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111AR 26 '97 15:47 FF' F I RSTHR SHELARD 612 541 7225 TO :1730510 P.02/02 Y Firstar Bank of Minnesota, N,A_ LETTER OF CREDIT F iR.ST-n R Letter of Credit No. 0007889-5299 U. S.Amount; $15,000.00 Gregory Gappa, Public Service Director Date: March 27, 1997 City of Orono Expiration Date: �Veptemher 27, 1997 2750 Kelley Parkway Orono, MN 55356 To Whom It May Concern: By order and for the account of our customer, Orono Limited Partnership, whose address is: 7808 Creekridge Circle, Suite 310, Minneapolis, MN 554.39, we hereby establish in favor of City of Orono this Irrevocable Standby Letter of Credit No. 0007889-5299, for an amount up to, but not exceeding the sum of Fifteen Thousand acrd.Noll0 J ($15,000-00) effective immediately and expiring at the offices of our bank at closing on the bank business day of September 27, 1997. Funds under this credit and available by your draft(s) at sight drawn on us mentioning thereon this Letter of Credit No_ 0007889-5299. Each such draft drawn must be accornpanied by: Beneficiary's signed statement by a purported officer of city of Orono certifying that City of Orono was not paid under invoice payment terms and remains unpaid at the time of drawing. Beneficiary is to also provide copies of unpaid invoices. Partial drawings are permissible. The Credit will be automatically reduced by the amount of any partial drawings. This Irrevocable Letter of Credit is not transferable. Except so far as otherwise expressly stated herein, this credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision) International. Chamber of Commerce Publication No. 400. We hereby agree with the drawers, endorsers and bona fide holders that the drafts under and in accordance with the terms of this credit shall be duly honored upon presentation to the Firstar Bank of Minnesota, N.A,, Small Business Division, 2401 Lowry Avenue N.E., St. Anthony, MN 55418 if negotiated on or before 3:00 p.m. Central Standard Time on September 27, 1997. If we receive such draf=t(s) together with accompanying documents on or before the expiration date hereof, we will promptly honor such draft(s). If we are not open for business on the expiration date of this Letter of Credit, your drafts accompanied by conforming doctunents will be honored if presented at any time within three (3)full banking days after the time when our office is reopened for business. Firstar Bank of Minnesota, N.A. By: c . e. James C. Isaacson, Vice President :: : TOTAL PAGE.02