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187027v7 <br />IRREVOCABLE LETTER OF CREDIT <br /> <br />No. ___________________ <br />Date: _________________ <br />TO: City of Arden Hills <br /> <br /> <br />Dear Sir or Madam: <br /> <br /> We hereby issue, for the account of (Name of Developer) and in your favor, our Irrevocable <br />Letter of Credit in the amount of $____________, available to you by your draft drawn on sight on the <br />undersigned bank. <br /> <br /> The draft must: <br /> <br /> a) Bear the clause, "Drawn under Letter of Credit No. __________, dated ________________, 2_____, of <br />(Name of Bank) "; <br /> <br /> b) Be signed by the City Administrator or Finance Director of the City of Arden Hills. <br /> <br /> c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on November 30, <br />2_____. <br /> <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five <br />(45) days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers <br />written notice to the Arden Hills Finance Director that it intends to modify the terms of, or cancel, this Letter of <br />Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at <br />least forty-five (45) days prior to the next annual renewal date addressed as follows: Arden Hills Finance <br />Director, 1245 West Highway 96, Arden Hills, MN 55112, and is actually received by the Finance Director at <br />least thirty (30) days prior to the renewal date. <br /> <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be modified, <br />amended, amplified, or limited by reference to any document, instrument, or agreement, whether or not referred <br />to herein. <br /> <br /> This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be <br />made under this Letter of Credit. <br /> <br /> This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice <br />for Documentary Credits, International Chamber of Commerce Publication No. 600. <br /> <br /> We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly <br />honored upon presentation. <br /> <br /> <br /> By: ____________________________________ <br /> <br /> Its ______________________________ <br />