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EASY Pl ACE <br />June 9, 1986 <br />City of Orono <br />1335 S. Brown Road <br />Orono, MN <br />Re. irrevocable Letter of Credit No. 517 <br />Gentlemen: <br />We hereby authorize you to draw on the Wayzata Bank b Trust <br />Co., 900 E. Wayzata Boulevard, Wayzata, MN 55391 for the <br />account of William J. Ulrich up to the aggregate amount of <br />Twenty -One Thousand Dollars ($21,000.00) available by your <br />draft at sight. All drafts must be marked "Drawn under <br />Letter of Credit No. 517". <br />This draft must be presented to the Wayzata Bank 8 Trust <br />Co., no later than 3:00 P.M. on December 31, 1987, after <br />which time this Letter of Credit will expire. When the <br />draft is presented, it must be accompanied by this Letter of <br />Credit. <br />The draft must bear upon its face the clause, "Drawn under <br />Letter of Credit No. 517 dated June 9, 1996, of the Wcjzata <br />Bank b Trust Company of Wayzata, Minnesota". <br />This Letter of Credit is given to secure performance by <br />William J. Ulrich in regard to the Sibdivider's Agreement <br />for the Ulricn residence. <br />We hereby agree with the drawer;, endorsers and bona`ide <br />holders of drafts drawn under and in campliance with the <br />terms of this Letter of credit that such drafts will be <br />duly honored on due presentation to the drawee. <br />Sincerely, <br />' `) �► o, (• . <br />Billy T. Mitchell <br />Assistant Vice President <br />8TM/ld <br />f ASY Fit ACE 9W FAST WAYZATA Btri1tEY4i1E1i WAiiAi4 MTNNiSUTA SS"I 612-47188SS <br />