2020-08-12 CC Packet - Laserfiche WebLink

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Elmcrest Vistas, LLC IRREVOCABLE LETTER OF CREDIT No. ___________________ Date:_________________ TO: City of Centerville 1880 Main Street Centerville, MN 55038 Dear Sir or Madam: We hereby issue, for the account of Elmcrest Vistas, LLC, a Minnesota Limited Liability Company, and in your favor, our Irrevocable Letter of Credit in the amount of $926,670 available to you by your draft drawn on sight on the undersigned bank. The draft must: b) Be signed by the Mayor or City Administrator of the City of Centerville. c) Be presented for payment at \[BANK\] --------------------------------------------------, on or before 4:00 p.m. on November 30, 2022. 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. This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 500. Version 8/6/2020-1 for Council packet Page 20