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<br />r2,L~~~.~!~,,~95 13:~5 HFF!i.m~,1t~t'J.E~~.mt,..rrld4l <br /> <br />F',UU i'-{:rLi I" "UO ~ <br /> <br />l'lf-'! ( LE. S.~(I W: ~:.C' <br /> <br />3. Bear on its face the olause IIDAAWN UNDER LETTER OF CREDIT NO. 13368, <br />DATED May 10.1995>1. <br /> <br />. <br /> <br />4. Be presented for payment during regular busIt1$$S hours at our Collectkm <br />Depa.rtment) 1055 East Wayza1a Boulevard) Wayzata. MN 55891 no later than <br />2:00 p.m. on May 31. 1996 at which tlma this Letter of Ct\\dit shalt expire. <br /> <br />The amount of thts Letter of Credit shall be automatloaJty reduced In the amoun1 of One <br />Hundred Twent~ F'fve P6\rcent (125%) of the eStimated cost of the Work oompreted as <br />eaoh portion of the Improvements is completed and the City Engin$er approv9S In <br />wrUing suoh completion. Each drawing hereund$f shan reduce by the amount of such <br />drawing 1he amount available under this Letter of Credit. <br /> <br />We hereby agree that drafts draWn under and presented in conformity wIth the t~rms of <br />the U:.TrER OF CREDIT wnl be duiy honored upon presentation. <br /> <br />Except as otherwise expressly stated. this LETTER OF CREDIT is $ubjact to the <br />Uniform OU$tom$ ~nd fl'ractlce for Documentaty Cr'edits (1983 RevisIon). In1SfnationaJ <br />Chamb&( of Commerce Publloatiooa No. 400 (the l'Uniform Customs')). TMis LETTER <br />OF CRt=DIT shall be deemed to be a oon1ract made under the laws of the State of <br />Mlnne$ota and, as to matters not gOVG1f\$d by the Uniform CU$toms, shall be governed <br />by and conStrued In ~ocordanoa with the laws of tha State of Minnesota, including the <br />Un.iform Comm8r'obd Code as in affeot in the State of Mfnne$o1a. <br /> <br />This LETTER OF CRED1T is not transferable or a$~i9nable and 1$ noi issued for the <br />benefit of any third party claimant. <br /> <br />We shalt not be oalled upon to resolv& JssUii'S of fact or law betw$en the City and the <br />Developer. <br /> <br />f3UILDEAS DEVELOPMENT &. FINANCE.. INC. <br /> <br />By ..JtL~ 'T ~~-; <br />Its.... Ft2.t:;bf~ . __. <br />