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Elmcrest Vistas, LLC <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 Elmcrest Vistas, LLC, a Minnesota Limited <br />Liability Company, and in your favor, our Irrevocable Letter of Credit in the amount of $926,670 <br />available to you by your draft drawn on sight on the undersigned bank. <br /> The draft must: <br /> b) Be signed by the Mayor or City Administrator of the City of Centerville. <br /> c) Be presented for payment at \[BANK\] --------------------------------------------------, on or <br />before 4:00 p.m. on November 30, 202--. <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, 1880 Main Street, Centerville, MN 55038, and is actually received by the City <br />Administrator at least thirty (30) days prior to the renewal date. <br /> <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 /> <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 /> <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 3/30/3030 - 1 Page 21 <br /> <br />