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ler y R+ " <br /> • <br /> June 28, 1999 <br /> IRREVOCABLE LETTER OF CREDIT #441 <br /> BENEFICIARY: APPLICANT: <br /> City of Centerville R&R Leasing, Inc. <br /> Attn: City Administrator 6805 20 Avenue South <br /> 1880 Main Street Centerville, MN 55038 <br /> Centerville, MN 55038 <br /> Amount: $188,488.00 Expires: June 28, 2000 <br /> Gentlemen: <br /> We hereby establish our Irrevocable Letter of Credit # 441 in favor for the account of R&R <br /> Leasing, Inc. in the amount of $188,488.00, available upon presentation of your draft(s) drawn <br /> on 2l' Century Bank — North at sight and accompanied by: <br /> 1) A statement executed by an authorized official of City of Centerville certifying <br /> that R&R Leasing, Inc. has failed to perform its obligations and as such failure <br /> entitles City of' Centerville to draw on Irrevocable Letter of Credit #441. <br /> 2) Original of this Irrevocable Letter of Credit #441. <br /> We engage with you that draft(s) drawn under and in accordance with the terms of this Letter of <br /> Credit shall be duly honored upon presentation and delivery of documents as specified above if <br /> drawn and negotiated on or before the expiration date indicated above. <br /> Draft(s) must be marked "drawn under 21" Century Bank — North Irrevocable Letter of Credit <br /> #441 dated June 28, 1999." <br /> Except so far as otherwise stated, this Irrevocable Letter of Credit is subject to the "Uniform <br /> Customs and Practice for Documentary Credit (1983 Revision). " International Chamber of <br /> Commerce Publications No. 400. <br /> a Century —North <br /> l) � " <br /> ily Lii n r1 <br /> ic <br /> e Presi . nt <br /> Lake Office ill <br /> 9380 Central Avenue N.E. Blaine, Minnesota 55434 • (612) 767 -215T <br /> 12301 Central Avenue N.E. Blaine, Minnesota 55434 ■ (6121754.215T • fax (612) 755.9186 <br /> 17635 Central Avenue N.E. Ham lake, Minnesota 55304 • (612) 434.215T ■ fax (6121 434-9598 <br /> L <br />