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<br />229446v1 <br />4476897.v2 <br />[BANK LETTERHEAD] <br /> <br />IRREVOCABLE LETTER OF CREDIT <br /> <br /> No. ___________________ <br /> Date: _________________ <br /> <br />TO: City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, Minnesota 550330 <br /> <br />Dear Sir or Madam: <br /> <br /> We hereby issue, for the account of (Name of Developer) and in your favor, our Irrevocable Letter <br />of Credit in the amount of $____________, available to you by your draft drawn on sight on the undersigned bank. <br /> <br /> The draft must: <br /> <br /> a) Bear the clause, "Drawn under Letter of Credit No. __________, dated ________________, 2_____, of <br />(Name of Bank) "; <br /> <br /> b) Be signed by the City Administrator or Finance Director of the City of Elk River. <br /> <br /> c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on November 30, 2_____. <br /> <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) <br />days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers written <br />notice to the Elk River Finance Director that it intends to modify the terms of, or cancel, this Letter of Credit. Written <br />notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) <br />days prior to the next annual renewal date addressed as follows: Elk River Finance Director, Elk River City Hall, <br />13065 Orono Parkway, Elk River, MN 55330, and is actually received by the Finance Director at least thirty (30) <br />days prior to the renewal date. <br /> <br />DEMAND(S) FOR PAYMENT MAY ALSO BE MADE BY FACSIMILE TRANSMISSION TO ________ OR SUCH <br />OTHER FAX NUMBER AS (NAME OF ISSUING BANK) MAY IDENTIFY IN A WRITTEN NOTICE TO YOU. TO <br />THE EXTENT PRESENTATION IS MADE BY FACSIMILE TRANSMISSION YOU MUST PROVIDE <br />TELEPHONE NOTIFICATION THEREOF TO (NAME OF ISSUING BANK) AT TELEPHONE NUMBER: <br />_________ PRIOR TO OR SIMULTANEOUSLY WITH THE SENDING OF SUCH FACSIMILE TRANSMISSION. <br />HOWEVER, THE ABSENCE OF SUCH TELEPHONE CONFIRMATION AS DESCRIBED ABOVE DOES NOT <br />AFFECT OUR OBLIGATION TO HONOR SUCH DRAWING, IF SUCH DRAWING IS OTHERWISE IN <br />COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS IRREVOCABLE LETTER OF CREDIT. IF <br />DEMAND FOR PAYMENT IS MADE BY FAX, PRESENTATION OF ORIGINAL DOCUMENTS IS NOT <br />REQUIRED. <br /> <br />OR <br /> <br />DEMAND(S) FOR PAYMENT TO BE MADE VIA EMAIL TO _______________. PRESENTATION OF ORIGINAL <br />DOCUMENTS IS NOT REQUIRED. <br /> <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, <br />amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein. <br /> <br /> This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be <br />made under this Letter of Credit. <br />Page 243 of 309