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STATE BANK OF LONG LAKE
1964 W.WAYZATA BIVD. •P.O. BOX 636
LONG IAKE, MINNESOTA 55356-0636 •612/473-7347
Date: March 13, 1992
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To: City of Orono
P. O. Box 66
Crystal Bay, MN 55323
We open irrevocable standby Letter of Credit No. 031392 in the
amount of U. S. Dollars $19,500, in favor of yourselves, for the
account of Sailor's World.
Expires March 13, 1994, at our counters.
Available against drafts drawn at sight on State Bank of Long Lake,
Shoreline Marina & Yacht Club building project, bearing the clause,
"Drawn Under Standby Letter of Credit No. 031392 at the State Bank
of Long Lake."
Accompanied by:
1. A beneficiary's signed statement stating: "Sailor's World
has failed to make certain payments required to be made for
improvements or to complete the improvenents to the satis-
faction of the City, pursuant to the developer's agreement
dated March 13, 1992, concerning Shoreline Marina & Yacht
Club building project, between the City of Orono and Sailor's '
V7orld.
2. This original Letter of Credit for endorsement.
Special Condition(s) :
1. This Letter of Credit is automatically renewable without
amendment for an additional six-month period irom the present
expiry date or any future expiry date, unless sixty (60) days
prior to said expiry date, we shall notify you in writing, by
registered mail, that we have elected not to renew this Letter
of Credit, but in no event shall the expiry date extend beyond
September 13, 1994.
Payment will be made at the counter of the State Bank of Long Lake,
Long Lake, Minnesota.
This credit is subject to the uniform customs and practice for
documentary. Unless otherwise stated, all documents are to be
forwarded to us by mail or hand delivered to our counters.
Documents to be directed to: State Bank of Long Lake, 1964 West
Wayzata Boulevard, Long Lake, NII�t 55356.
We hereby engage with drawers and/or bona fide holders that drafts
drawn and negotiated in conformity with the terms of this credit will
be duly honored upon presentation,
State B nk of Long Lake, Long Lake, Minnesota
BY .
ic ael J. Byrne, ; resident
Continuous Banking since t905 `�'��"'��'0°°
A FULI ��� J
- SERVICE
(3ANK �
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STATE BANK OF LONG LAKE
1964 W.WAYZATA BLVD. • P.O. BOX 636
LONG LAKE. MINNESOTA 55356-0636•612/473-7347
Date: March 13, 1992
To: City of Orono
P. O. Box 66
Crystal Bay, MN 55323
iVe open irrevocable standby Letter of Credit No. 031392 in the
amount of U. S. Dollars $19,500, in favor of yourselves, for the
account of Sailor's World.
Expires March 13, 1994, at our counters.
Available against drafts drawn at sight on State Bank of Long Lake,
Shoreline Marina & Yacht Club building project, bearing the clause,
"Drawn Under Standby Letter of Credit No. 031392 at the State Bank
of Long Lake."
Accompanied by:
1. A beneficiary's signed statement stating: "Sailor's World •
has failed to nake certain payments required to be made for
improvements or to complete the improveutents to the satis-
faction of the City, pursuant to the developer's agreement
dated March 13, 1992, concerning Shoreline Marina & Yacht
Club building project, between the City of Orono and Sailor's '
World.
2. This original Letter of Credit for endorsement.
Special Condition(s) :
1. This Letter of Credit is automatically renewable without
amendment for an additional six-month period =rom the present
expiry date or any future expiry date, unless sixty (60) days
prior to said expiry date., we shall notify you in writing, by
registered mail, that we have elected not to renew this Letter
of Credit, but in no event shall the expiry date extend beyond
September 13, 1994.
Payment will be made at the counter of the State Bank of Long Lake,
Long Lake, Minnesota.
This credit is subject to the uniform customs and practice for
documentary. Unless otherwise stated, all documents are to be
forwarded to us by mail or hand delivered to our counters.
Documents to be directed to: State Bank of Long Lake, 1964 West
Wayzata Boulevard, Long Lake, 1�T 55356.
We hereby engage with drawers and/or bona fide holders that drafts
drawn and negotiated in conformity with the terms of this credit will
be duly honored upon presentation,
State B nk of Long Lake, Long Lake, Minnesota
By .
ic ael J. Byrne, ; resident
Continuous Banking since 1905 �`~��'�m�
A fULI ,r Y�aY�
SERVICE
(3ANK �