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S-27-1999 7:08AM FROM IND PARALEGAL SERV 612 29B 0398 <br />P. 2 <br />Date: May 26, 1999 <br />Alpine Capital, LLC <br />1003 Twelve Oaks Center <br />15500 Wayzata Blvd. <br />Wayzata, MN 55391 <br />i <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 />$143,400.00 U.S. dollars, in Favor of yourselves. <br />For the account. of Bohland bevelopment, Inc. expires May 31, 2000 at our counters. <br />Available against drafts diav�xi at sight on Alpine Cauital, LLC bearing the clause, "Drawn <br />under Standby Letter of Credit no. 9905030 of Alpine Ca ital LLC". <br />Accompanied by: <br />I. A beneficiary's signed stAtement stating: "Bohl'and Development. Inc.failed to make <br />certain payments required to be made for improvements or complete the improvements <br />to the satisfaction of the gity, pursuant to the developer's agreement dated May 26, <br />1999 concerning Carria Hill between the City of Orono and Bohland Development, <br />Inc. " <br />2. This original letter of credit for endorsement. <br />s <br />Special Condition(s): c <br />1. This letter of credit is automatically renewable without amendment for and additional <br />six month period from th$ present expiry date or any future expiry date, unless sixty <br />(60) days prior to said ex�iry date we shall notify you in writing, by registered mail, <br />that we have elected not tp renew this letter of credit, but in no event shall the expiry <br />date extend beyond Dece ` ber 3 12000. <br />Payment will be made at the counter of Alpine Capital, LLC, this credit is subject to the <br />uniform customs and piacticl for documentary unless otherwise stated, all documents are <br />to be forwarded to us by mailb or hand delivered to our counters. <br />Documents should be directed to: Alpine Capital, LLC <br />1003 Twelve Oaks Center <br />15500 Wavzata Blvd. <br />{ <br />Wayzata, NN 55391 <br />We hereby engage with drawers and/or bona fide holders that drafts dravrn and negotiated <br />in conformity with the teims of this credit will be duly honored upon presentation, <br />Alpi�apital, LLC, Wakzata. Minnesota. <br />r <br />i <br />Authorized Signature! <br />i <br />