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EXHIBIT "B" TO SUBDIVISION AGREEMENT <br /> Bay View Villas <br /> IRREVOCABLE LETTER OF CREDIT <br /> No. <br /> Date: <br /> TO: City of Centerville <br /> 1880 Main Street <br /> Centerville, MN 55038 <br /> Dear Sir or Madam: <br /> We hereby issue, for the account of RICHARD A. DEFOE AND KARNA J. DEFOE, <br /> a married couple, and in your favor, our Irrevocable Letter of Credit in the amount of <br /> $899,043.30 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 <br /> 2018, of (Name 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) **I on or before 4:00 p.m. on <br /> November 30, 2022. <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 intends <br /> to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by <br /> certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior <br /> to the next annual renewal date addressed as follows: Centerville City Administrator, Centerville <br /> City Hall, 9180 Centerville Avenue, Centerville, MN 55014, and is actually received by the City <br /> 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 /> This Letter of Credit shall be governed by the most recent revision of the Uniform <br /> Customs and Practice for Documentary Credits, International Chamber of Commerce Publication <br /> No. 500. <br /> Version for Council Packet - 10/19/2018 Page 25 <br /> 91 <br />