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Home My WebLink About2010-03-26 OPH Ltr to CSM Re LOCCit of Oak Park eits 14168 Oak Park Blvd. N @ Box 2007 e Oak Park Hei MN 55082 e Phone ( 651) 439-4439 • Fax ( 651 ) 439-0574 March 26th, 2010 Mr. Joel Rietz CSM 500 Washin Ave. South, Suite 3000 Minneapolis, MN 55415 RE: Letters of Credit Mr. Rietz: Per y our re I have enclosed six ori documents y our letter dated March 24th, 2010 did seek. These enclosures constitute to the best of m knowled the full extent of an ori LOO that ma exist between the Cit and y our firm. It would appear thaf these LOC have in fact expired. i if y ou have an q uestions. Pleas let e know & c el P leas c el e' e know o w Eric nson C it m1ni Istraf or it Administrator Cco Mark Vierlin Cit forne Jud Holst, Fina Director Plannin File V VIA: OVER NICHT DELIVERY March 24,2010 Mr. Eric Johnson Cit Administrator Cit of Oak Park Hei 14168 Oak Park Blvd. N. Oak Park Hei MN 55082 --AdL . ..... .... . Re: Oak Park Commons Development - Irrevocable Letters of Cred64 DC1110 (fka DCN4080) & DC111040 (fka DCN4079) Dear Mr. Johnson, This letter shall serve as our re for the release of the two (2) Letters of Credit referenced above,, I Please overni all ori g inal documents includin amendments to Associated Bank, 26 Campus Drive, Pl MN 55441 to the attention of Mar Ka Kolb. These Letters of Credit are on auto renewal- therefore, we are insistin that these be released q uickl y since the expir date is 41 28 / lo. If y ou have an further q uestions, please call me. I Rietz Associate General Counsel J LR/rmt Ilk 3�2G�o Cit of Oak Park Hei Attn-. Eric Johnson — Cit Adminstrator 14169 Oak Park Blvd Oak Park Hei IVIN 55082 Re: DCN4079 — CSIVI Financial LLC Hi Eric: Enclosed y ou will find pa under Associated Bank N.A. Irrevocable Letter of Credit DCN4079 dated April 28, 2006 per y our March 26, 2008 draw re All documents presented were in compliance. We have reduced the letter of credit remainin balance to $77,579.49 as a result of this drawin Should y ou have an q uestions/concerns please do not hesitate to contact me. I can be reached at either ( 920) 433-7727 or am tostru associated bank. co Thanks much and have a g reat da S I n f erely, ll� *I u Am R. Tos tre International Bankin 17Z. �31 'S-1 Ass ociated February 6, 2007 AMEN VRRE VOCABLE STANDBY LETTER OF CREDIT NO. DCN407�, BENEFICIARY City of Oak Park Heights 14169 oak Parr Blvd. Oak Park Heights, MN 55082 Attn: Eric Johnson -City Administrator Dear Sir or Madam: APPLICANI S C SM Financial, L.L.C. 500 Washington Ave. S., Suite 3 000 Minneapolis, MN 55415-1151 Swift: ABGBUS44 We hereby issue an amendment to our Irrevocable Standby Letter of Credit No. DCN 4079 dated April 28, 2006 as follows: Decrease Letter of Credit Amount by: USD20%530.00 New Letter of Credit Amount: USD22000.00 This amendment is to form an integral part of this Letter of Credit. All other terms and conditions of this credit remain the same. A ssoci , ! Bank N.A. c �f Nanc A. Burt. Senior vice resident - zz, 9204 3-3188 INTERNATIONAL BANKING DEPAlUMENT 200 N. Adams Street Green Bay, WI 54301 8 15 N. Water Street Milwaukee, W1 5 3202 3 NM0416 S -Usociated B(wA October 31, 2006 AMENDMENT NO. I IRRE VOCABLE STANDBY LETTER OF CREDIT NO. DCN4081 BENEFICIARY Cit of Oak Park Hei 14169 Oal,-, Park Blvd. Oak Park Hei MN 55082 Attn: Eric Johnson-Cit Administrator Dear Sir or Madam-. Dear Sir or Madam: APPLICAN CSM Financial, L.L.C. 500 Washin Ave. S., Suite 3000 Minneapolis, MN 55415-1151 Swift: ABGBUS44, We hereb issue an amendment to our Irrevocable Standb Letter of Credit No. DCN 4080 dated April 28 2006 as follows-. a Decrease Letter of Credit Amount b USD2,382A25-00 a New Letter of Credit Amount: USD 545 9 700-00 This amendment is to form an inte part of this Letter of Credit. All other terms, and conditions of this credit remain the same. Associaf6d ank N.A. k![ Nanc A. Burton, Svnior Vice President 920-433- 188 INTERNATIONAL BANKING DEPARTMENT 200 N. Adams Street e Green Ba W1 54301 815 N. Water Street * Milwaukee, W1 53202 q, NM0416 nk- t,-ssociated na- October 31, 2006 AMENDMENT NO. I Em't-REVOCABLE STANDBY LETTER OF CREDIT NO. DCN4079 BENEFICIARY Cit of Oak Park Hei 14169 Oak Park Blvd. Oak, Park Hei MN 55082 Attn: Eric Johnson-Cit Administrator Dear Sir or Madam: APPLICA CSM Financial, L.L.C. 500 Washin Ave. S., Suite 3000 Minneapolis, MN 55415-1151 Swift: ABGBUS44 We hereb issue an amendment to our Irrevocable Standb Letter of Credit No. DCN 4079 dated April 28, 2006 as follows: Decrease Letter of Credit Ainount b USI)637,470-00 0 New Letter of Credit Amount. USD4295530.00 This amendment is to form an inte part of this Letter of Credit. All other terms and conditions of this credit remain the same. Associ ink N.A. - C Z- J, Ar d, Nanc A Burton, y nior Vice President 920-433- 188 INTERNATIONAL BANKING DEPARTMENT 200 N. Adams Street Green Ba W1 54301 815 N. Water Street Milwaukee, W1 53202 N M0416 IRREVOCABLE STANDBY LETTER OF CREDIT NO. DCN4079 Date: April 28, 2006 R FNEFIC``T A R v City of Oak Park Heights 14169 Oak Park Blvd. Oak Park Heights, MN 55082 Attn: Eric Johnson -City Administrator Dear Sir or Madam: APPLICAN CSM Financial, L.L.C. 500 Washington Ave. S., Suite 3000 Minneapolis, MN 55415 -1151 We hereby establish in favor of the City of Oak Park Heights this Irrevocable Standby Letter of Credit No. DCN4079 for the account of CMS Financial, L.L.C. for Oak Park Commons in an aggregate amount of n 1,067,000.00 (One Million Sixty Seven Thousand and no/100 U.S. Dollars). This LETTER OF CREDIT shall be deemed automatically extended without modification for one-year (1) from April 28, 2007 or any extended expiration date unless sixty (60) days or more prior to such. date we shall notify you by registered or certified mail that we elect not to extend this LETTER OF CREDIT for any such additional period. Partial drawings permitted. Each draft under this Letter of Credit must: 1. Be signed on behalf of the City; 2. Bear on its face the clause "drawn under Associated Bank, N.A. Letter of Credit Number DCN4079 dated April 28, 2006; and 3, Be accomplished by a certification signed on behalf of the City of Oak Park Heights that either (i) CSM Equities, L.L.C. has failed to comply with the terms of the April 28, 2006 Developer's Agreement as executed between CSM Equities LLC and City of Oak Park Heights relative to the construction of the Plan B Improvements as specified therein, or (ii) this Letter of Credit will expire within sixty (60) days and this Letter of Credit has not been renewed or replaced as required. The original of this Letter of Credit is NOT required to be presented to draw upon this Letter of Credit. We hereby engage with drawers and /or bona fide holders that drafts drawn and negotiated in conformity with the terms of the credit will be duly honored upon presentation. Except as otherwise state herein, this Letter of Credit shall be governed by the most recent version of the Uniform Customs and Practice for Documentary Credits (1993 Revision *), International Chamber of Commerce Publication No. 500. Associated Bank, N.A. F 14 Da in, . Erhardt, Assistant vice President Must be iriost recent version. 5353 Wayzata Blvd. ; St. Louis Park_, MN 55416 -1374 e 952 - 591 -2865 * Fax 952 - 591 -2764 E14 1 ACM 'IC7 Associ*ated Bank IRREVOCA.BLE STANDBY LETTER. OF CREDIT NO. DCN4080 Date: April 28, 2006 BENEFICIARY APPLICANT'�� City of Oak Park Heights CSM Financial, L.L.C. 14169 Oak Park Blvd. 500 Washington Ave. S., Suite 3000 Oak Park Heights, MN 55082 Minneapolis, MN 55415 -1 151 Attn: Eric Johnson -City Administrator Dear Sir or Madam: We hereby establish in favor of the City of Oak Park Heights this Irrevocable Standby Letter of Credit No. DCN4080 for the account of CMS Financial, L.L.C. for Oak Park Commons in an aggregate amount of $2,928,125.00 (Two Million Mine Hundred Twenty Eight Thousand One Hundred Twenty Five and no/ 100 U. S. Dollars). This LETTER OF CREDIT shall be deemed automatically extended without modification for one-year (l) from April 28, 2007 or any extended expiration date unless sixty (60) days or more prior to such date we shall notify you by registered or certified mail that we elect not to extend this LETTER OF CREDIT for any such additional period. Partial drawings permitted. Each draft under this Letter of Credit must: 1. Be signed on behalf of the City; 2. Bear on its face the clause "drawn under Associated Bank, N.A. Letter of Credit Number DCN4080 dated April 28, 2006; and 3. Be accomplished by a certification signed on behalf of the City of Oak Park Heights that either (i) CSM Equities, L.L.C. has failed to comply with the terms of the April 28, 2006 Developer's Agreement as executed between CSM Equities LLC and the City of Oak Park Heights relative to the construction of the Plan A Improvements as specified therein, or iii} this Letter of Credit will expire within sixty (60) days and this Letter of Credit has not been renewed or replaced as required. The original of this Letter of Credit is NOT required to be presented to draw upon this Letter of Credit. We hereby engage with drawers and /or bona fide holders that drafts drawn and negotiated in conformity with the terms of the credit will be duly honored upon presentation. Except as otherwise state herein, this Letter of Credit shall be governed by the most recent version of the Uniform Customs and Practice for Documentary Credits ( 1993 Revision`), International Chamber of Commerce Publication No. 500. Associated Bank, N.A. } Da . Erhardt, Assistant Vice President * Must be most recent version. 5353 Wayzata Blvd. * St. Louis Park, MN 55416 -1374 9 952 -591 -2865 e Fax 952- 591 -2764