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<br />CONSTRUCTION <br />MORTGAGE <br />INVESTORS CO.' <br /> <br />O~161'" AJ- (;,lIp"" <br />~'VEf.I -T~ FI~~ <br />t>CiiPAaTM.Ii~ '"'h./.". <br /> <br />~ <br /> <br /> <br />CMIC <br /> <br />IRREVOCABLE LETTER OF CREDIT NO. 16067-A <br /> <br />July 24, 1996 <br /> <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, MN 55113 <br /> <br />Gentlemen: <br /> <br />We hereby establish our Irrevocable Letter of Credit, numbered as <br />indicated above, and effective immediately, in favor of the City of <br />Roseville (the "City") a t the request of and for the account of <br />Tschida Excavating Inc., a Minnesota corporation (the "Developer") <br />in the amount of and not to exceed One Hundred Eighty Four Thousand <br />Five Hundred and No/100 Dollars ($184,500.00), as such amount is <br />decreased as provided below, available to you by your sight draft <br />or drafts drawn upon us in connection with the completion of public <br />improvements for the subdivision to be known as Tschida Estates. <br /> <br />1. Be signed on behalf of the City by the City Manager or <br />his/her designee: <br /> <br /> <br />Each draft drawn under this Letter of Credit must be accompanied <br />by: <br /> <br />A. The original of the Letter of Credit: <br /> <br />B. A notarized draft executed by the City Manager, stating <br />that the Developer is in default, that the Developer has <br />failed to perform, and that the City is entitled to draw <br />upon the Letter of Credit. Such statement shall set <br />forth the defaults and the amount required to cure such <br />default. <br /> <br />Each draft drawn under the Letter of Credit must: <br /> <br />2. Be in an amount required to cure the default by the <br />Developer, amount shall not exceed $184,500.00: <br /> <br />3. Bear on its face the clause, "Drawn Under Letter of Credit <br />No. 16067-A, dated July 24, 1996: <br /> <br />James E. Hurd President. Ron Allar Vice President <br />300 Morse Avenue. P.O. Box 40. Excelsior. Minnesota 55331 <br />612-470-3650 Fax 612-470-3674 <br /> <br />