Laserfiche WebLink
' ', ' � , IRREVOCABLE LETTER OF CREDIT <br /> No.. X7��XX <br /> , Date: ,2007 <br /> TU: City of Orono(Mailing Address) City of Orono(Deiivery Address} <br /> � P.O.Box 66 ' 2750 Kelley Parkway � � <br /> GYystal Bay,Minnesota SS323 Long Lake,Minnesota 55355 <br /> To WhomIt May Concem: <br /> We hereby issue, for tha account of Ryan Companies U.S., Inc, and in your favor, our Irrevocable Letter of <br /> �edit in the amoune of$488,727.11 ("Credit"),available to you by your draft drawn on sight on the undersigned bank. <br /> The draR must: <br /> a} Bear the clanse, "Drawn under I,etter of Credit No. 7�XXX3�, datec� � , of <br /> �,, <br /> � <br /> � b) Be signed by the Mayor or City Administrator of the City of Orono:; <br /> c) Be presented for payment at ("B�")� <br /> , at or before 4:00 p.m on (the date one year after the <br /> date hereo�,or successive dates fihereto as provided herein; � <br /> d) Be accompa.nied by a statement signed by the City of Orono certifying that a default has ocourred <br /> pursuant to the terms af the Crystal Bay Business Center Development Agreement. . <br /> This GYedit shall automatically renew for successive ane-year terms uniess,at least forty-five{45)days prior to <br /> the next annual expiry date {which shall be of each year), the Bank delivers written notice to the <br /> Orono Cily Adtninistrator tbat it intends to not renew this GYedit. Written notice is effec'tive if sent by certified mail, <br /> postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next annual expiry date <br /> addressed as follows; Orono City Planner, P.O.Box 66, Crystal Bay,MN 55323, and is acivally received by tlie City <br /> Administrator at least thirty{30)days prior to the expiry date. <br /> This Credit sets forth in full our understanding which shall not in any way be modified,amended,amplified,or <br /> - limited by refexence to any document,instrument,or ag�reeziaent,whethez or not referred to herein. <br /> This Credit is not assignable. More than one draw may be made under this G�edit provided that the sum of all <br /> draws does ztot exceed the amount set forth above. Furthermore,the principat amount of this GYerlit may from time to <br /> time be reduced ta such amounts as ma.y be approved in writing by the GYty of Orono pursuant to the written <br /> recommendation of its representatives. <br /> � This Cxedit sha1l be governed by the most recent revision of the Uniform G�stoms and Practice for <br /> Documentary GYedits,International Chamber of Commerce Publication No.500, 1993 revision. <br /> We hereby agree that a draft drawn under and in cornpli.ance with this Credit shall be duly honored upon <br /> pzesentation. . <br /> Very truly yours, <br /> By: BY� <br /> Name� Name: ' <br /> Its: Its: <br /> ������� <br /> �3�zs�„�o .'-� JUN 21 2Q��I <br /> 20 r�'-�?� �� <br /> � ._ CtTlf OF ORONO <br />