HomeMy WebLinkAboutRe: LOC G.`-
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763-477-5231 763-682-9555 763-48B-7537
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IRREVOCABLE LETTER OF CREDIT
No. 02-06
Date: 12/29/06
TO: City of Orono City of Orono
Dear Sir or Madam:
We hereby issue, for the account of Christopher H. Diesen and in your favor, our
Irrevocable Letter of Credit in the amount of$20,000.00, available to you by your draft
drawn on sight on the undersigned bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No.02-06, dated December 29,
2006, of Bankwest";
b) Be accompanied by an affidavit signed by the Mayor or City Administrator of
the City of Orono certifying that Christopher H. Diesen is in default of the Development
Contract with the City of Orono and that five (5) business days prior written notice has
been given by the City to the Developer with respect to the existence of such default, and
such default has not been cured.
c) Be presented for payment at 5921 Main St, Rockford MN 55373, on or before
4:00 p.m. on December 29, 2007.
This Letter of Credit shall automatically renew for successive one-year terms
unless, at least forty-five (45) days prior to the next annual renewal date (which shall be
November 30 of each year), the Bank delivers written notice to the Orono City
Administrator that it intends to modify the terms of, or cancel, this Letter of Credit. Written
notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail,
at least forty-five (45) days prior to the next annual renewal date addressed as follows:
Orono City Administrator, Orono City Hall, 2750 Kelley Parkway, P.O. Box 66, Crystal
Bay, MN 55323, and is actually received by the City Administrator at least thirty(30) days
prior to the renewal date.
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763-477-5231 763-682-9555 763-498-7537
MAIN STRGF.."I 'I t^I e:.t:P e. ^LsePUF ;—s
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This Letter of Credit sets forth in full our understanding which shall not in any way
be modified, amended, amplified, or limited by reference to any document, instrument, or
agreement,whether or not referred to herein.
This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More
than one draw may be made under this Letter of Credit.
This Letter of Credit shall be governed by the laws of the State of Minnesota and by
the most recent revision of the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce Publication No. 500.
We hereby agree that a draft drawn under and in compliance with this Letter of
Credit shall be duly honored upon presentation.
BANKWEST `
BY: /�L � �.Zdcw�
Its Mort e Lender
O O
4� ~ CITY of ORONO
l5r Municipal Offices
Street Address: Mailing Address:
`9$EgH04� 2750 Kelley Parkway P.O. Box 66
Orono, MN 55356 Crystal Bay, MN 55323-0066
26 May 2010
Christopher Diesen
1140 Townline Road
Maple Plain, MN 55359
Re: Building Permit P11035 -Authorization to Refund Letter of Credit
Ref.: LOC No. 02-06 dated December 29, 2006
Dear Mr. Diesen
Enclosed please find the original letter of credit for building permit P11035 for the construction of
your home at 1140 Town Line Road. The City is authorizing a full refund of your letter of credit, as
follows:
Original Reduction Amount to
Amount Remain in
Effect
LOC No. 02-06 $ 20,000.00 $ 100% $ 0.00
This letter will serve as City of Orono authorization to you and Bank West to allow expiration of
LOC No. 02-06 effective immediately.
Enclosed is the original letter of credit document. This original document should be returned to
Bank West in order to close your account. Please contact . me at 952.249.4627 or
mcurtis _ci.orono.mn.us if you have any questions.
Sincerely,
CITY OF OR NO .
Melanie Curtis
Planning &Zoning Coordinator
encl.
cc: Ron Olson, Finance Director
Bank West (letter only)
Telephone(952)249-4600 Fax(952)2494616
www.cLorono.mn.us