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5-27-1999 7:08AM FROM IND PARALEGAL SERV 612 295 0398 P.2 <br />Alpine Capital, LLC <br />r 1003 Twelve Oaks Center <br />15500 Wayzata Blvd. <br />Wayzata, MN 55391 <br />Date: MU 26, 1999 <br />To: City of Orono <br />P.O. Box 66 ` <br />Crystal Bay, MN 55323 <br />We open irrevocable standby, letter of credit number 9905030 in the amount of <br />$143,400.00 U.S. dollars, in �avor of yourselves, <br />For the account.of Bohland 6reveloament-Ine. expires Mgy 31 2000 at our counters. <br />i . <br />Available against drafts drav4a at sight on Alpine Capital, LLCbearing the clause, "Drawn <br />under Standby Letter of Cret no. 9905030 of Alpine Ca ital LLC". <br />Accompanied by: f <br />1. A beneficiary's signed st4tement stating: "Bohland Develdprnent. Inc. failed to make <br />certain payments required to be made for improvements or complete the improvements <br />to the satisfaction of the gity, pursuant to the developer's agreement dated May 26, <br />1999 concerning Carriag4 Hill, between the City of Orono and Bohland. Development. <br />2. This original letter of credit for endorsement. <br />Special Condition(s): <br />1. This letter of credit is aut6matically renewable without amendment for and additional <br />six month period from the present expiry date or any future expiry date, unless sixty <br />(60) days prior to said expiry date we shall notify you in writing, by registered mail, <br />that we have elected not t� renew this letter of credit, but in no event shall the expiry <br />date extend beyond Dece ` ber 31 2000. <br />Payment will be made at the counter of Alpine Capital, LLC, this credit is subject to the <br />uniform customs and practic for documentary unless otherwise stated, all documents are <br />to be forwarded to as by rxrailp or hand delivered to our counters. <br />Documents should be directed to: Alpine Ca ital LLC <br />1003 Twelve Oaks Center <br />15500 Wayzata Blvd. <br />Wayzata, NN 55391 <br />We hereby engage with drawers and/or bona fide holders that drafts drawn and negotiated <br />in conformity with. the terms of this credit will be duly honored upon presentation, <br />Alpine Capital, LLC, Wayzgt. Minnesota. <br />Authorized Signature! <br />