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�1983�PRINTE�IN U.SA.
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Bank of c�c��od�-�
Maple Ptain
4980 Highway 12 � -
Maple Plain,MN 55359 � •♦ �, �991
Phone(612)479-1931 I V4�� s
IBREVOCABLE STANDBY LETTER OF CREDIT
October 11 , 1991 Letter of Credit #132
City of Orono
P.O. Box 66
Crystal Bay, MN 55323
We hereby establish our Irrevocable Standby Letter of Credit
Number 132 in the amount of $15 , 000 .00, in favor of yourselves,
for the account of Clair T. Rood. It expires October 11 , 1992
and is available against drafts drawn at sight on the Bank of
Maple Plain, Maple Plain, MN bearing the clause , "drawn under
Standby Letter of Credit Number 132 of Bank of Maple Plain, Maple
P1ain, MN" accompanied by:
1 . A beneficiary' s signed statement stating : "Clair T.
Rood has failed to make certain payments required to be made
for improvements or complete the improvements to the
satisfaction of the city, pursuant to the developer' s
agreement dated October 11 , 1991 concerning Pond Dredging,
between the City of Orono and Clair T. Rood. "
Special condition( s ) :
1 . This letter of credit is automatically renewable without
amendment for an additional sixth month period from 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 April 11 , 1993 .
We hereby agree with the drawers , endorsers , and bonafide holders
of drafts drawn under and in compliance with the terms of this
credit that the same will be duly honored if presented at this
office on or before October 11 , 1992 together with this Letter of
Credit.
This Letter of Credit is subject to Uniform Customs and Practice
for po umentary C edits ( 1983 revision) , International Chamber o€
Comm c , Publi ion No. 400.
d
C.� Paul Lindh lm
President
. 3 u �.
- ;
Bank of �
Maple Piain _
4980 Highway 12 •
Maple Piain,MN 55359
Phone(61�47�1931 �
IRREVOCABLE STANDBY LETTER OF CREDIT "`�'• - ~ -vv •
� �IUL� 1 2 19�3
April 11 , 1993� Letter of Credit #142
n �� --- ^l�
Ci ty of Orono [� C�[�Qd[�
P.O. Box 66 '
Crystal Bay , MN 55323
We hereby establish our Irrevocable Standby Letter of Credit
Number 142 in the amount of $15 , 000 .00 , in favor �" yourselves ,
for the account of Clair T. Rood. It expires Apri � 11 , 1994, and
is available against draf ts drawn at sight on the Eank of Maple
Plain, Maple Plain , MN bearing the clause, "drawn under Standby
Letter of Credit Number 142 of Bank of Mapie Plain, Maple Plain,
MN" accompanied by:
1 . A beneficiary ' s signed statement stating: "Clair T.
Rood has failed to make certain payments required to be made
for improvements or complete the improvements to the
satisfactio� of the city , pursuant to the developer' s
agreement dated October 11 , 1991 , concerning Pond Dredgin9,
between the City of Orono and C7air T. Rood. "
We hereby agree with the drawers, endorsers , and bonafide holders
of drafts drawn under and in compliance with the te�ms of this
credit that the same will be duly honored if presented at this
office on vr before April 11 , 1994, together with this Letter af
Credit.
This Letter of Credit is subject to "Uniform Customs and Practice
for ocumentary Credits ( 1983 Revision ) , International Chamber of
Comm rce, ublication No. 400" .
�� .
,� pa indholm
� �} resident
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�,.�.�� CITY of ORONO
� ��� �
� �� Y �� � ��, Municipal Offices
'� � G Street Address: Mailing Address:
�9kESTr��g� . " 2750 Kelley Parkway P.O. Box 66
Orono, MN 55356 Crystal Bay; MN 55323-0066
April 8, 1994
Mr. C. Paul Lindholm, President
Bank of Maple Plain
4980 Highway 12
Maple Plain, Minnesota 55359
Re: Irrevocable Standby Letter of Credit Number�?.r2'�yZ ���,ct�
Dear Mr. Lindholm:
The above referenced letter of credit will expire on April 11, 1994. The Orono Field Inspectors
conf'um that certain phases of the land alterations and restoration required with the dredging of
the pond on Clair T. Rood's property have yet to be completed.
The City asks that the expiration date of the letter of credit be extended for six months either
by extending the referenced letter of credit or by issuing a ne��v one (October 11, 1994). This
letter of credit must be received by the City no later than Monday, April 11, 1994. Please
advise the Zoning Office (Jeanne Mabusth 473-7357) if the bank does not choose to renew the
letter of credit as requested.
Sincerely,
���i�
Michael P. Gaf ron
A.sst. Planning& Zoning Administrator
MPG/ch
cc: Jeanne A. Mabusth, Building & Zoning Adm.
Tom Kuehn, Finance Director
Lyle Oman, Buil�ing Official
Telephone (612) 473-7357 • FAX 473-0510