Laserfiche WebLink
<br />229446v1 <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 (Name <br />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) days <br />prior to the renewal date. <br /> <br />DEMAND(S) FOR PAYMENT MAY ALSO BE MADE BY FACSIMILE TRANSMISSION TO ________ OR SUCH OTHER FAX <br />NUMBER AS (NAME OF ISSUING BANK) MAY IDENTIFY IN A WRITTEN NOTICE TO YOU. TO THE EXTENT <br />PRESENTATION IS MADE BY FACSIMILE TRANSMISSION YOU MUST PROVIDE TELEPHONE NOTIFICATION <br />THEREOF TO (NAME OF ISSUING BANK) AT TELEPHONE NUMBER: _________ PRIOR TO OR SIMULTANEOUSLY WITH <br />THE SENDING OF SUCH FACSIMILE TRANSMISSION. HOWEVER, THE ABSENCE OF SUCH TELEPHONE <br />CONFIRMATION AS DESCRIBED ABOVE DOES NOT AFFECT OUR OBLIGATION TO HONOR SUCH DRAWING, IF <br />SUCH DRAWING IS OTHERWISE IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS IRREVOCABLE <br />LETTER OF CREDIT. IF DEMAND FOR PAYMENT IS MADE BY FAX, PRESENTATION OF ORIGINAL DOCUMENTS IS <br />NOT REQUIRED. <br /> <br />OR <br /> <br />DEMAND(S) FOR PAYMENT TO BE MADE VIA EMAIL TO _______________. PRESENTATION OF ORIGINAL DOCUMENTS <br />IS NOT REQUIRED. <br /> <br />Page 98 of 379