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Wells Fargo Bank, N.A. <br />U.S. Trade Services <br />Standby Letters of Credit <br />79 4 Davis Stivet. end Floor <br />[.\C Aoo•�8:3-o>a. <br />San .P011 lro, CA 94577-69_2 <br />VhunV: 1(800) 776-390 2 0})6011 <br />ail: sbl(•-ncw(tt wellsfargo.com <br />11 <br />Irrevocable Standby Letter Of Credit <br />BENEFICIARY <br />CITY OF ORONO <br />2750 KELLEY PARKWAY <br />ORONO, MINNESOTA 5535 <br />LETTER OF CREDIT ISSUE AMOUNT <br />LADIES AND GENTLEMEN: <br />IS000042107U <br />Date : May 21, 2018 <br />APPLICANT <br />JAMES 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 <br />FARGO <br />BANK, N.A. 794 <br />DAVIS <br />STREET, 2ND FLOOR SAN <br />LEANDRO, CA 94577-6922 ON OR BEFORE 4:00 <br />P.M. <br />ON NOVEMBER <br />30, 2018. <br />THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, Al <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 />Page 1 of 2 <br />Each page of this document is an integral part <br />of this Irrevocable Standby Letter of Credit Number 15000042107U <br />