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5. Customer agrees that the purpose of the Deposit is to secure Customer's timely <br />payment of amounts billed by ERMU to the Service Address, and Customer <br />agrees that E~J may draw on the Deposit and apply the amount drawn to any <br />amounts awed by Customer to ER~/IU which are ~ 0 days or more past due. <br />Customer further agrees that return of the Deposit following the discontinuation <br />of electriclwater service to the Service .A.ddress shall be governed by the terms of <br />this Agreement and the Deposit receipt set forth below. <br />6. Customer agrees that the Deposit shall be in the form of a cash deposit ar an <br />irrevocable letter of credit. If in the form of an irrevocable letter of credit. <br />Customer agrees that the letter of credit will be renewed at least 3~ days prior to <br />its expiration and that failure to renew the letter of credit may result in the letter of <br />credit being drawn on and the cash recovered from the letter of credit being held <br />by ER,~IU as a cash deposit, If ERC~ is not able to draw on the letter of credit, <br />Customer agrees to submit a cash deposit prior to the e~piratian of the letter of <br />credit, and further agrees that failure to submit the required cash deposit shall be <br />cause for immediate termination of service by ERMU. <br />DEPOSIT RECEIPT <br />ERMU ac~nowled~es receipt of the Deposit in the amount of ~ <br />EIC.U agrees to pay interest on the Deposit at the rate established by Minnesota Statutes. <br />EIi~IU may, at its option, pay the interest at intervals it chooses, but at least annually, by <br />direct payment or as a credit on Customer's account. <br />ERMU agrees that any portion ofthe Deposit remaining a~Cer Customer has discontinued <br />electriclwater service to the Service Address will be returned to customer within 45 days <br />of the termination of service, provided Customer has paid in full all amounts due on the <br />account. 1f Customer has not paid in full within 3 4 days of the termination of service, the <br />Deposit will be applied to any outstanding amounts owed by Customer to ERMU. ~f the <br />Deposit is not sufficient to cover the amount due, the Customer shall remain liable to <br />E]J for the balance and shall pay the balance due within 15 days of notice from <br />ER1~IU. EIIIU reserves the right to use reasonable legal means to collect amounts due. <br />Customer; <br />ERMU: <br />Ey: Ey: <br />Its: Its: <br />G~.277~1 ~8 ~1 <br />