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WTMWESTERM WMWEST <br />MAIN OFf It'F 1011 1• , tt.i06 1.1. a > 4 <br />4Al : f Y 44 W Ol Ft 'f t• t, . ,;r A.t <br />April 5, 1982 <br />IRRHOCAB1.1? UrTER OF CREDIT h82-109 <br />City of Orono <br />1335 Brown Road South <br />Orono, MN <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, 1982. <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 />#82-109, dated April 5, 1982". 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 failule <br />of the developer to do so, then the City of Orono may draw against this <br />Letter of Credit. <br />We hereby agree with you that said draft will be duly honored by us upon <br />presentation to us at our house of banking. <br />This Letter of Credit may be released prior to its expiration upon <br />compliance with such improvements :end a copv of the properly executed <br />written notice of acceptance of :said improvements by the City of Orono. <br />It is a condition of this letter of credit that it shall be deemed automatic- <br />ally extended without charge for six months from the present or any future <br />expiration date(s). We shall notify you in writing by certified mail that <br />we elect not to consider this letter of credit renewed for an additional <br />period. <br />SincefeLy,' <br />i � } <br />t✓. A,- <br />Assista lice President <br />NVR/tml <br />