HomeMy WebLinkAbout2004-08-17 Irrevocable LOC #414LAKE
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ELMO
A TRADITION OF SERVICE
IRREVOCABLE LETTER OF CREDIT NO. 414
TO: Cit of Oak Park Hei
14168 Oak Park Blvd, N.
P. 0. Box 2007
Oak Park Hei MN 55082
Gentlemen/Madam:
Dated: Au 17, 2004
We hereb establish our Irrevocable Letter of Credit in y our favor at the re of and
for the account of Bahr Construction, LLC (hereinafter called: "Principal" in the a
amount of Five Thousand and no/100 ($5,000.00 available upon surrender of this Letter of
Credit to us accompanied b y our si draft(s) drawn on us and the followin documents:
(1 } A certificate si b an officer of Cit of Oak Park Hei statin that there
has been a default in the Home Movin Pro j ect for movin home onto 15431 58 1h
C)
Street, Oak Park Hei Minnesota, Lot 5 & 6. The certificate shall also state:
a. the nature of the default
b. thdt Principal has received notice of the default in accordance with
the Home Moving g Project A but has not cured the
default
C. the amount to be paid to Cit of Oak Park Hei
d. the amount to be retained as securit under the Letter of Credit.
414.11
All drafts so drawn must be marked "Drawn Under Irrevocable Letter of Credit No.
The above-mentioned Letter of Credit is non-transferable and non - assi
We en with y ou that all drafts drawn under and in compliance with the terms of this
Irrevocable Letter of Credit will be dul honored if presented durin re business hours at our
main office located at 11465 39th Street North, Lake Elmo, Minnesota 55042, before 3:00 P.M.
on or before Januar 17, 2005.
OAKDALE OFFICE
600 INWOOD AVENUE NORTH
OAKDALE, M N 55128-7094
651 - 578 -7769 w FAx 651 -748 -4817'
LAKE ELMO OFFICE
1 1465 39TH STREET NORTH a P.O. Box 857
LAKE ELMO, MN 55042-0457
651-777-8365 zFAX 651-773-4739
www.lakeelmobank.com
STILLWATER AUTOMATED BRANCH
218 NORTH MAIN STREET
STILLWATER, MN 55082-5022
MEMBER FDIC 121
LENDER
Letter of Credit No. 414
Au 17, 2004
Pa Two
Communications relative to this Irrevocable Letter of Credit should be addressed t o the
address specified above to the attention of "Financial Officer", mentionin specificall our
Irrevocable Letter of Credit No. 414.
W This letter of Credit shall be g overned b and construed in accordance with the laws of
, A e State of Minnesota, includin the Uniform Commercial Code in effect in said state.
&-
Except as otherwise stated herein, this Irrevocable Letter of Credit is subject to the
Uniform Customs and Practice for Documentar Credits (1993 revision), International Chamber
of Commerce Publication No. 500.
Yours trul
B y : a o,
Dean W. Anderson
Its: Vice President/Commercial
Lendin Manager