1991-11-07 LOC Revised 23341
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1i((11l11lIJII) NORTHW=ST
701 Central Avenue E.
St. Michael. Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
November 7, 1991
City of Albertville
Attn: Linda Houghton, City Clerk
P.O. Box 131
Albertville, MN 55301
Dear Ms. Houghton:
Attached please find an original rev~s~on of our Letter of Credit
#23341. This revision is dated October 21, 1991 and is meant to
replace Letter of Credit #23341. We have identified this revision
as Letter of Credit #23341(B). The only change between the original
Letter of Credit and the attached revision is the reduction in
amount from $28,600 to $20,000.
As I understand it, the original Letter of Credit #23341 issued
April 20, 1988 has been destroyed, lost, or misplaced. By signing
below you are acknowledging in your capacity as City Clerk that
the revised Letter of Credit #2334l(B) is being issued and accepted
in full replacement and substitution for the original Letter of
Credit #23341. You further acknowledge that if the original Letter
of Credit #23341 is found it will be surrendered to Security Bank
Northwest in consideration for the issuance of this replacement
Letter. You further acknowledge that the bank's total contingent
liability to the City of Albertville will not exceed an aggregate
amount of $20,000 at the present time.
Sincerely,
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Gerald A. Manville
Sr. Vice President
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Linda Houghton, City
City of Albertville
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FFICES:
bertville: 5882 Main Street Northeast. Albertville. Minnesota 55301. (612) 497-3525' Maole Grove' 1 ~::l70 Grove nrivp M:mlp Grnvp Minnp.!>oti'l f'8169 (6121 420,]O:N
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701 Central Avenue E.
St. Michael. Minnesota 55376
(612) 497-2131
FAX (612)497-4353
City of Albertville
P .0. Box 131
Albertville, MN 55301
Gentlemen:
Letter of Credit #23341(B)
Expiration Date June 1, 1992
Amount - $20,000.00
Issue Date October 21, 1991
Replaces - Letter of Credit #23341
issued April 20, 1988 in the
original amount of $28,600.00
Attn: City Administrator
At the request of John F. Darkenwald and George W. Yankoupe, and in accordance
with all applicable banking laws and regulations, we authorize the City of
Albertville to draw upon Security Bank Northwest, a licensed and qualified banking
or savings and loan association in the State of Minnesota, up to an aggregate
amount of $20,000.00. It is understood that Security Bank Northwest has agreed
to provide this Letter of Credit as a surety to guarantee that all of the terms
and conditions relating to the escrow items of the Developers Agreement for
Westwind Addition (First Phase) dated April 22, 1988, which is attached hereto
and incorporated herein by reference as Exhibit "A", and all of the terms and
conditions relating to the escrow items of the Developers Agreement for Westwind
Second Addition (Second Phase) dated August 23, 1991, which is attached hereto
and incorporated herein by reference as Exhibit "B", 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 banking or savings and loan association 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 conditions
relating to the escrow items as set forth within the aforesaid referred Developers
Agreements. 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 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 Credit No. 23341, dated October 21, 1991" 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 Agreements are fully
complete or the date of expiration of this Letter of Credit or subsequent Letters
of Credit issued pursuant to the terms herein, which occurs first.
Should the Developer fail to comply with all of the terms and conditions of said
Developers Agreements relating to said excrow items, 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 Agreements
OFFICES:
Albertville: 5882 Main Street Northeast. Albertville, Minnesota 55301. (612) 497-3525" Maple Grove: 13370 Grove Drive, Maple Grove, Minnesota 55369, (612) 420-3039
e
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City of Albertville
Letter of Credit #2334l(B)
October 21, 1991
Page 2
are fully satisfied, a new and continuing Letter of Credit and subsequent new
Letters 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 that 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 Agreements. Any excess funds drawn by the
City to meet the Developer's obligations of the said Developers Agreements, shall
be returned to this institution after the total fulfillment of the Developer's
obligations as set forth in the said Developers Agreements.
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 June, 1992 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 Brochure No. 400.
Your rights under this Letter of Credit are not assignable or otherwise
transferable.
Sincerely,
r:o~~~. 0~~.lA<
Gerald A. Manville
Sr. Vice President
GAM/ce
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P BAN<
\111111I11,1 NORTHW=ST
701 Central Avenue E.
St. Michael. Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
City of Albertville
P.O. Box 131
Albertville, MN 55301
Gentlemen:
Letter of Credit #2334l(B)
Expiration Date June 1, 1992
Amount - $20,000.00
Issue Date October 21, 1991
Replaces - Letter of Credit #23341
issued April 20, 1988 in the
original amount of $28,600.00
Attn: City Administrator
At the request of John F. Darkenwald and George W. Yankoupe, and in accordance
with all applicable banking laws and regulations, we authorize the City of
Albertville to draw upon Security Bank Northwest, a licensed and qualified banking
or savings and loan association in the State of Minnesota, up to an aggregate
amount of $20,000.00. It is understood that Security Bank Northwest has agreed
to provide this Letter of Credit as a surety to guarantee that all of the terms
and conditions relating to the escrow items of the Developers Agreement for
Westwind Addition (First Phase) dated April 22, 1988, which is attached hereto
and incorporated herein by reference as Exhibit "A", and all of the terms and
conditions relating to the escrow items of the Developers Agreement for Westwind
Second Addition (Second Phase) dated August 23, 1991, which is attached hereto
and incorporated herein by reference as Exhibit liB", 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 banking or savings and loan association 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 conditions
relating to the escrow items as set forth within the aforesaid referred Developers
Agreements. 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 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 Credit No. 23341, dated October 21, 1991" 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 Agreements are fully
complete or the date of expiration of this Letter of Credit or subsequent Letters
of Credit issued pursuant to the terms herein, which occurs first.
Should the Developer fail to comply with all of the terms and conditions of said
Developers Agreements relating to said excrow items, 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 Agreements
OFFICES:
Albertville: 5882 Main Street Northeast. Albertville, Minnesota 55301, (612) 497-35250 Maple Grove: 13370 Grove Drive, Maple Grove. Minnesota 55369, (612) 420-3039
City of Albertville
Letter of Credit #23341(B)
October 21, 1991
Page 2
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.
are fully satisfied, a new and continuing Letter of Credit and subsequent new
Letters 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 that 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 Agreements. Any excess funds drawn by the
City to meet the Developer's obligations of the said Developers Agreements, shall
be returned to this institution after the total fulfillment of the Developer's
obligations as set forth in the said Developers Agreements.
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 June, 1992 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 Brochure No. 400.
Your rights under this Letter of Credit are not assignable or otherwise
transferable.
Sincerely,
r:o~~ ~. 0~~.lA<
Gerald A. Manville
Sr. Vice President
GAM/ce