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STATE BANK OF LONG LAKE <br />1964 W. WAY2ATA 0LVO. • P O. BOX P <br />LONG LAKE, MINNESOTA 55356-0106 • 612/473-7347 <br />September 25, 1987 <br />Irrevocable Letter of Credit No. 092587 <br />For Account of: <br />To Beneficiary: <br />Robert C. Hanning, Jr. <br />Julie Hanning <br />4220 County Road 6 <br />Long Lake, MN 55356 <br />City of Orono <br />1335 South Brown Road <br />Orono, MN <br />Gentlemen: <br />We hereby establish our irrevocable Letter of Credit in favor <br />of you, your transf^^rree, nominee or assignee available by your <br />draft(s) at sight us in the amount of $5,000.00 U.S. Dollars, <br />accompanied by youi written certification that you have not <br />been released from liability and that the proceeds of your <br />draft(s) will be applied by you to satisfy any loss, cost, <br />claim or expense which may be incurred by you, your transferree, <br />nominee or assignee. <br />We hereby engage with you that all drafts drawn under and in com­ <br />pliance with the terms of this credit will be duly honored on <br />presentation if drawn and negotiated as indicated above. This <br />Letter of Credit will expire as of 3:00 p.m. June 1, 1989. <br />Very truly yours. <br />Michael J. Byrp^ <br />Vice President <br />MJB:ss <br />/AFULlX <br />SERVICE) . <br />\^NK/« <br />Continuous Banking snca 1905 FDli