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Home My WebLink AboutLOC and info I �, . � * �' FIRST BANK First Bank National Association International Banking Division Minneapolis Office Cable: FIRSTBANK, MPS 601 Second Avenue South TELEX: 192179 FBNA INTL MPS Minneapolis, Minnesota 55402-4302 S.W.I.F.T.: FNBMUS44 612 973-0736/0710 Fax: 612 973-0838 JANUARY 17, 1997 CITY OF ORONO P.O. BOX 66 CRYSTAL BAY, MINNESOTA 55323 WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 76514 FOR THE ACCOUNT OF C. STEVEN WILSON, 325 SOUTH BROWN ROAD, LONG LAKE, MINNESOTA 55356 IN THE AMOUNT OF $15,000.00 (FIFTEEN THOUSAND AND NO/100 U.S. DOLLARS)AND AUTHORIZE YOU TO DRAW AT SIGHT ON FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE. DRAFTS ON US AT SIGHT MUST BE ACCOMPANIED BY: 1. BENEFICIARY'S SIGNED STATEMENT(PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER OF THE CITY OF ORONO)AS FOLLOWS: "C. STEVEN WILSON AND SUSAN D. WILSON HAVE DEFAULTED ON THE PERFORMANCE OF ANY ONE OR MORE OF THEIR OBLIGATIONS TO THE CITY OF ORONO UNDER THAT CERTAIN SEPTIC SYSTEM UPGRADE AGREEMENT DATED JANUARY 14, 1997." 2. ORIGINAL LETTER OF CREDIT. THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT ARE TO BE ENDORSED ON THE REVERSE SIDE HEREOF, SUCH DRAFT(S) MUST BEAR THE CLAUSE"DRAWN UNDER FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE CREDIT NO. 76514 DATED JANUARY 17, 1997." WE HEREBY AGREE WITH DRAWERS THAT DRAFTS AND DOCUMENTS AS SPECIFIED ABOVE WILL BE DULY HONORED UPON PRESENTATION TO FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE, 601 SECOND AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55402-4302 IF PRESENTED ON OR BEFORE JANUARY FOURTEENTH. 1998. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS PUBLISHED BY THE INTERNATIONAL CHAMBER OF COMMERCE, OR ANY SUBSEQUENT REVISION THERETO. FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE �� AUTHO ZED SIGN RE AUTHORIZ SIGNATURE SAMP170.DOC _ _ -..._ . � r � � �IRST BANK JAN 1. ? �.997 First Bank National Association International Banking Division Minneapolis Office Cable: FIRSTBANK, MPS 601 Second Avenue South TELEX: 192179 FBNA INTL MPS Minneapolis, Minnesota 55402-4302 S.W.I.F.T.: FNBMUS44 612 973-0736/0710 Fax: 612 973-0838 JANUARY 17, 1997 ENCLOSED IS OUR LETTER OF CREDIT NUMBER 76514 BENEFICIARY APPLICANT CITY OF ORONO C. STEVEN WILSON P.O. BOX 66 325 SOUTH BROWN ROAD CRYSTAL, MINNESOTA 55323 LONG LAKE, MINNESOTA 55356 FIRST BANK NATIONAL ASSOCIATION, MINNEAPOLIS OFFICE � �� ,%�� AUTHORIZED� IG TURE 76514.DOC CITY OF ORONO � 6124730510 01/10/97 11 :52 � :04/08 N0:786 CITY OF O�.ONO HENNEPIN C�UNTY, MINNESOTA SEPTIC SYSTEM [JPCRADE AG1tEEMFNT FOR C.'.��'�r�v. (,c��Isor, a....Q�h b •l,c�4s.�. {Pruperty dwner's Name) �.5 S• �.�.w.Rd� ,C,�l ,�ti• �,�aa�e�g� THIS AGRF.EMF.NT, Made and enlered into this �,(� _ day of �' , �97 _., by a.nd betw�en the City af Orono, a muiucipal corporatian or anized under thc laws af' the State af Minnes�ia (hereinafter called "Gity"), �u1d . T��.��._�.l�Snti ��.�C1..r� 5iv� __.__.�...,.`.__.� th.eir heirs, successors and assigns, {hereinafter calic:d "Pro�erty Owticr"). WITNESSETH: �'WHEREAS, the Prc�perty �wner is thc owner c�1' certain property and has made applicutian ta the City uf Orono fur a buildi��g permit to construcl improvements on such real propc.�rty le�al�y descrihed on Exhibit "A" attacheci hereto and made a part herec�f (the "Properiy"); and WHFREAS, the sepiic system servin� the property l��s been deter�nined by the Ci[y to be undersized and ihe confi:irmity is uiil:nown; and WHEREAS, the Prc�perty Ch�nler desuc;s to c�btain a permit for impre�vements to the . Yroperty at this time but duc to weather consh•aints cannot camplete the required septic system upgrade until tl�e 1497 construction year; atid NOV�V, THEREFORE, in consideration of the premises and of the mutual promises and conditians hereinafter contain�d, it is hereby agreed as f'ollo��s; lnitials of Property Qwner Initials of City Clerk Pa�e l. af 5 CiTY 0� ORONO � 61�4730510 01/10/97 11 :52 � :OS/48 N0:786 1. Prop��v [mnrovements: 1n accorciance with the policies a�id ordinances of the City, the folic��vin�; d�scribed private improvements arc proposed to be construcfed hy the Property Owner or his/her contractor, who has applied ta the City for a huilding permit for said private property improvemcnts (the "I'roperty lmpravements"}; �� ` �;K,,.u,�,,Z �iN,�� —t..:� ;1'�ri cY" 2. lssu�nc;e c�f BLiI�in� Pennit for Prop�xcx j�provements; 'I'he City a�rees to issue a buil�lin�; permit for the Property Improvements at lhis tiiz�e, subject to couformance wiih all current City st�ndards and ordin�nces fii�r all applicable work. 3. Sentic Svstem Un�rade: In accurd�nce with tilc ordinances and requirements of the �ity, the Praperty t�wner hereby agrees to complete the required upgrade of the septic system no �� later than R!�31, 1997 (4he "Completion Uate"}. _'"'�7"�r 4. � tn ic System �1��r�de ln5talla�ion: The desi�n loct�tion, constructic�n, instullation and materials for septic system upgrade �1�Ai1 be in accordanc� with the pl�uis and speciticatie�nti approved by the City and Attached to this a�reement u5 E�hibit �3 (thc "Septic Improvements"). S. Perfarmance Deuusi�; Fni• [be purposes of assuring to t��e City thut tl�e Septic Iii�provements will be completed according to thc ienns of this agreement, ihe Property Owner ha5 deposited with the City at the time oi' the execution of this agrcement an irrevocable letter of credit in a form satisfactary to thc City prc�vidinb that the City is able to draw upon such letter af credit in its s�le discretion to complete the Septic Improvements if the Property Owner fails to satigfaetorily cump]ete the work prior tU the Conipletion Date, The amo�.uit of the letter of credii shall not be reduced bef�re substantial completion of the Septic Initials af Property Owner Initiats of City Clerk Page 2 of 5 CiTY OF ORONO � b124730510 01/10/97 11 :52 � :Ob/08 N0:786 lmprovements. The term of the letter of cr�dii shall be a period of oi�e year. City shall return tlle letter of credit t<� Praperty Owiler upon acceptancc of the Septic Improvemerits. 6. Bindin� Effect: The terms and provisions hereaf shail be bindin� upon and inure to the benef t of the heirs, representatives, successors and assigns uf the �arties hereto and sha1J be binding deemed covinanis runnin� with the land. References herein to Property t3wner, if there b� more than one, shal] mean each and all of them. This agreement shall be executed by the Property Uwner a�id C'ity and shall be placed c�f record so as to give notice herc�f to subsequent purchascrs and encumbrancers of all or a.t1y part Uf the property, and all rec:�rdin� i'ee5, if' any, shall be paid by the Property Owner. 7. Notices: Whei�ever in this a�reement, it shall be required or permitted that nc�tic� or demand be given �r servecl by either p�rty to this agreer��ent to c�r c�n ihe other party, sueh notice or demand shal] be delivered perqonally c�r mailed by United States certified rriail (return receipt requested� to the address�s �et fortli helow. Such notice c�r demand shall bc deemed timely given when delivered personally or wl�en deposited in #he rnai) in accordance with lhe above. �yot��c� to Citv Natice to �'ropertv Owner City c�f Urono C �c,.s.�C�� s�n � Sus,a�� b.,�i�� Clerk/�dministratar P.O. Aax 66 3a,s ��B►�. 2�. �,_. Crystal Day, MN 55323 , l..:�.�GN. ss35�— R. j��5claimer hv City,;, It is understoc�d t�nd abreed that the C:ity, the City Council, and ihe agents t�nd employees af thc Ciry shall not be personally liable or responsible in any matmer to the Property Owner or the �'roperty Ov.�r.er's contractors, subcontracl�rs, materialmen, laborers, or aiiy other person, firm ur corporation, far any debt, claim, demand, dFunages, uctic�ns, or causes of aetion of any kind or character, arising �}ut of or by rcason c�f the execution of' this a�;ement or the performance �t�d campletion o1' thi Septic Improvement�. 9. I-iold IIArmiess and I emnificati�n: The Property Uw�ner shall indeiYmify and hold h�rmless the City, the City Council, and t��e a�ents and employees oi' the Cily from and against all ciaims, da�nages, loss�s o�• expenses, including xtturney fees, which the City. City C.ounci! and agents and em�lc�yees of the City may suffer or for which it may be held liable, arising aut of� nr resulting iiom #he assertion abuinst them of any claims, debts or obli�atiuns ii� consequ�ne� of` the perti�rmance of this abreement by the Propetty (�wner, its employees, agents or subcontractors, whether or nnt caused in pari by a party indertuiilied hereunder. Initiats of Property �wner Initials of City Clerk Page 3 of 5 CiTY OF ORONO � b124730510 01/�0/97 11 :52 � :C7/08 N0:786 10. '� ' l7efault by the Property Owner of any of th� terms af this agreement shall autamatical(y i�esult in the suspension or withholdin� ul' �11 permit�, lieenses, occupancy eertificates or other authorizatiuns is5ued by the City in connection with the Property, and may, at City's sole discretion, give rise to a draw upon the letter of credit by City to remedy such defauli. A. The Property Owner hereby grants to the Cily, its ��;ents and its emplayces, the right to enter an the 1'raperty for lhe specific purpose of constructing ur completing the Septic improvements should the Property Uwn�r not camplete those Septic Improvements by ttu GUmpletion Daie. B. Thc remedies nfforcied tu the Gity under this 5ection shall be in �ddition to any othcr remedies which tlle City may be entitled by law ar equity or ather agrecment. IN WITNESS WHEREOF, the City a�1d �'roperty (�wner h�ve cAused this agrecment to be duly executed on the day and ye�r first above written. CITY OF ORONb HY� .__.._..._._ BY�..._...._ (Gity Clerk} STA"TE U� MINNESOTA ) � 9S. c.aulv'T'Y �k� H�,NNEPIN � The foregaing instrument was acknowledged hefare me on thi� day of . I9_,.., bY . � _.�.__ , Mayor & City Clerk of the City of' Orania, a Minnesc�ta municipa3 cQrpc�rati��n and said instrument was executed an hehalf of the City, Natary Public � �._.�� `c � � 70 C� /. ,( {,[ '�+ G Jc,-oc r!�_ � � � l�'1L'Y1� .l � � � Iv Lti.; `/y < � �, ��.�-�� i 7, ,��. � 3 C � �'�,, �1�• Initials of Property Owner Initials of City Clerk Page 4 of 5 CITY oF ORONO � b124730510 01/10/97 11 :52 � :08/08 N0:786 PROPERTY OWNER(S) � � B ��-..� W�-W— y:� And: � _ � STATE (}F MINNE507'A ) j ss. COUNTY UF HENNEPIN ) ,-1 Th� faregoing instrument wa.5 acknowled�ed before me on .�;�G �,o,� /5� , 171�� Uy ��{fLC`N�S��.�hcl J�.�GN ��1��/1Y1 {��ha�taQYl�_y{,�,-�e� ,, CAROLE A HASEMAN NOTARY PUBIIC-MINNESOTA �•.�• HENNEPIN COUNTY . MyCommissionExpiresJan.31,2�00 NOTARY PLIRI.IC - .�.�.: � Reviewed for �dniinistratiun; Date:__.�.__._.___...___.�__�_ _ �Y�_ _..__�._.._,.___ ___ (City Ufficial) This document l�t�s heen drafted by: City of Orono 275� Kc:lley Parkway P.O. Hox 6b Crystal Hay, Minnesata 5S32:i Initials of Property Owner Initials of Gity Clerk Page S of 5