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<br />EXHIBIT "B" <br />TO SUBDIVISION.DEVELOPMENT AGREEMENT <br />Clearwater Creek Estates <br />IRREVOCABLE LETTER OF CREDIT <br /> <br />No. <br />Date: <br /> <br />TO: City of Centerville <br />1880 Main Street <br />Centervi1le, Minnesota 55038 <br /> <br />Dear Sir or Madam: <br /> <br />We hereby issue, for the account of <br />Irrevocable Letter of Credit in the amount of $ <br />drawn on sight on the undersigned bank. <br /> <br />(Name of Developer) and in your favor, our <br />, available to you by your draft <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 **1 (Address of Bank) <br />November 30, 2006 <br /> <br />. on or before 4:00 p.m. on <br /> <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, Centervi1le <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 />Banzai Development Agreement v91.docHIWJIl:I De\'Ellel3mem t\greemeBt y98 <br /> <br />22 <br />