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0 <br /> � �, <br /> Bank of c�c��od�-� <br /> Maple Ptain <br /> 4980 Highway 12 � - <br /> Maple Plain,MN 55359 � •♦ �, �991 <br /> Phone(612)479-1931 I V4�� s <br /> IBREVOCABLE STANDBY LETTER OF CREDIT <br /> October 11 , 1991 Letter of Credit #132 <br /> City of Orono <br /> P.O. Box 66 <br /> Crystal Bay, MN 55323 <br /> We hereby establish our Irrevocable Standby Letter of Credit <br /> Number 132 in the amount of $15 , 000 .00, in favor of yourselves, <br /> for the account of Clair T. Rood. It expires October 11 , 1992 <br /> and is available against drafts drawn at sight on the Bank of <br /> Maple Plain, Maple Plain, MN bearing the clause , "drawn under <br /> Standby Letter of Credit Number 132 of Bank of Maple Plain, Maple <br /> P1ain, MN" accompanied by: <br /> 1 . A beneficiary' s signed statement stating : "Clair T. <br /> Rood has failed to make certain payments required to be made <br /> for improvements or complete the improvements to the <br /> satisfaction of the city, pursuant to the developer' s <br /> agreement dated October 11 , 1991 concerning Pond Dredging, <br /> between the City of Orono and Clair T. Rood. " <br /> Special condition( s ) : <br /> 1 . This letter of credit is automatically renewable without <br /> amendment for an additional sixth month period from the <br /> present expiry date or any future expiry date, unless sixty <br /> ( 60 ) days prior to said expiry date we shall notify you in <br /> writing, by registered mail , that we have elected not to <br /> renew this Letter of Credit , but in no event shall the <br /> expiry date extend beyond April 11 , 1993 . <br /> We hereby agree with the drawers , endorsers , and bonafide holders <br /> of drafts drawn under and in compliance with the terms of this <br /> credit that the same will be duly honored if presented at this <br /> office on or before October 11 , 1992 together with this Letter of <br /> Credit. <br /> This Letter of Credit is subject to Uniform Customs and Practice <br /> for po umentary C edits ( 1983 revision) , International Chamber o€ <br /> Comm c , Publi ion No. 400. <br /> d <br /> C.� Paul Lindh lm <br /> President <br />