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<br />I <br />I <br />I <br />I <br />I <br />~--- <br /> <br />II <br /> <br />Tndo~-lIu_ <br />MAC Mlts-ZIZ <br />OIIo_llanot.Z1"_ <br />1Iu""-' ea-... Mill <br />ea-No.lI(llfl)-..Opdoal <br />IDIIII: ...-.... -.... ~- <br /> <br />L.t.ocable Letter ofCndlt NUIber N2SS69543 <br /> <br />Iua6 Date: April 18. 2006 <br /> <br />BeIletIcIary: Ciiy of CaIte.rville <br />1880 Main SIIeel <br />Centenille, MN 55038-9794 <br /> <br />Ladies lUId Gentlemen: <br /> <br />At the request and for the lIllCOunt of Ground Dewlopment Inc.. 7575 Golden Valley RoId. Suite 250. <br />Golden Valley, MN 55427. we hereby establi&b. our irrevocable Letter of Credit in your mvor in the <br />IlIlIOllDt of N"1llIl Hundred Sixty-Two Thouund Six lIuDlhcd Six and OOIloo's United Slates DoIIsrs <br />(US$!I62,6CI6.O). This Letter of Credit is awilab1e with us at our allow oftioe by pay.IIICI1t of your <br />draft(s) drawn on us at sisht lICCOlIIpIInied your signed and daled stOlteamt worded as follows: <br /> <br />"The IIIldersig1ICd, an authorized ~w of the Ciiy of Centenille. bereby <br />certifies that (I) 15 days have puscd since Ground Deve1opmt:nt, Inc. was notified that <br />it must tslre specificcl 8Cli0ll or filce a draw 011 this Letter of Credit, (2) that Ground <br />Development. Inc. has 1iIiled to tslre the speclJied 8Cli0ll, and (3) that the 8lIIOIIlIt of tile <br />1I"~"~'8lI)Iins draft drawn U!ldcr Wells Fqo Bank, N.A. Letter of Credit No. <br />NZSS69S43 rcpteICllts the 8lIIOIIlIt due and payable in 8CCOl'dance with that certain <br />Developm:nt CcmtIact daled MlIrch 31. 2006, signed between the Ciiy of CeIJ.teni11e (the <br />"City") lIlld Ground Development, Inc. (the "Developer'). because of fiIi1ure of tile <br />Developer to pc.flnlll purswmt to the Slid Developmcnt CoIIlrlIct. " <br /> <br />This Letter of Credit expires at our above office on Jwae 30. 2007. <br /> <br />PlI1'tial drawings Il1'e p<;Iwilted (More tbm one draft may be drawn and presented IIIlder the Letter of <br />Credit.). Each draft must be marbd: "Drawn lIlIder Wells ll'arao Buk, N.A. Letter 01 CredIt No.: <br />NZS569543 dated Aprlll8, 2006". <br /> <br />If any instructions IICOOIIIplIIIyi II drawing under this Letter of Credit IeqUest that payment is to be <br />made by tnmsfer to IIIl account with us or at lIlIOtb8r bank, we 8DdIor such otber bsnlt TlIIA'J rely 011 an <br />aceo1m1 lIIIlDber specified in such instructiOllS even if the IIIIDlber identifies a person or entiiy different <br />from the intended pa~. <br /> <br />This Letter of Credit is subject to the Uniform Customs and Pralltice for DocumentlIry Credits (1993 <br />Rev!lIiOll), International nu.m_ of Cua.w...ce Publication No. 500 ("UcP"). <br /> <br />We hereby engage with you th8t each draft drawn md pmICIlted to llS in compliance with the la'IlIB 8Zld <br />provisions of this Letter ofen.dit will be duly honored by payment to you of the IIlIIOUIIt n:quested. <br /> <br />Vr:rylnl1yyoun, <br /> <br />By: <br />NIIIIIO: <br />Title: <br /> <br /> <br />ASSISTANT VICE PRE8lDENT <br />