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2805'71 <br />EXHIBIT B <br />IRREVOCABLE LETTER OF CREDIT NO. <br />TO: The City of Elk River, Minnesota <br />We hereby issue an irrevocable stand-by Letter of Credit No. _ <br />in favor of the City of Elk River, Minnesota (the "City"), for <br />account of_ (the "Developer"), which is <br />available by negotiation of City's draft at sight on or before the <br />day of , 19_, for 1000 of statement value, up to an <br />amount not to exceed Dollars <br />($_ _), accompanied by a written statement, substantially in <br />the form of the written statement attached hereto as Exhibit A, <br />executed by the City Administrator of the City or his designee, <br />bearing the number of this Letter of Credit and stating that the <br />amount of the City's draft covers the indebtedness of the Developer <br />to the City provided for in the Developer Agreement by and between <br />the City and the Developer, dated as of the day of , <br />19 <br />We hereby agree with the City that all drafts drawn under and in <br />substantial compliance with the terms of this credit will be duly <br />honored on presentation. <br />The credit shall be construed in accordance with the laws of the <br />State of Minnesota including, in particular, Minnesota Statutes, <br />Sections 336.5-101 to 336.5-117 (Uniform Commercial Code, Article 5, <br />Letters of Credit). <br />By: <br />Its: <br />PKB:IHOs <br />