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This Letter of Credit shall automatically renew for successive one-year terms unless, at <br /> least forty-five (45) days prior to the next annual renewal date (which shall be November 30 of <br /> each year),the Bank delivers written notice to the Orono City Administrator that it intends to <br /> modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by <br /> certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior <br /> to the next annual renewal date addressed as follows: Orono City Administrator, Orono City <br /> Hall, 2750 Kelley Parkway, Orono, Minnesota 55356 and is actually received by the City <br /> Administrator at least thirty(30)days prior to the renewal date. <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be <br /> modified, amended, amplified, or limited by reference to any document, instrument, or <br /> agreement, whether or not referred to herein. This Letter of Credit is not assignable. This is not <br /> a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. <br /> This Letter of Credit shall be governed by the most recent revision of the Uniform <br /> Customs and Practice for Documentary Credits, International Chamber of Commerce Publication <br /> No. 600. <br /> We hereby agree that a draft drawn under and in compliance with this Letter of Credit <br /> shall be duly honored upon presentation. <br /> BRIDGEWATER BANK <br /> i <br /> BY: � <br /> . Johnson <br /> enior Vice President Construction Lending <br /> 2 <br />