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Irrevocable Standby Letter Of Credit <br />Number: IS000042107U <br />Issue Date: May 21, 2018 <br />BENEFICIARY APPLICANT <br />CITY OF ORONO <br />2750 KELLEY PARKWAY <br />ORONO, MINNESOTA 55356 <br />LETTER OF CREDIT ISSUE AMOUNT <br />LADIES AND GENTLEMEN: <br />Wells Fargo Hank, N.A. <br />U.S. Trade Services <br />St.u]dbv betters of Credit <br />794 I),')\ is StiVet, :?n(t I�l�xir <br />San 1,0:111rlr(), C'.l 94577-69— <br />F'h�mc: l(8OO) 776-3802 0I)tio n <br />shl(•-n(1Nyw Nvcllsfargo�.con-1 <br />DAMES R JUNDT <br />42486 N 109TH PLACE <br />SCOTTSDALE, ARIZONA 85262 <br />USD 1,009,327.50 EXPIRY DATE NOVEMBER 30, 2018 <br />WE HEREBY ISSUE, FOR THE ACCOUNT OF JAMES R JUNDT AND IN YOUR FAVOR, OUR IRREVOCABLE LETTER <br />OF CREDIT IN THE AMOUNT OF $1,009,327.50, AVAILABLE TO YOU BY YOUR DRAFT DRAWN AT SIGHT ON <br />THE UNDERSIGNED BANK. <br />THE DRAFT MUST: <br />A) BEAR THE CLAUSE, "DRAWN UNDER LETTER OF CREDIT NO. IS000042107U DATED MAY 21, 2018 OF <br />WELLS FARGO BANK, N.A.; <br />B) BE ACCOMPANIED BY AN AFFIDAVIT SIGNED BY THE MAYOR OR CITY ADMINISTRATOR OF THE CITY OF <br />ORONO CERTIFYING THAT JAMES R JUNDT 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 <br />TO THE DEVELOPER WITH RESPECT TO THE EXISTENCE OF SUCH DEFAULT, AND SUCH DEFAULT HAS NOT <br />BEEN CURED. <br />C) BE PRESENTED FOR PAYMENT AT WELLS FARGO BANK, N.A. 794 DAVIS STREET, 2ND FLOOR SAN <br />LEANDRO, CA 94577-6922 ON OR BEFORE 4:00 P.M. ON NOVEMBER 30, 2018. <br />THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, AT <br />LEAST FORTY-FIVE (45) CALENDAR DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE WHICH SHALL BE <br />NOVEMBER 30 OF EACH YEAR, THE BANK DELIVERS WRITTEN NOTICE TO THE CITY OF ORONO <br />ADMINISTRATOR THAT IT INTENDS TO MODIFY THE TERMS OF, OR CANCEL, THIS LETTER OF CREDIT. <br />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 <br />FOLLOWS: CITY OF ORONO ADMINISTRATOR, ORONO CITY HALL, 2750 KELLEY PARKWAY, ORONO,Together we'll go far <br />-�r .T <br />Page 1 of 2 <br />Each page of this document is an integral part <br />of this Irrevocable Standby Letter of Credit Number IS000042107U <br />