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mmimsem ew~ <br />MAIN OFFICE 1011 tat St So Hopkins MN 5F343 Phone 934 '4000 � <br />VALLEY VIEW OFFICE 7101 Wash,ngton Ave �,o Edina MN '..,')43, Pnune t032 U900 <br />October 5, 1982 <br />IRREVOCABLE LETTER OF CREDIT 1182-131 <br />City of Orono <br />1335 Brown Road South <br />Orono, Minnesota <br />Gentlemen: <br />At the request of Van Eeckhout Building Corporation, we hereby authorize <br />you to draw on us up to an aggregate of $9,000.00 by your sight draft <br />presented no later than October 5, 1983. <br />The draft under this Letter of Credit must be endorsed hereon and bear <br />the clause "Drawn under Northwestern National BankWest Letter of Credit <br />#82-131, dated October 5, 1983." The original of this letter of Credit <br />must be returned with the draft. <br />This Letter of Credit is issued as a guaranty to the City of Orono that <br />Van Eeckhout Building Corporation will complete required road construction <br />and bituminous paving in Dickey Lake Addition and in the event of failure <br />of the developer to do so, then the City of Orono may draw against .his <br />Letter of Credit. We hereby agree with you that said draft will be duly <br />honored by us upon presentation to us at our house of banl-ing. <br />This Letter of Credit may be released prior to its expiration upon <br />compliance with such improvements and a copy of properly executed <br />written notice of acceptance of said improvements by the City of Orono. <br />• <br />It is a condition of this letter of credit that it shall be deemed auto- <br />matically extended without charge for siA months from the present or any <br />future expiration date(s). We shall notify yot, in writing by certified <br />mail that we elect not to consider this letter of credit renewed for an <br />additional period. <br />Sincs+ely, <br />i <br />y <br />Assist t Vice Presl ient <br />RVR cp <br />