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. / <br /> . , . . � y �3 <br /> STATE BANK OF LONG LAKE <br /> 1964 W.WAYZATA BLVD. • P.O. BOX 636 <br /> LONG LAKE. MINNESOTA 55356-0636•612/473-7347 <br /> Date: March 13, 1992 <br /> To: City of Orono <br /> P. O. Box 66 <br /> Crystal Bay, MN 55323 <br /> iVe open irrevocable standby Letter of Credit No. 031392 in the <br /> amount of U. S. Dollars $19,500, in favor of yourselves, for the <br /> account of Sailor's World. <br /> Expires March 13, 1994, at our counters. <br /> Available against drafts drawn at sight on State Bank of Long Lake, <br /> Shoreline Marina & Yacht Club building project, bearing the clause, <br /> "Drawn Under Standby Letter of Credit No. 031392 at the State Bank <br /> of Long Lake." <br /> Accompanied by: <br /> 1. A beneficiary's signed statement stating: "Sailor's World • <br /> has failed to nake certain payments required to be made for <br /> improvements or to complete the improveutents to the satis- <br /> faction of the City, pursuant to the developer's agreement <br /> dated March 13, 1992, concerning Shoreline Marina & Yacht <br /> Club building project, between the City of Orono and Sailor's ' <br /> World. <br /> 2. This original Letter of Credit for endorsement. <br /> Special Condition(s) : <br /> 1. This Letter of Credit is automatically renewable without <br /> amendment for an additional six-month period =rom the present <br /> expiry date or any future expiry date, unless sixty (60) days <br /> prior to said expiry date., we shall notify you in writing, by <br /> registered mail, that we have elected not to renew this Letter <br /> of Credit, but in no event shall the expiry date extend beyond <br /> September 13, 1994. <br /> Payment will be made at the counter of the State Bank of Long Lake, <br /> Long Lake, Minnesota. <br /> This credit is subject to the uniform customs and practice for <br /> documentary. Unless otherwise stated, all documents are to be <br /> forwarded to us by mail or hand delivered to our counters. <br /> Documents to be directed to: State Bank of Long Lake, 1964 West <br /> Wayzata Boulevard, Long Lake, 1�T 55356. <br /> We hereby engage with drawers and/or bona fide holders that drafts <br /> drawn and negotiated in conformity with the terms of this credit will <br /> be duly honored upon presentation, <br /> State B nk of Long Lake, Long Lake, Minnesota <br /> By . <br /> ic ael J. Byrne, ; resident <br /> Continuous Banking since 1905 �`~��'�m� <br /> A fULI ,r Y�aY� <br /> SERVICE <br /> (3ANK � <br />