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. 3 u �. <br /> - ; <br /> Bank of � <br /> Maple Piain _ <br /> 4980 Highway 12 • <br /> Maple Piain,MN 55359 <br /> Phone(61�47�1931 � <br /> IRREVOCABLE STANDBY LETTER OF CREDIT "`�'• - ~ -vv • <br /> � �IUL� 1 2 19�3 <br /> April 11 , 1993� Letter of Credit #142 <br /> n �� --- ^l� <br /> Ci ty of Orono [� C�[�Qd[� <br /> P.O. Box 66 ' <br /> Crystal Bay , MN 55323 <br /> We hereby establish our Irrevocable Standby Letter of Credit <br /> Number 142 in the amount of $15 , 000 .00 , in favor �" yourselves , <br /> for the account of Clair T. Rood. It expires Apri � 11 , 1994, and <br /> is available against draf ts drawn at sight on the Eank of Maple <br /> Plain, Maple Plain , MN bearing the clause, "drawn under Standby <br /> Letter of Credit Number 142 of Bank of Mapie Plain, Maple Plain, <br /> 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 /> satisfactio� of the city , pursuant to the developer' s <br /> agreement dated October 11 , 1991 , concerning Pond Dredgin9, <br /> between the City of Orono and C7air T. Rood. " <br /> We hereby agree with the drawers, endorsers , and bonafide holders <br /> of drafts drawn under and in compliance with the te�ms of this <br /> credit that the same will be duly honored if presented at this <br /> office on vr before April 11 , 1994, together with this Letter af <br /> Credit. <br /> This Letter of Credit is subject to "Uniform Customs and Practice <br /> for ocumentary Credits ( 1983 Revision ) , International Chamber of <br /> Comm rce, ublication No. 400" . <br /> �� . <br /> ,� pa indholm <br /> � �} resident <br /> C/ <br />