!!_-~",."':;.'l -:~~i.'...,...t;'~"~\~~A-:r.~- i.--&'~ jl.t~'!\:-=:f~=~t!'!:ff'="J'~t~~~~'t:;..~~'.",J.~a~..
f' 'l(!''i,'b;,n I.....d Ih~. ~..'nl' ,!!,uiTeal: t. ..lit r..~rD for=ti.p.o~I"ID .'ft. ...~JD;;J;"'~It.l.:w. r "Ir.. let ~.!W.b. ~~I o"~r,lb..!!.lh',!.r~nl and Ih. .
~ r::~~d:.~~~b,~~fi*=1t~ ~~I- l' ~f.t~J~(~tl~ "~U~I;w~J f:wn~~~i:i'::f~i~{::;{'
..:"'~ - u'= ~--l-"[ib~', ~~~:: ~ "" . L ~,' c fr.~~'7f' j~,t"81"3irf6~l~::;~~-
l ~~9S:rr:!i~ .' ::... '~;.:.!-~'~ll~y'~~"':~.-"~ ~~"'~"J'~ -"~ ,..: :..:-......:.; -.:;~;,_. _.~~u! 11.' -..,' ( 1. '..
[ . ~~J~~IJ.-...ril~_.-~'U~f:l'.i.. f3.f'll'ffi:l~ffih~' ~~~~~~~,..,.;~U~~.n~.b~otl~":":' i)"-"
..,. n r__l.-;., .w,~..-..t- p.'IH..,..............".. ~. ~Ift~"............_-wn.........- "---"f~-~ ........'1:...~ ~ .....~.. I r _....~
~- '"'.'":' -.. ., .~J~~~ -::~~~:.:' >-s '.= ~ ~l~~ ........,~~-,tI!~u-~~~-r~~~~~h-'..D.~~t:'!'il~il_r~'W~t!r_...!I..rlt!.:: '
, .CterlliedalAl__ ._,::~..~....r.-~.~- n~-- ,,";';']'!':'_- '~--nL""'-"'~- ~-,..". ~.........W"~"r_p\~if"""""'''''_,,,7r;,_... t, (~. ( .
'-.'l..........--, "',,- ',. '-'--.~/~"'~-1"""""*,,,,,~A...."IO; ....."- .............~,A..~"~ "'lfr..'~ ~,"I'i>". ,.... ""!'d" r~.J..tPo.'lI l.-~-ClPB""i"'L~O B -dd' h
I .,-, R ""5 -..,.i'llt" . "u'li"'O'l "h"'k"'d j........ 'il't..~!I.Th'ID.llio .'p.JlDonl'WilL..:!lWl JC.oc,,( .~ JO .nl,olo '
..~te~~., ~!!~~'} ""_'~~ \ ~ ,;_..w.a\!.."r..;. !..~. ~__c ~~_~, ~ .'!~~!.....~.~~_ ~ =:: i =;.~1'0~~::;';i;~.tI4l;::;;;~';~~fr~;...... J _ ,:. ~ ~A'"
, i"'-I.,"!~f"'l ... -"''''ifl ~,.,.....~r'" ~:..:t.lil\lil()f.1-"?t"...-io""'''''i1~t!''jJ..1)fll...~1t~~~1''''~ .-.;'. -.l~. '" ...,.-;.....,.,.""f'........ 7" ...~a'l:l!.....,:.1.!',O.....~.!f...-. 'J' ~,
be eompounde~ . ~ '::':~5 ~~,.,:"'C f~ ':::..~.. t == ;1I=..7...pr~~clp~!::~: !Y:~r~di~!!'I.C~~'!.! No.~c :.. _. .. .. ~ ~~~.
DepomtGr(.) IdendtlcadoD: N.....and AddreM: ", f.' ... ..,...... ~ ~ ...c.' ., ' ...;.,. J",..... ~. j!. f - " . ":0 ~. · i - " ." ~ -?'.. ~.. f ,. I., ". ..~ '. " .. . .
'John GeorgeInc - '-'"~ '-'~''''-: '-,,::'.::::h;=::-~b:~i~r~J:!2::~tt.:i.:zi.:~t':~.:or~~:,'=":,uii.e
7 C; 1 C; NO-rt'n ~::l Cl l' 'R; ,,~,.. 'R n::l n lime or turity. '", ", ..C'.",
Elk river MN 55110
Soeill Security No~ 1-1611915
For Bank U.. ODly:
Perlonll Nonpenonal
Braneb No.
o 1 Reeponoi
+I:O~ .~O 2bb 71:
u.../
'/Z'~
80
lOOl358
...... .
.....
\.... "
........ J
.....
'...._~......_---~
'.,/
"
'"
~. '.' .:.,; '~',=)i,~:,:~;.:.";: :.'::~';'::if~'"",'~" ,~..:;~; i ;~._:: ;....:-. ',,--~~,-CE. RTIF.. ICA. TE OF. ,D. E. p. OS..IT......_.. ..-_....-. '4'9' 5" O' 2
CEI'ON BANK. PlUNCBTON.' MlLACA'. 'OOtt.vm . PI!ASB'.' ST. PAUL .ZIMMBlUofAN;'~~q~...:~..; '.i~';~~ ;':;':";'i.:..~;.No:.~".....-,
.... ...,...... ." ,"., ....,? f' {.'fIO:.389-2020 '-#,;1 I 983-3116 ._~Z72-4414 "','1 369-4151 ".u-.290-2424 ", r "".-..I56-MJ20,.....(~,y,~~..,.,~ '-"i~", !f~...-,..~:? t ....~. ~ .....ll~'~ ."t~...... i J' . '~'~ . ': .. _ .
. .'mGll!IUDlC.. ;:":. eo ~ .., ....."j_;;;.f ~ '~h". .. ". H.. ..4'.... t.i --. . "11' ". c. ., ~,... ~,Jl~.q....:> 1"'U.'t<l,:'.'.Mr.:1 ". ....~.,.. "'''f'''~ ~'~..'f'.~. . .~S ..:.I.... 'bo. "'30" "".';"".92 :'
,. =..:ijJ~~~;=74=":.r'~~-."';--n=~l=~f;~H:,;::n=H=""lt~ '~.....a,i;~i ;::;:.,i,1l.......... eptem er. ,19 ~d'
. Indila.' ~. .' J. . iiilJ . '.' iIae-~..;..)__. 1MICrir''Y:. ,{....,. _..., '. ibililDi~""'" .. 't"j.v~.N...~,,~' .".ul"H~ ,..,...... . ...'" C'
:~ ,-J.t :n-1I~~- !!!---~.."':'.l -~:~"4........~i'~"'~"~'A-i.~~'it.....,...-._~ . .~.ft~=:.!'l'~::t~=-~t~:;tt~"J.i-~t"f~~_\~-'~'~~~~,4.~..._~,.'':
iY.~'!..h:"~ I..u.d Iht..~..'nl. .~...tliT:8'tJ Ie .'n'w.,urnfor-;$E. ~.po.. .In. t......ci"n;;r":-....Wia..l.:W.:r.~r..'o. ~.!W.h. . ~......m.,r,~h..!.~lh. ,!.r,~~t.nd Ih. _. .
., ~.;:.r::~:~d:.. ~,~.~.h,~_.f~.ln...t'.~B!t.: . ..'. , :;~:::<l.~f' U~.', .:i~I";""'~ ~,. .',' '~~l'" t;i~-~...,... ..U~~.. :tk;r~i:;:;; j ;-.'
, ~~-o1.a" . .~~ -.'~ " , . ~; ,'~ :; .:. -:;-,'~ ,.~.... ,. \; :' :~.', ""_ , ' 'riS'lT'" "'7~5+-'tO 'O-,~_..~ l~::.,;\)!:
""<"DEPOSIT'it" ",.",', ...1:,". .. ''''" . . i..... .H ." ':. iJ.' . ..'> "';'.
Y~~~~:~:~ll: ~)ril1~7if!T'f;.* i~..~t ~'tJ~~JD~-.t;~:;.In"F- "'t~.U~~~.t ~~H'r:'l~'';';''
,.. n r,....i ~ '1io:~--"d. !--'.~""'" ~ 2'- ~ . .....-... '8-~ ""'J........ ~ """,--""'" f .~ .......... '\'f f ....~ .. J ~"")-4I ~ . .. ..;;.o~ ~
. ...- ,) .,. ,.,. j~.a.n.-""J. ..v" - '_.' ,",J'~~' _.T<"__~;l.J1."".n"'~"', th..n .nrhhara",.lorlll.turitl""
:...rterthifdater.uectl..~-:-,r ':'';;'':'~r~-n~ rt~~.... '-..... '1 ~ ft---.... ~-;~ ~,; ..~~Mf~~r~LI'"tM.~,iiP~i~~-~jr:~-::~--r J .~..... ;-:~,
_..04............, 'll:-- .,.-,~~T4~...,~..~~';!~ ...~;t...", 1;~-i~~,,-'p t;:::.......nf.. f"'~'~~ _.;loOU>..'<-.ru.r..~ --~ ..-.:I- .. '~O .- '.
I ,U R ""5 ..-...l'li," .~i'u-Iit.'D")' ';t'l.;;'~'" .il.~..~J\,Th....tliod.Cp.ylD.nt",nL..:!lWlByc..eci( -..By.dd.nl10 Ihe ,
~t.~. ~~;~~,. ..~_,~ ~ ~~;,...~..~~.~r...:. ~~'! :;..!-C ~~......~>' ~~:~!:~.~~!._ ~:::::. ~=JA~.J;.t-tw;it=!;~;,.t.={:i=~:':"",,,,,! _, ,; A ,,_~..
, ifl!..,...~lJf"l ~ i.oil(, ,",."...6~"~_(r~Jti~K-,-",~...1.1'r....-t.9".-.a.-'i;eb.\!"'^:.i..v't..~-4~J':I:-'t\...~.-....",,~1'F"71~ -,ilt..... ."........- "f4N'-~<<~a"'''''~.J'<..~...,,!ttL-~ . J' .. f
he compounded. . ~ ::':::=5 ~~:..::c f~ ~;; >.~= ;'''=!7""pr!..~clp~!-7~ ~~~~r~di~~I.C~~'!.!. "o~r ,I ~~ .,- ~ :':.
,Depnitor(s) Identil1cadoD: N~lDdA~dreeo:.. :.::n:....:..:.: ~ ;':;:.;,"1; "':';'~' (....i.! ~ "~'H.l.~~. <..' :: ,~,,~!.. . ~ J. ;! .':'~.1 ~.~.~L ~ .;'1' -~. '. ',' .. ,.... ~
John Georae Inc ." . "..-' ... -. " ".... d ,__Benewabillty. U ~Die Checked. tIWi cerlifiCOle ie ~tomalicony
__ ----D- --- renewable only Cor . like lCrm.nd II the Bank'. offered role olll1lereot.t lbe
7'11'; N()"'1"h~l'l~1" lH~T~-r RrH,tt timeo! 't}'. . '." ," ,. .:',
S::i~IS::U:i~yTNO~- ~ ~ ~ ~~ 15 W~ '/Z'~~
For Bank U.. Only:
Penon.1 Nonpenonal
B...nch No. 0 1 Reapona. I'
+1:Oq ~qO 2bb 71:
80
F00001358
".
'. ~
""
-'...
......"..............__.~
r .J
.'./.
...
i
\