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gni <br /> 5670Caly <br /> BANKLETTERHEAD <br /> DATE: <br /> TO: CITY OF ORONO <br /> P.O. BOX 66 <br /> CRYSTAL BAY, MN 55323 <br /> WE OPEN IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER IN THE <br /> AMOUNT OF U.S. DOLLARS <br /> IN FAVOR OF YOURSELVES. <br /> FOR THE ACCOUNT OF (Developer) <br /> EXPIRES AT OUR COUNTERS. <br /> AVAILABLE AGAINST DRAFTS DRAWN AT SIGHT ON (Bank) <br /> BEARING THE <br /> CLAUSE , "DRAWN UNDER STANDBY LETTER OF CREDIT NO. OF <br /> (Bank) " . <br /> ACCOMPANIED BY: <br /> 1. A BENEFICIARY'S SIGNED STATEMENT STATING: " (Developer) HAS <br /> FAILED TO MAKE CERTAIN PAYMENTS REQUIRED TO BE MADE FOR <br /> IMPROVEMENTS OR COMPLETE THE IMPROVEMENTS TO THE SATISFACTION OF <br /> THE CITY, PURSUANT TO THE DEVELOPER' S AGREEMENT DATED <br /> CONCERNING <br /> BETWEEN THE CITY OF ORONO AND ." <br /> 2 . THIS ORIGINAL LETTER OF CREDIT FOR ENDORSEMENT. <br /> SPECIAL CONDITIONS(S) : <br /> 1 . THIS LETTER OF CREDIT IS AUTOMATICALLY RENEWABLE WITHOUT <br /> AMENDMENT FOR AN ADDITIONAL SIX MONTH PERIOD FROM 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 OF <br /> CREDIT, BUT IN NO EVENT SHALL THE EXPIRY DATE EXTEND BEYOND <br /> PAYMENT WILL BE MADE AT THE COUNTER OF (Bank) <br /> THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR <br /> DOCUMENTARY UNLESS OTHERWISE STATED, ALL DOCUMENTS ARE TO BE FORWARDED <br /> TO US BY MAIL, OR HAND DELIVERED TO OUR COUNTERS. <br /> DOCUMENTS TO BE DIRECTED TO: (Bank, Address) <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 /> (Bank) , (City, State) <br /> AUTHORIZED SIGNATURE AUTHORIZED SIGNATIURE <br /> (Bank) (Bank) <br />