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I �, <br /> . � * <br /> �' FIRST BANK <br /> First Bank National Association International Banking Division <br /> Minneapolis Office Cable: FIRSTBANK, MPS <br /> 601 Second Avenue South TELEX: 192179 FBNA INTL MPS <br /> Minneapolis, Minnesota 55402-4302 S.W.I.F.T.: FNBMUS44 <br /> 612 973-0736/0710 Fax: 612 973-0838 <br /> JANUARY 17, 1997 <br /> CITY OF ORONO <br /> P.O. BOX 66 <br /> CRYSTAL BAY, MINNESOTA 55323 <br /> WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 76514 FOR THE <br /> ACCOUNT OF C. STEVEN WILSON, 325 SOUTH BROWN ROAD, LONG LAKE, MINNESOTA 55356 <br /> IN THE AMOUNT OF $15,000.00 (FIFTEEN THOUSAND AND NO/100 U.S. DOLLARS)AND <br /> AUTHORIZE YOU TO DRAW AT SIGHT ON FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS <br /> OFFICE. <br /> DRAFTS ON US AT SIGHT MUST BE ACCOMPANIED BY: <br /> 1. BENEFICIARY'S SIGNED STATEMENT(PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER <br /> OF THE CITY OF ORONO)AS FOLLOWS: "C. STEVEN WILSON AND SUSAN D. WILSON HAVE <br /> DEFAULTED ON THE PERFORMANCE OF ANY ONE OR MORE OF THEIR OBLIGATIONS TO THE <br /> CITY OF ORONO UNDER THAT CERTAIN SEPTIC SYSTEM UPGRADE AGREEMENT DATED <br /> JANUARY 14, 1997." <br /> 2. ORIGINAL LETTER OF CREDIT. <br /> THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT ARE TO BE ENDORSED ON THE <br /> REVERSE SIDE HEREOF, SUCH DRAFT(S) MUST BEAR THE CLAUSE"DRAWN UNDER FIRST <br /> BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE CREDIT NO. 76514 DATED JANUARY 17, <br /> 1997." <br /> WE HEREBY AGREE WITH DRAWERS THAT DRAFTS AND DOCUMENTS AS SPECIFIED ABOVE <br /> WILL BE DULY HONORED UPON PRESENTATION TO FIRST BANK NATIONAL ASSOCIATION, <br /> MINNEAPOLIS OFFICE, 601 SECOND AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55402-4302 IF <br /> PRESENTED ON OR BEFORE JANUARY FOURTEENTH. 1998. <br /> THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY <br /> CREDITS PUBLISHED BY THE INTERNATIONAL CHAMBER OF COMMERCE, OR ANY <br /> SUBSEQUENT REVISION THERETO. <br /> FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE <br /> �� � � <br /> AUTHO ZED SIGN RE AUTHORIZ SIGNATURE <br /> SAMP170.DOC <br />