HomeMy WebLinkAboutOakgreen Villa, Anchobaypro, Green Twig LAKE AREA BANK
Friends Serving Neighbors Since 1915
Irrevocable Letter of Credit No. 800066 )�a S
d
August 23, 2010 ! O
lo
To: City of Oak Park Heights
City Administrator
14169 Oak Park Blvd.
Oak Park Heights, MN 55082
To Whom It May Concem:
We hereby establish in favor of the City of Oak Park Heights this Irrevocable Letter of Credit No. 800066 for
the account of Oakgreen Villa, LLC, ANCHOBAYPRO, Inc. and Green Twig, LLC, 775 Green Twig Way,
Stillwater, MN 55082 for the Oakgreen Commons project, in an aggregate amount of $606,945.00.
This LETTER OF CREDIT shall be deemed automatically renewed without modification for one (1) year from
August 23, 2010, 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 the 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 Lake Area Bank Letter of Credit No. 800066 dated August
23, 2010; and
3. Be accompanied by a certification signed on behalf of the City of Oak Park Heights that the
Developer (Oakgreen Villa, LLC, ANCHOBAYPRO, Inc. and Green Twig, LLC) has failed to comply
with the terms of the Developer's Agreement dated August 23 2010.
The original 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 stated herein, this Letter of Credit shall be govemed by the most recent version of the
Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600.
Lake Area Ba
By:
J on Jordan, Bu ' ess Banking Officer