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<br />14 <br />198004v3 <br /> IRREVOCABLE LETTER OF CREDIT <br /> <br /> No. ___________________ <br /> Date: _________________ <br /> <br />TO: City of Arden Hills <br /> 1245 West Highway 96 <br /> Arden Hills, Minnesota 55112 <br /> <br />Dear Sir or Madam: <br /> <br /> We hereby issue, for the account of (Name of Developer) and in your favor, our Irrevocable Letter of Credit <br />in the amount of $____________, available to you by your draft drawn on sight on the undersigned bank. <br /> <br /> The draft must: <br /> <br /> a) Bear the clause, "Drawn under Letter of Credit No. __________, dated ________________, 2______, of (Name <br />of Bank) "; <br /> <br /> b) Be signed by the Mayor or City Administrator 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 ____________, 2______. <br /> <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) days prior <br />to the next annual renewal date (which shall be November 30 of each year), the Bank delivers written notice to the ARDEN <br />HILLS City Administrator that it intends to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if <br />sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next annual <br />renewal date addressed as follows: Arden Hills City Planner/Coordinator, 1245 West Highway 96, Arden Hills, MN 55112, <br />and is actually received by the City Administrator at 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, amended, amplified, <br />or limited by reference to any document, instrument, or agreement, whether or not referred 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 made <br />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 for <br />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 honored upon <br />presentation. <br /> <br /> <br /> <br /> BY: ____________________________________ <br /> <br /> Its ______________________________ <br />