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LAKE AREA BANK
Friends Serving Neighbors Since 1915
Irrevocable Letter of Credit No. 800042
September 28, 2009
To: City of Oak Park Heights
City Administrator
14169 Oak Park Blvd.
Oak Park Heights, MN 55082
To Whom It May Concern:
We hereby establish in favor of the City of Oak Park Heights this Irrevocable Letter of Credit No. 800042
for the account of Oakgreen Villa, LLC, in an aggregate amount of $65,000.00.
1. LETTER OF CREDIT shall be deemed automatically renewed without modification for one (1)
additional year after expiration date unless sixty (60) days or more prior to such date the City is notified by
Certified Mail that Lake Area Bank will not to extend the LETTER OF CREDIT for any such additional
period.
2 . Partial drawings permitted.
3. Each draft under this Letter of Credit must:
-Be signed on behalf of the City;
-Bear on its face the clause "drawn under Lake Area Bank Letter of Credit No. 800042 dated
September 28, 2009; and
-Be accomplished by a certification signed on behalf of the City of Oak Park Heights Villa has failed to comply with the terms of the Developer's Agreement
amendment, or (ii) Oakgreen Villa, LLC has failed to comply with the terms ghts that either (I)
Agreement or any subsequent amendment, or (iii) expire this Letter of Credit will ex . re witt hin sixty (60) or subsequent
ms of th
days and this Letter of Credit has not been renewed or replaces as re ue Developers
4. The original Letter of Credit is NOT required to be presented to dr q red.
5. The new LOC shall be in effect through 12 /31/2010, with subs aw upon this Letter of Credit.
We hereby engage with drawers and /or bona fide holders that drafts extensions thereafter.
rafts 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
Exept Customs and herein,
for Documents
Commerce Publication Na,
600. Documentary Credits (2007 Revissioio n), International l Chamber eer ro of the
of
Lake Area Bank
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S ott Johnso ,
. Metro Market President
Phone Banking 24 ho V isit Us
Online At; wwwlakeareabank.
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