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Home My WebLink AboutLOC � Y � 'a A11V Planning & Zoning Department Memo To: Ron Olson, Finance Director From: Melanie Curtis, Planner Date: 18 October 2016 Re: Letter of Credit—Crystal Bay Business Center Attached for your safekeeping, please find Irrevocable Letter of Credit Number 54296, dated October 4, 2016, from Lake Community Bank in Long Lake in the amount of $400,347.00. This LOC will automatically renew for successive one-year terms unless the bank delivers written notice at least 45 days prior to the next annual renew date(November 30 of each year). This LOC replaces Ryan Companies'LOC Number 68023525 dated July 30, 2014 from Bank of America in the amount of$400,347.00 which will now be cancelled. vAzoning applications\2013 #3588 thru#3644\13-3607 (bayside meadows)final plaVoc original memo to finance dept.docx LAKE COMMUNITY Better Together. BANK Continuous Banking Since 1905 IRREVOCABLE LETTER OF CREDIT No.54296 Date:October 4,20.16 TO: City of Orono 2750 Kelley Parkway Orono,Minnesota 55356 Dear Sir or Madam: We hereby issue, for the account of Crystal Cifl;LLC and in your favor,our Irrevocable Letter of Credit in the amount of$400,347.00,available to you by you7r draft drawn on sight on the undersigned bank. The draft must: a) Bear the clause, 'Drawn under Letter of Credit No. 54296, dated October 4, 2016, of Lake Community Bank". b)Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Orono certifying that Crystal Cliff LLC 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 1964 West Wayzata Boulevard,Long Lake,Minnesota 55356 on or before 4:00 p.m.on November 30,2017. 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, Orono, 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. I' Loea NOWER www.Icbankmn.com a 1964 West Wayzata Boulevard, Long Lake, MN 55356 0 (P) 952.473.7347 FDIC Lake Comm d; BY: Ann Smith Its Senior Vice President i i CITY OF ORONO a Street Address: Mailing Address: Telephone(952)249-4600 2750 Kelley Parkway P.O.Box 66 Fax (952)249-4616 Orono,MN 55356 Crystal Bay,MN 55323 I www.d.orono.mn.us �kPSHO� 18 October 2016 Bank of America N.A. Scranton Standby Trade Operations PA6-580-02-30 1 Fleet Way Scranton, PA 18507 Re: Crystal Bay Business Center-Authorization for Cancellation of the Letter of Credit Ref.: Bank of America, N.A.; LOC No. 68023525 Dated July 30, 2014 Upon receipt of a replacement letter of credit from the new owner of the property at 430 Old Crystal Bay Road North and described as Lot 1, Block 1, Crystal Bay Business Center,we are hereby authorizing the release and cancellation of your letter of credit as follows: Original Current/Final Amount to mount Reduction Remain In Effect LOC No. 68023525 $ 400,347.00 $400,347.00 $0 This letter will serve as City of Orono authorization to you and to Bank of America, N.A.to allow release and cancellation of LOC No. 68023525 effective immediately;the original LOC Is enclosed herein. Please contact me at 952.249.4627 or mcufft@ciorono.mn.us if you have any questions. Sincerely, CITY OF ORONO r Melanie Curtis Planner end Copies via email: Casey Hankinson, Ryan Companies Ronald Olson, Orono Finance Director Bankof America BANK OF AMERICA - CONFIDENTIAL PAGE: 1 DATE: JULY 30, 2014 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68023525 APPLICANT REFERENCE NUMBER: UST 12321 AMENDMENT NUMBER 2 ISSUING BANK BANK OF AMERICA, N.A. ONE FLEET WAY PAG-580-02-30 SCRANTON, PA 18507-1999 BENEFICIARY APPLICANT CITY OF ORONO RYAN COMPANIES US, INC. P.O. BOX 66 50 SOUTH TENTH STREET CRYSTAL BAY, MINNESOTA 55323 SUITE 300 MINNEAPOLIS, MN 55403-2012 THIS AMENDMENT IS TO BE CONSIDERED AN ,INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE AMOUNT OF THIS CREDIT HAS BEEN INCREASED BY USD 31, 664.50 THE AGGREGATE AMOUNT OF THE CREDIT IS NOW USD 400,347 .00 ALL OTHER TERMS AND CONDITIONS REMAIN (UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 800-370-7519 OP 1 ---- - - ------- ----- A RIZED SIGNATURE THIS DOCUMENT CONSISTS OF 1 PAGE(S) . ORIGINA� 05-17-1486B 05-2011 Bank of America BANK OF AMERICA - CONFIDENTIAL ' PAGE: 1 SCRANTON STANDBY TRADE OPERATIONS PAG-580-02-30 1 FLEET WAY JULY 30, 2014 SCRANTON PA 18507 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68023525 BENEFICIARY APPLICANT CITY OF ORONO RYAN COMPANIES US, INC. P.O. BOX 66 50 SOUTH TENTH STREET CRYSTAL BAY, MINNESOTA 55323 SUITE 300 MINNEAPOLIS, MN 55403-2012 THE NOTICE OF NON-EXTENSION DATED JUNE 25, 2014 IS HEREBY RESCINDED. THE AUTOMATIC EXTENSION TERMS ARE HEREBY REINSTATED. ALL TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU HAVE ANY INQUIRIES REGARDING THIS NOTICE, PLEASE CALL 800-370-7519 OPT 1 AND QUOTE OUR REFERENCE NUMBER LISTED ABOVE. SINCERELY, BANK OF AMERICA N.A. AUIHORIZED SIGNATURE 05-17-1486B 05-2011 (ORIGINAL