2006-02-22 CC Packet - Laserfiche WebLink

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02.17.06 EXHIBIT "B" TO SUBDIVISION AGREEMENT Pheasant Marsh 3rd Addition IRREVOCABLE LETTER OF CREDIT No. Date: TO: City of CENTERVILLE 1880 Main Street CENTERVILLE, Minnesota 55038 Dear Sir or Madam: We hereby issue, for the account of Irrevocable Letter of Credit in the amount of $ drawn on sight on the undersigned banle (Name of Developer) and in your favor, our , available to you by your draft The draft must: a) Bear the clause, "Drawn under Letter of Credit No. ,2005, of (Name of Bank) "; , dated b) Be signed by the Mayor or City Administrator of the City ofCENTERVILLE. c) Be presented for payment at November 30, 2006. (Address of Bank) **1 , on or before 4:00 p.m. on 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 CENTERVILLE 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: CENTERVILLE City Administrator, CENTERVILLE City Hall, 1880 Main Street, CENTERVILLE, MN 55038, and is actually received by the City Administrator at least thirty (30) days prior to the renewal date. This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein. This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. Q:\Agreements\Pheasant Marsh 3\Pheasant Marsh 3rd Addition V14.doc Page 24 ~!