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Home My WebLink AboutSouthways LOC releaseCITY OF ORONO Street Address: Mailing Address: Tele P.O.hone (952) 249-4b00 F v j 2750 Kelley Parkway i O. Box 66 I Fax (95212494616 \��KfSl1 C�F� Orono, MN 55356 Crystal Bay, MN 55323 www.ci.orono.mn.us August 6, 2020 Wells Fargo Bank N.A. U.S. Trade Services Standby Letters of Credit MAC D4004-017 401 Linden Street, 1st Floor Winston-Salem, North Carolina 27101 Re: Southways Plat -Authorization to release Letter of Credit Ref.: Wells Fargo Bank; LOC No. IS000042107U; Dated May 21, 2018 Please be advised that the City of Orono consents to the release of Letter of Credit (LOC) No. IS000042107U, applied for by James R. Jundt and benefitting the City of Orono. Attached please find the original LOC and an amendment dated November 21, 2019. These are the only originals in the City's possession. Please feel free to contact me at 952.249.4626 or by email atjbarnhart@ci.orono.mn.us if you have any questions on the above requirements. Sincerely, CITY OF OROI` Je y BarnhRrt, Community Development Director Cc: James and Mary Jundt c/o Brian Benson bkbenson@cbburnet.com David Osdoba, Wells Fargo via email David.J.Osdoba@wellsfargo.com Wells Fargo Bank, N.A. U.S. Trade Services Standby Letters of Credit 79 4 Davis Stivet. end Floor [.\C Aoo•�8:3-o>a. San .P011 lro, CA 94577-69_2 VhunV: 1(800) 776-390 2 0})6011 ail: sbl(•-ncw(tt wellsfargo.com 11 Irrevocable Standby Letter Of Credit BENEFICIARY CITY OF ORONO 2750 KELLEY PARKWAY ORONO, MINNESOTA 5535 LETTER OF CREDIT ISSUE AMOUNT LADIES AND GENTLEMEN: IS000042107U Date : May 21, 2018 APPLICANT JAMES 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, Al 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 Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number 15000042107U 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 FA4DG0 B�:I\it�, By. ; ,Authorized Signature The original of *,he 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, 1st 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 Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number 15000042107U Amendment To Irrevocable Standby Letter Of Credit Number : IS000042107U Amendment Number : 002 Amend Date : November 21, 2019 BENEFICIARY APPLICANT CITY OF ORONO 2750 KELLEY PARKWAY ORONO, MINNESOTA 55356 LADIES AND GENTLEMEN: E1 ells Fargo Bank, N.A. U.S. Trade Services Standby Letters of Credit 794 Patin Street end Floor MAC Ao283-023, San Leandro, CA 94577-6922 Phone: r(800) ;,6-3862 Option 2 E-Mail: sblc-new@wellsfargo.com DAMES R JUNDT 42486 N 109TH PLACE SCOTTSDALE, ARIZONA 85262 AT THE REQUEST AND FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT (I HE "WELLS CREDIT") IN YOUR FAVOR AS FOLLOWS: THE CURRENT AVAILABLE AMOUNT IS DECREASED BY USD 120,199.50 TO USD 100,933.00 . ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. Very Tru ly You rs, WELLS FARGO BANK, N.A. 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 (Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) 1583 1-800-776-3862 Option 2 (Hours of Operation: 8:00 a.m. EST to 5:00 p.m. EST) Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number 15000042107U ,Amendment Number 002 Consent to Amendment 002 on Standby Letter of Credit No.15000042107U is required to become effective. Please date and sign below and return a copy via a -mail to standbylc@wellsfargo.com or return an original signed copy to our office located at either. 794 Davis Street, 2nd Floor MAC A0283-0231 San Leandro, CA 94577-6922 or Fax to 844-879-2898. Amendment accepted in its entirety Date Telephone Number 1583 or 401 N. Research Pkwy, 1st Floor MAC D4004-017, WINSTOWSALEM, NC 27101-4157 or Fax to 844-879-2898. r Amendment rejected in its entirety rized�gnature - CITYOF ORONO �7 �afhG�af� Printed Name of Authorized Signer Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number 15000042107U ,Amendment Number 002