HomeMy WebLinkAboutLOCIrrevocable Standby Letter Of Credit
Number: IS000042107U
Issue Date: May 21, 2018
BENEFICIARY APPLICANT
CITY OF ORONO
2750 KELLEY PARKWAY
ORONO, MINNESOTA 55356
LETTER OF CREDIT ISSUE AMOUNT
LADIES AND GENTLEMEN:
Wells Fargo Hank, N.A.
U.S. Trade Services
St.u]dbv betters of Credit
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DAMES R JUNDT
42486 N 109TH PLACE
SCOTTSDALE, ARIZONA 85262
USD 1,009,327.50 EXPIRY DATE NOVEMBER 30, 2018
WE HEREBY ISSUE, FOR THE ACCOUNT OF JAMES R JUNDT AND IN YOUR FAVOR, OUR IRREVOCABLE LETTER
OF CREDIT IN THE AMOUNT OF $1,009,327.50, AVAILABLE TO YOU BY YOUR DRAFT DRAWN AT SIGHT ON
THE UNDERSIGNED BANK.
THE DRAFT MUST:
A) BEAR THE CLAUSE, "DRAWN UNDER LETTER OF CREDIT NO. IS000042107U DATED MAY 21, 2018 OF
WELLS FARGO BANK, N.A.;
B) BE ACCOMPANIED BY AN AFFIDAVIT SIGNED BY THE MAYOR OR CITY ADMINISTRATOR OF THE CITY OF
ORONO CERTIFYING THAT JAMES R JUNDT 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 WELLS FARGO BANK, N.A. 794 DAVIS STREET, 2ND FLOOR SAN
LEANDRO, CA 94577-6922 ON OR BEFORE 4:00 P.M. ON NOVEMBER 30, 2018.
THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, AT
LEAST FORTY-FIVE (45) CALENDAR DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE WHICH SHALL BE
NOVEMBER 30 OF EACH YEAR, THE BANK DELIVERS WRITTEN NOTICE TO THE CITY OF ORONO
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: CITY OF ORONO ADMINISTRATOR, ORONO CITY HALL, 2750 KELLEY PARKWAY, ORONO,Together we'll go far
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Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000042107U
MINNESOTA 55356, AND IS ACTUALLY RECEIVED BY THE CITY ADMINISTRATOR AT LEAST THIRTY (30) DAYS
PRIOR TO THE RENEWAL DATE.
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 MOST RECENT REVISION OF THE UNIFORM CUSTOMS
AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION
NO. 600. THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED UNDER MINNESOTA LAW.
WE HEREBY AGREE THAT A DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THIS LETTER OF CREDIT
SHALL BE DULY HONORED UPON PRESENTATION.
Very Truly Yours,
WELLS FARGO BANK, N.A.
v.y
By:
Authorized Signature
The original of the Letter of Credit contains an embossed seal over the Authorized Signature.
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
at either 794 Davis Street, 2nd Floor
MAC A0283-023,
San Leandro, CA 94577-6922
or 401 N. Research Pkwy, 1 st Floor
MAC D4004-017,
WINSTON-SALEM, NC 27101-4157
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1-800-776-3862 Option 2 1-800-776-3862 Option 2
(Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) (Hours of Operation: 8:00 a.m. EST to 5:00 p.m. EST)
Together we'll go far
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Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000042107U