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IRREVOCABLE LETTER OF CREDIT <br /> No. <br /> Date: <br /> TO: City of Orono <br /> 2750 Kelley Parkway <br /> Orono,Minnesota 55356 <br /> Dear Sir or Madam: <br /> We hereby issue, for the account of and in your favor, our <br /> Irrevocable Letter of Credit in the amount of$ , available to you by your draft drawn on sight on the <br /> undersigned bank. <br /> The draft must: <br /> a)Bear the clause,"Drawn under Letter of Credit No. ,dated ,2 ,of (Name <br /> of Bank) "; <br /> b)Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Orono certifying <br /> that is in default of the Development Contract with the City of Orono and that <br /> five(5)business days prior written notice has been given by the City to the Developer with respect to the existence of <br /> such default,and such default has not been cured. <br /> c)Be presented for payment at (Address of Bank) ,on or before 4:00 p.m. on ,2 <br /> [at least one year from the date of the development agreement execution]. <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five(45) <br /> days prior to the next annual renewal date(which shall be November 30 of each year),the Bank delivers written notice <br /> to the Orono City Administrator that it intends to modify the terms of,or cancel,this Letter of Credit.Written notice is <br /> effective if sent by certified mail,postage prepaid,and deposited in the U.S.Mail,at least forty-five(45)days prior to <br /> the next annual renewal date addressed as follows: Orono City Administrator,Orono City Hall,2750 Kelley Parkway, <br /> Orono,Minnesota 55356,and is actually received by the City Administrator at least thirty(30)days prior to the renewal <br /> date. <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, <br /> amplified, or limited by reference to any document, instrument, or agreement,whether or not referred to herein. This <br /> Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this <br /> Letter of Credit. <br /> This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for <br /> Documentary Credits, International Chamber of Commerce Publication No. 600. This agreement shall be construed <br /> and interpreted under Minnesota Law. <br /> We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored <br /> upon presentation. <br /> BY: <br /> Its <br /> 25 <br /> 278322 <br /> 218300v1 <br />