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r <br />STATE BANK OF LONG LAKE <br />1964 W WAYZATABLVD •PO BOX 656 <br />LOrJG LAKE MINNESOTA 553564:656 • 61Z'473.7347 <br />July 21, 1993 <br />To: City of Orono <br />P.O. Box 66 . <br />Crystal Bay, I-GJ 33323 <br />% <br />\le open irrevocable standby Letter of Credit No. C72193 in the a.-.cunt of <br />N'.S. dollars 35.0C0. in favor of yourselves, for the account of Hc:;ard <br />nisinger; expires .<’uly 21st, 199U, at our counters. Available against <br />drafts dravm 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 />State Bank of Long Lake " <br />Accompanied by: <br />1. A beneficiary's signed statement stating: "Howard Hisinger has <br />failed to make certain payments required to be made for improvements <br />or to complete the improvements to the satisfaction of the city, <br />pursuant to the City Permit, concerning Howard Eisi.nger's project, <br />between the City of Orono and Howard Hisinger. <br />2. This original Letter of Credit for endorser.e.nt. <br />Special Conditicn(a): <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.xty (60) days prior to said expiry <br />date, we shall notify you in writing, by registered nail, that we <br />have elected not to renew this Letter of Credit, but in no event <br />shall the expiry date extend beyond July 21, 199^* <br />Payment will be made at the counter of the State Bank of Long Lake, Long <br />Lake, Minnesota. <br />This credit is subject to the uniform custom^ a.nd practice for dccu.mentary. <br />Unless otherwise stated, all documents are to be forwarded to u_ by mail or <br />hand delivered to our counters. Docu.rn.ent3 to be directed to: State cank of <br />Long Lake, 196a Jest Wayzat:-. Boulevard, Long Lake, !dN 55356. <br />We hereby engage with drawers and/or bcna fide holders that drafts drawn and <br />negotiated in conformity with the terms of this credit will be duly honored <br />upon presentation. <br />FDIi