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<br />187184v1 32 <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 Letter <br />of Credit 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 <br />(Name of Bank) "; <br /> <br /> b) Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Arden Hills <br />certifying that ________________________________ is in default of the Development Contract with the City of <br />Arden Hills and that five (5) business days prior written notice has been given by the City to the Developer with respect <br />to the existence of such default, and such default has not been cured. <br /> <br /> c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on November 30, 2______. <br /> <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) <br />days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers written notice <br />to the Arden Hills City Administrator that it intends to modify the terms of, or cancel, this Letter of Credit. Written <br />notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days <br />prior to the next annual renewal date addressed as follows: Arden Hills City Administrator, 1245 Highway 96, Arden <br />Hills, MN 55112, 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, <br />amplified, 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 <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 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 <br />upon presentation. <br /> <br /> BY: ____________________________________ <br /> <br /> Its ______________________________