pf_02885 - Laserfiche WebLink

Home

\ '<:> . ~C> .- ~-,/ ~~~.. \,~ It-Central ~Bank IRREVOCABLE LETTER OF CREDIT Eden Prairie 6640 Shady Oak Road Eden Prairie, MN 55344 (612) 944-6640 Fax (612) 944-3696 TO: City ofRoseville 2660 Civic Center Drive Roseville, MN 55113 No. 2913 Date: September 10, 1997 Dear Sir or Madam: Golden Valley 5500 Wayzata Boulevard Golden Valley, MN 55416 (612) 545-9005 Fax (612) 545-6663 We hereby issue, for the account of South wind ofRoseville, L.L.C. ("Southwind") and in your favor, our Irrevocable Letter of Credit in the amount of $187,500.00, available to you by your draft drawn on sight on the undersigned bank. The draft must: a. Bear the clause, "Drawn under Letter of Credit No. 2913, dated September /t1...""'!t997, of Central Bank, and, Southwind has defaulted under the Development Agreement and any applicable cure period has expired"; b. Be signed by the City Manager or Mayor of the City ofRoseville, or Steve and Trottie Zeece should this Letter of Credit be assigned pursuant to paragraph 3 hereunder; Stillwater 2270 Frontage Road West P,O, Box 225 Stillwater, MN 55082 (612) 439-3050 Fax (612) 351-1550 c. Be presented for payment at Central Bank, on or before 4:00 p.m. on February 28, 1999. White Bear Lake 3670 East County Line N White Bear Lake, MN 55110 (612) 426-2554 Fax (612) 426-6348 This Letter of Credit sets forth in full our understanding and is issued pursuant to that certain Development Agreement between the City ofRoseville and Southwind dated Se~'A~((' \\} \~q1 ("Development Agreement"), and shall not in any way be modified, amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein. This Letter of Credit is assignable to Steve and Trottie Zeece at the City of Roseville's sole discretion, provided the City of Roseville submits an affidavit to the undersigned bank that: (i) a Default has occurred under the Development Agreement and any applicable cure period has expired; (ii) the City of Roseville refuses to draw under this Letter of Credit; and (iii) the City of Roseville releases the undersigned bank of any obligation to honor drafts under this Letter of Credit. G:r Equal Housing LENDER Member F.D.I.C.