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G.`- ERNKLUES I MEMBER FDIC ' r i a r 763-477-5231 763-682-9555 763-48B-7537 y,r fM AIN STREET 'i i IQTH AVF III OF SC1 UFH _. Et[+>:. P .. pr; RUX 4(3 IRREVOCABLE LETTER OF CREDIT No. 02-06 Date: 12/29/06 TO: City of Orono City of Orono Dear Sir or Madam: We hereby issue, for the account of Christopher H. Diesen and in your favor, our Irrevocable Letter of Credit in the amount of$20,000.00, available to you by your draft drawn on sight on the undersigned bank. The draft must: a) Bear the clause, "Drawn under Letter of Credit No.02-06, dated December 29, 2006, of Bankwest"; b) Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Orono certifying that Christopher H. Diesen 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 5921 Main St, Rockford MN 55373, on or before 4:00 p.m. on December 29, 2007. 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, P.O. Box 66, Crystal Bay, MN 55323, and is actually received by the City Administrator at least thirty(30) days prior to the renewal date.