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IRREVOCABLE LETTER OF CREDIT <br />No. _ <br />Date: <br />TO: City of Arden Hills <br />Dear Sir or Madam: <br />We hereby issue, for the account of Rose Kuwa and in your favor, our Irrevocable Letter of Credit in the <br />amount of $ , available to you by your draft drawn on sight on the undersigned bank. <br />The draft must: <br />a) Bear the clause, "Drawn under Letter of Credit No. dated , 2024, of ame <br />of Bank) <br />b) Be accompanied by an affidavit signed by the Mayor or City Administrator of the City of Arden Hills <br />certifying that Rose Kukwa is in default of the Development Agreement with the City of Arden Hills and that five (5) <br />business days prior written notice has been given by the City to the Developer with respect to the existence of such <br />default, and such default has not been cured. <br />c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on November 30, 2024. <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) <br />days prior to the next annual renewal date addressed as follows: Arden Hills City Administrator, 1245 Highway 96, <br />Arden Hills, MN 55112, and is actually received by the City Administrator at least thirty (30) days prior to the renewal <br />date. <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 />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 />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 />We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored <br />upon presentation. <br />I� <br />Its: <br />21 <br />