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IRREVOCABLE LETTER OF CREDIT No.: XXXXX Date: ,2007 TO: City of Orono(Mailing Address) City of Orono(Delivery Address) P.O.Box 66 2750 Kelley Parkway Crystal Bay,Minnesota 55323 Long Lake,Minnesota 55356 To Whom It May Concern: We hereby issue, for the account of Ryan Companies U.S., Inc. and in your favor, our Irrevocable Letter of Credit in the amount of$488,727.11 ("Credit'),available to you by your draft drawn on sight on the undersigned bank. The draft must: a) Bear the clause, "Drawn under Letter of Credit No. XXXXXXX, dated of b) Be signed by the Mayor or City Administrator of the City of Orono-; C) Be presented for payment at ("Bank"), , at or before 4:00 p.m on (the date one year after the date hereof),or successive dates thereto as provided herein; d) Be accompanied by a statement signed by the City of Orono certifying that a default has occurred pursuant to the terms of the Crystal Bay Business Center Development Agreement. This Credit shall automatically renew for successive one-year terms unless,at least forty-five(45)days prior to the next annual expiry date (which shall be of each year), the Bank delivers written notice to the Orono City Administrator that it intends to not renew this Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next annual expiry date addressed as follows: Orono City Planner, P.O. Box 66, Crystal Bay, MN 55323, and is actually received by the City Administrator at least thirty(30)days prior to the expiry date. This Credit sets forth in full our understanding 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 Credit is not assignable. More than one draw may be made under this Credit provided that the sum of all draws does not exceed the amount set forth above. Furthermore, the principal amount of this Credit may from time to time be reduced to such amounts as may be approved in writing by the City of Orono pursuant to the written recommendation of its representatives. This Credit shall be governed by the most recent revision of the Uniform Customs and Practice for Documentary Credits,International Chamber of Commerce Publication No. 500, 1993 revision. We hereby agree that a draft drawn under and in compliance with this Credit shall be duly honored upon presentation. Very truly yours, By: By: Name: Name: Its: Its: 132281 v10 -20 -