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<br />EXHIBIT "C" <br />TO DEVELOPMENT/SUBDMSION AGREEMENT <br /> <br />IRREVOCABLE LEITER OF CREDIT <br /> <br />No. Date: <br /> <br />TO: City of Centerville <br />1880 Main Street <br />Centerville, Minnesota 55038 <br /> <br />Dear Sir or Madam: <br /> <br />We hereby issue, for the account of Sedona Townhomes, LLC and in your favor, <br />our Irrevocable Letter of Credit in the amount of $ , available to you by <br />your draft drawn on sight on the undersigned bank.. <br /> <br />The draft must: <br /> <br />a) Bear the clause, "Drawn under Letter of Credit No. <br />,2005 of (Name of Bank.) "; <br /> <br />, dated <br /> <br />b) Be signed by the Mayor or City Administrator of the City of Centerville. <br /> <br />c) Be presented for payment at <br />p.m. on November 30, 2008 <br /> <br />(Address of Bank) **1 <br /> <br />. on or before 4:00 <br /> <br />This Letter of Credit shall automatically renew for successive one-year terms <br />unless, at least forty-five (45) days prior to the next annual renewal date (which shall be <br />November 30 of each year), the Bank. delivers written notice to the Centerville City <br />Administrator that it intends to modify the terms of, or cancel, this Letter of Credit. <br />Written notice is effective if sent by certified mail, postage prepaid, and deposited in the <br />u.S. Mail, at least forty-five (45) days prior to the next annual renewal date addressed as <br />follows: Centerville City Administrator, Centerville City Hall, 1880 Main Street <br />Centerville, MN 55038, and is actually received by the City Administrator at least thirty <br />(30) days prior to the renewal date. <br /> <br />This Letter of Credit sets forth in full our understanding which shall not in any <br />way be modified, amended, amplified, or limited by reference to any document, <br />instrument, or agreement, whether or not referred to herein. <br /> <br />19 <br /> <br />fl <br />