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firel.111414N <br /> A4 - ;;A <br /> BRIDGEWATER BANK <br /> IRREVOCABLE LETTER OF CREDIT <br /> Letter of Credit No.: 512 <br /> Date:June 21,2019 <br /> TO: City of Orono <br /> 2750 Kelley Parkway <br /> Orono,MN 55356 <br /> Dear Sir or Madam: <br /> We hereby issue, for the account of Orono Orchard, LLC,a Minnesota limited liability <br /> company, and in your favor,our Irrevocable Letter of Credit in the amount of$ 108,875.00, <br /> available to you by your draft drawn on sight at the undersigned bank. <br /> Any drafts drawn under this Letter of Credit must: <br /> a) Bear the clause, "Drawn under Letter of Credit No. 512 of Bridgewater Bank, dated <br /> June 21,2019"; <br /> b) Be accompanied by an affidavit signed by the Mayor or City Administrator certifying <br /> that Orono Orchard, LLC is in default of the Development Contract with the City of <br /> Orono and that five (5) business days prior written notice has been given by the City <br /> to the Developer with respect to the existence of such default, and such default has <br /> not been cured. <br /> c) Be presented for payment at Bridgewater Bank, 7831 East Bush Lake Road, Suite <br /> 300, Bloomington,MN 55439, on or before 4:00 p.m. on November 30,2019. <br /> Greenwood PHONE 952.653.0605 bridgewaterbankmn.com <br /> 21500 Highway 7 FAX 952.470.3933 <br /> Greenwood,MN 55331 <br />