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, , <br /> , <br /> . � . . <br /> � . <br /> � ' � <br /> �VOCABLE LETTER OF�CREDYT <br /> • � No. <br /> Date: <br /> TO: City of Orono� ' <br /> 2750 Kelley Parkway <br /> ' Orono,.hiinnesota 55356 <br /> ' Dear Sir or Madam: <br /> �. We hereby issue, for the account of and in your favor, our <br /> •3rrevocoble Letter of Credit in the vttoant of$ ,available to you by yaur draft drawn on sight on <br /> , the underslgned bank. <br /> } The draft must: ' ' <br /> a)Bear the clause, "Drativn under Letter of Credit No. , dated , 2 , of <br /> 1�lame of�3ank) "; <br /> b)Be accompanied by'an Affidavit signed by the Mayor or City Administrator of the City of Orono <br /> certifying that is in default of the Devetopment Cantract with the City af <br /> Orono and that five (S) business days prior written notice has been given by the City to the Developer �vith <br /> . respect to the existence of suc�default,and such default has not been cured. , <br /> c)Be presented for payment at lAddress of Bank�_on or before 4:00 p.m.on Nuvember 30, <br /> 2 - <br /> This Letter of Credit shall automaticaliy renew for successive onc-yeur terms vnless,at ieast forty-five <br /> {45�days prior to ihe next annual renewal date{which shall be November 30 of each year), the Bank detivers <br /> written notica to the Orono City Administraior that it intends to modify the terms of, or cancet, this Letter of <br /> Credit Wriften notice is effective if sent tzy certified mAil, postage prepa.icl, and deposited in tt►e U.S. �iAit, at � <br /> least forty-five(45)days prior to the next annual renewal date addressed as follo�vs: Orono City Administrator, <br /> Orono City Hal1, 2750 Keltey Parkway, Orono, Minnesota 55356, and is actuaily received by the City <br /> Administrator at least thirty(30)dAys prior to the reaewal date, , <br /> This Letter of Credit sets forth in full our understanding which shafl not in any way be modified, <br /> amended,ampiified,or timited by reference to any doetiment,instrument,or agreement,whether or not referred <br /> . to hereio.This Letter of Credit is not assignAble.This is aot a Notation Lener of Credit.More than one draw may . <br /> be made onder this Letter of Credit. <br /> This.Letter of Credit shall be govemed by the most recent revision of the Uniform Custams and Practice <br /> for pocumentary Credits, lnfem�tional Chamber of Commerce Pubtication No. 500. This agreement shAll be <br /> construed and interpreted under Minnesota Law: <br /> We hereby agres that a draft drawn under and ln compliance with this Letter of Credit shall be duly � <br /> honored upon presantation. • � � <br /> B Y: <br /> � . . <br /> Its <br /> t 52891 vd3 21 OR�NO:IC�r�T�Two <br /> StvltvUsrn:r07/23I2Q10 (Andrade Land Company/IvtacKinnonj <br />