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July 21. 1995 <br />e <br />STATE BANK OF LONG LAKE <br />1964 W. WAYZATA BLVD • P O BOX 636 <br />LONG LAKE. MINNESOTA 55356-C636 • 6l2'473-7347 <br />To: City of Orono <br />P.O. Box 66 <br />Crystal Bay, IGI 55323 <br />V/e open irrevocable stauidby Letter of Credit ?Io. 072193 in the ar.cunt of <br />L'.S. dollars $5,0C0, in favor of yourselves, for the account of Howard <br />.Hisinger; expires July 21st, 199^, at our counters. Available against <br />drafts di-aun at sight on State Bank of Long Lake, Howard Hisinger's project, <br />bearing the clause, "Drawn under Standby Letter of Credit No. 072193 at the <br />iite Bank of Long Lake." <br />Acconpanied by: <br />1. A beneficiary’s signed statement stating: "Howard .Hisinger has <br />failed to make certain payments required to be .made for ir.prove.me.nts <br />or to complete the improvements tc the satisfaction of the city, <br />pursuant to the City Permit, concerning Hov;ard Eisinger's project, <br />betwee.n the City of Orono and Howard Eisinger. <br />2. This original Letter of Credit for endorsement. <br />Special Condition(s): <br />1. This Letter of Credit is automatically renewable without amendment <br />for an additional six-month period from the present e.xpiry date or <br />any future expiry date, unless si.xtj (60) days prior to said expiry <br />date, we shall notify you in writing, by registered mail, that we <br />have elected not to renew this Letter of Credit, but in no event <br />shall the e.xpiry date extend beyond July 21, 1994. <br />Payment will be made at the counter of the State BarJc of Long Lake, Long <br />Lake, Minnesota. <br />This credit is subject to the unifor.m customs and practice for documentary. <br />Unless otherwise stated, all docu.ments are to be forwarded to us by nail or <br />hand delivered to our counters. Documents to be directed to: State Hank of <br />Long Lake, 1964 West V/ayzata Boulevard, Long Lake, I-CI 55356. <br />We hereby engage with drawers and/or bona fide holders that drafts drawn and <br />negotiated in conformity with the terms of this credit will be duly honored <br />upon presentation. <br />State Bank of Long Lake. Long Lake, Minnesota <br />By <br />Thom <br />'A FULL' <br />SERVICE <br />BANK/I <br />hnson. Loan Officer <br />Continuous Banking since 1905 me