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EXHIBIT"B"TO SUBDIVISION AGREEMENT <br /> Peltier Estates Addition <br /> IRREVOCABLE LETTER OF CREDIT <br /> No. _ <br /> Date: <br /> TO: City of CENTERVILLE <br /> 1880 Main Street <br /> CENTERVILLE, Minnesota 55038 <br /> Dear Sir or Madam: <br /> We hereby issue, for the account of Sharper Communities, LLC and in your favor, our <br /> Irrevocable Letter of Credit in the amount of$1,111,007.00, available to you by your draft drawn <br /> on sight on the undersigned bank. <br /> The draft must: <br /> a)Bear the clause, "Drawn under Letter of Credit No. dated <br /> 2017, of ame of Bank `; <br /> b)Be signed by the Mayor or City Administrator of the City of CENTERVILLE. <br /> c)Be presented for payment at (Address of Bank) **1 , on or before 4:00 p.m. on <br /> November 30, 2018. <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at <br /> least forty-five (45)days prior to the next annual renewal date(which shall be November 30 of <br /> each year),the Bank delivers written notice to the CENTERVILLE City Administrator that it <br /> intends to modify the terms of,or cancel,this Letter of Credit. Written notice is effective if sent <br /> 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: CENTERVILLE City Administrator, <br /> CENTERVILLE City Hall, 1880 Main Street, CENTERVILLE,MN 55038, and is actually <br /> received by the City Administrator at least thirty(30) days prior to the renewal date. <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be <br /> modified, amended, amplified, or limited by reference to any document, instrument,or <br /> 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 <br /> one draw may be made under this Letter of Credit. <br /> vxG--2017-11-o3 Page 23 <br /> 38 <br />