2006-03-08 CC Packet - Laserfiche WebLink

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." I I ~ EXHIBIT "B" TO SUBDIVISION AGREEMENT Hunter's Crossing 3rd Addition IRREVOCABLE LETTER OF CREDIT No. Date: TO: City ofCenterville 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 bank. (Name of Developer) and in your favor, our 9 available to you by your draft The draft must: a) Bear the clause, "Drawn under Letter of Credit No. 9 2005 of (Name of Bank) "; , dated b) Be signed by the Mayor or City Administrator of the City of Centerville. c) Be presented for payment at **1 (Address of Bank) " on or before 4:00 p.m. on November 30, 2006 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 Qf each year), the Bank delivers written notice to the Centerville City Adn$rlstrator that it intends to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by certit1ed 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 AdTl1fulstrator at least thirty (30) dys prior to the renewal date. This Letter of Credit sets forth in full our un~erstanding 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 Cr~dit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. Agreement Hunter's Crossing 3rd v5 23 ~