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Home My WebLink About2004-02-12 OPH Ltr to U.S. BankCity of Oak Park Heights 14168 Oak Park Blvd N.• Box 2007 • Oak Park Heights, MN 55082 • (651) 439-4439 • Fax 439-0574 February 12, 2004 TO: US BANK ATTN: NANCY TOUSIGNANT - Portland, OR 503-275-5132 KAY BREMSTER Milwaukee, WI 414-765-4485 FROM: Eric Johnson, City Administrator ***VIA FACSIMIL1E*** RE: Letters of Credit for L& L Holdings (MN) 1 S&H Incorporated (OR) Ms. TOUSIGNANT and Ms. BREMSTER, 1 am in receipt of the 'letters of credit' as sent from each of your respective offices for $23,850.00. The City will not be able to accept these documents as we have required that this project submit ONE (1) combined letter of credit (LOC) in an amount totaling $47,400.00 - as indicated in the Developer's Agreement. All original documents will be returned to your offices. No building permits or further authorization will be permitted on this Project until the City is in receipt of the above combined LOC. Cc: Mark Vierling, City Attorney Louis Galland, L&L Holdings Five Star Service Guaranteed ti. U.S. BAND. NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT, MK- WI -J6NI 777 EAST WISCONSIN AVENUE MILWAUKEE, WISCONSIN 53202 FEBRUARY 10, 2004 BENEFICIARY: CITY OF OAK PARK HEIGHTS 14168 OAK PARK. BLVD. N P.O. BOX 2007 OAK PARK HEIGHTS, MN 55082 AMOUNT: USD 23,850.00 PARTIAL DRAWINGS ARE PERMITTED. CONTINUED ON PAGE TWO PA trulA EE IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SLCWMIL0 1190 WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SLCWMIL01190 IN FAVOR OF THE CITY OF OAK PARK HEIGHTS, FOR THE ACCOUNT OF L & L HOLDINGS, LLC, UP TO AN AGGREGATE AMOUNT OF TWENTY THREE THOUSAND EIGHT HUNDRED FIFTY AND 00/100 UNITED STATES DOLLARS (USD 23,850.00), AVAILABLE BY YOUR DRAFT(S) AT SIGHT, DRAWN ON U.S. BANK NATIONAL ASSOCIATION, MILWAUKEE, WISCONSIN. EACH DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST: SWIFT: USBKUS44MIL TELEX: 192 179 TELEPHONE: 414-765-6145 FACSIMILE: 414- 765 -4485 APPLICANT: L & L HOLDINGS, LLC 4718 MCDONALD DRIVE PL STILLWATER, MN 55082 EXPIRATION: FEBRUARY 10, 2005 1. BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY OF OAK PARK HEIGHTS; 9. BE MARKED "DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION, MILWAUKEE, WISCONSIN STANDBY LETTER OF CREDIT NUMBER SLCWMIL01190." 3. BE ACCOMPANIED BY A CERTIFICATION SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY OF OAK PARK HEIGHTS THAT EITHER: (1) L & L HOLDINGS, LLC HAS FAILED TO COMPLY WITH THE TERMS OF THE DEVELOPER'S AGREEMENT, 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. THIS STANDBY LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING WHICH SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED, OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT, WHETHER OR NOT REFERRED TO HEREIN. Five Star Service Guaranteed PAGE TWO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SLCWMIL01190 THE ORIGINAL OR A COPY OF THIS STANDBY LETTER OF CREDIT MUST BE SUBMITTED TO US TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND /OR FOR CANCELLATION. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE WE NOTIFY YOU IN WRITING OF OUR INTENTION NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD. WE HEREBY ENAGE WITH DRAWERS AND /OR BONA FIDE HOLDERS THAT DRAFTS DRAWN AND NEGOTIATED IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED UPON PRESENTATION AT OUR U.S. BANK NATIONAL ASSOCIATION, MILWAUKEE, WISCONSIN OFFICE TOGETHER WITH THE DOCUMENTS SPECIFIED ABOVE, ON OR BEFORE THE CLOSE OF OUR BUSINESS ON FEBRUARY 10, 2005, OR ANY EXTENDED DATE THEREAFTER. THIS CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590, OR ANY SUBSEQUENT REVISION THERETO. NEGOTIATION IS RESTRICTED TO U.S. BANK NATIONAL ASSOCIATION COUNTERS AT 811 EAST WISCONSIN AVENUE, MILWAUKEE, WISCONSIN 53202, ATTN: /INTERNATIONAL DEPT., MK- W IJJGNI. YOURS VERY TRULY, U.S. BANK NATIONAL ASSOCIATION 7 -- 16/7 AUTHOR ED SIGNATURE k® Five Star Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPT. PD- OR -T5CE, SUITE 500 111 SW FIFTH AVENUE, PORTLAND, OR 97204 P.O. BOX 6979, PORTLAND, OR 97228 -6979 02/11/04 BENEFICIARY: CITY OF OAK PARR HEIGHTS 14168 OAK PARK BLVD. N P.Q. BOX 2007 OAK PARK HEIGHTS, MN 55082 LETTER OF CREDIT NUMBER: SLCPPDX02297 SPECIAL CONDITIONS: PARTIAL DRAWINGS ARE PERMITTED. ?if) ?LT L,PvNt IRREVOCABLE STANDBY LETTER OF CREDIT SWIFT: USBKUS44PDX TELEX: TRT 192179 TOLL FREE:866-359-2503 FAX: 503- 275 -5132 APPLICANT: S & H INCORPORATED 2650 WASHBURN WAY, NO. 250 KLAMATH FALLS, OR 97603 EXPIRY DATE: JANUARY 14, 2005 AT: ISSUING BANK'S INTERNATIONAL BANKING COUNTERS LOCATED AT THE ADDRESS LISTED ABOVE. AMOUNT: USD 23,850.00 (TWENTY -THREE THOUSAND EIGHT HUNDRED FIFTY AND NO/100 U.S. DOLLARS) WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY PAYMENT BY DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: A STATEMENT ISSUED AND SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY OF OAK PARK HEIGHTS CERTIFYING THAT EITHER: (I) S & H, INCORPORATED HAS FAILED TO COMPLY WITH THE TERMS OF THE DEVELOPER'S AGREEMENT OR (11) THIS LETTER OF CREDIT WILL EXPIRE WITHIN SIXTY (60) DAYS AND THIS LETTER OF CREDIT HAS NOT BEEN RENEWED OR REPLACED AS REQUIRED. THIS STANDBY LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING WHICH SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED, OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT, WHETHER OR NOT REFERRED TO HEREIN. THIS ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DRAWING. ** *THIS PAGE 1 FORMS AN INTEGRAL PART OF CREDIT SLCPPDX02297 * ** wyggivit anko Five Star Service Guaranteed THIS LETT OF CREDIT INITIALLY EXPIRES ON JANUARY 14, 2005. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE CONSIDERED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS WE NOTIFY YOU • IN WRITING BY COURIER AT LEAST SIXTY (60) DAYS PRIOR TO ANY SUCH EXPIRATION DATE THAT THIS LETTER OF CREDIT WILL NOT BE RENEWED. PURSUANT TO U.S. LAW WE ARE PROHIBITED FROM ISSUING, TRANSFERRING, ACCEPTING OR PAYING LETTERS OF CREDIT TO ANY PARTY OR ENTITY IDENTIFIED BY THE OFFICE OF FOREIGN ASSETS CONTROL, U.S. DEPT OF TREASURY, OR SUBJECT TO THE DENIAL OF EXPORT PRIVILEGES BY THE U.S. DEPT. OF COMMERCE. DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SLCPPDXO2297. THIS CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590, OR ANY SUBSEQUENT REVISION THERETO. WE HEREBY ENGAGE WITH YOU THAT DRAFT (S) DRAWN AND/OR DOCUMENTS PRESENTED AND NEGOTIATED UNDER AND IN COMPLIANCE V1ITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US. U.S. BANK NATIONAL ASSOCIATION A MEMBER OF THE FEDERAL RESERVE SYSTEM STANDBY LETTERS OF REDIT 4.NCYRe TOUS °� T�` : AN � 3 0 � P7 r7� .¢ e -Want � P� sictonl 1/Laj ** *THIS PAGE 2 FORMS AN INTEGRAL PART OF CREDIT SLCPPDXO2297 * **