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EXHIBIT B <br />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, <br />our Irrevocable Letter of Credit in the amount of$ available to you by your draft drawn on <br />sight on the undersigned bank. <br />The draft must: <br />a)Bear the clause, "Drawn under Letter of Credit No. dated 2027,of <br />Name of Bank)'; <br />b) Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Orono <br />certifying that is in default of the Development Contract with the <br />City of Orono and that five (5) business days prior written notice has been given by the City to Developer <br />with respect to the existence of 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 November 30, <br />2 <br />This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty- <br />five (45) days prior to the next annual renewal date (which shall be November 30 of each year), the Bank <br />delivers written notice to the Orono City Administrator that it intends to modify the terms of, or cancel, this <br />Letter of Credit.Written notice is effective if sent by certified mail,postage prepaid,and deposited in the U.S. <br />Mail, at least forty-five (45) days prior to the next annual renewal date addressed as follows: Orono City <br />Administrator,Orono City Hall,2750 Kelley Parkway, Orono,Minnesota 55356,and is actually received by <br />the City Administrator at least thirty(30)days prior to the renewal date. <br />This Letter of Credit sets forth in full our understanding which shall not in any way be modified, <br />amended, amplified, or limited by reference to any document, instrument, or agreement, whether or not <br />referred to herein. This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than <br />one draw may be made under this Letter of Credit. <br />This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and <br />Practice for Documentary Credits,International Chamber of Commerce Publication No.600. This agreement <br />shall be construed 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 <br />honored upon presentation. <br />BY: <br />Its <br />235929v3