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4. Be presented for payment during regular business housrs at our Collection Department, 300 Morse Avenue, Excelsior, Minnesota 55331, no later than 2:00 p.m. on July 24, 1997. It is a condition of this Letter of Credit that it shall automatically be extended for six months from the present or any future expiration dates unless sixty days prior to the expiration date we shall notify you in writing by Certified Mail that we elect not to consider the Letter of Credit renewed for an additional period. The amount of this Letter of Credit shall be automatically reduced in the amount of One Hundred percent (100%) of the estimated cost of the work completed as each portion of the improvements are completed and the City Engineer approves in writing such completion. Each drawing hereunder shall reduce by the amount of such drawing available under this Letter of Credit. We hereby agree that drafts drawn under and presented in conformity with the terms of this Letter of Credit will be duly honored upon presentation. Except as otherwise expressly stated, this Letter of Credit is subject to the Uniform customs and Practice for Documentary Credits (1983 Revision), International Chamber of Commerce publications No. 400 (the "Uniform Customs"). As to matters not governed by the Uniform Customs, this Letter of Credit shall be governed by and construed in accordance with the laws of the state of Minnesota, including the Uniform Commercial Code as in effect in the state of Minnesota. This Letter of Credit is not transferable or assignable and is not issued for the benefit of any third party claimant. We shall not be called upon to resolve issues of fact or law between the City and the Developer. CONSTRUCTION MORTGAGE INVESTORS CO. By: ~~ Linda Anderson Assistant Secretary