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<br />bll1B.X J..ti:,95 13= 1215 Hffi~lJI.Q.J:\QI1~q,J.r'j~ '.. ,,'::1'11 <br /> <br />~ ..81j ~.".;l;,~'r 1-'-tllI.,,:, I'll'll lP.7'.C H,1:~),;, <br /> <br />,. ,J' <br /> <br />J../111?-ST;t D f.!-....e: ~ <br /> <br /> <br />Builders Development ~ Rnance. Inc. <br />10;,r;~it ~y~a~e. 61,;d~,RO." ao~ 637, w~a; ~'N 5:5391 (612) 473.8511 TELEFAX (612) 47,3.12j9 <br /> <br />IRREVOCABLE: LETTE~ QF OREDIT NO. 13368 DATED MAY 10, 1$96 <br /> <br />City of RosevJlle <br />City Administrator <br />2660 Civic Center Drive <br />Rosevflle, MN 55113 <br /> <br />Dear Sir or Madam: <br /> <br />We hereby ostablish bur IRREVOCABLE LEiTER OF CREDIT, numbered as indloated <br />above, and effective upon recording 01 the final plat, in favor of the City of Rosevllle <br />(1he"Citf) at the request and for the account of Harstad Horna$, Jne., a Minnesota <br />oorporation ("DevelOper") In the amount of and not to exceed Three Hundred Twenty <br />Six Thousand TwO Hundred Fifty and 00/100 Dollars ($326,250.00), as provided <br />bllOw. available to you by your sIght draft or drafts drawn upon us In conneotion with <br />the completion of certain improvements (Ule "'lmprovemen1s") for the subdivision <br />known as Owasso POints, as such Improvoments are aescrlbed in the Devolopment <br />Agreement between City and Developer. <br /> <br />Each draft drawn under this LETTER OF CREDIT must be accompanied by: <br /> <br />A. The original of thlsl.ETrER OF CREDIT, <br /> <br />6. A notarized draft executed by the City AdminIstrator. staling ~hat me Developer <br />is in default of the Development Agreetnent, that the Devel9per has failed to <br />complete the Improvements In accordance with the terJil~ of the Developmt;tnt <br />A.gl'6tsm.nt~ and that the Oity Is entitled to draw upon the Latter of Credit. Such <br />statement shall set forth the Improvements not completed, the re$pec1 In which <br />the Improvements have not been completed and tt1E1 amount r$quired to cure <br />cuuh failure. <br /> <br />Each draft drawn under this. LETTER OF CREDIT must: <br /> <br />1. ee signed on behalf of the City by the City Administrator or his/her designee; <br /> <br />2. Be In an amount required to cure the default by the Developer to complete the <br />Improvements, which ,amount shall not exceed $32a,260.o0~ <br />