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EXHIBIT E <br />[Bank Letterhead] <br />IRREVOCABLE LETTER OF CREDIT <br />Date: , 1999 <br />Irrevocable Letter of <br />Credit No. <br />City of Little Canada <br />City Hall <br />515 Little Canada Road East <br />Little Canada, Minnesota 55117 <br />We hereby issue for the account of R. J. Marco Construction, Inc. (the <br />"Company ") and in your favor our Irrevocable Letter of Credit in the maximum amount <br />of Five Hundred Twenty -Five Thousand Dollars ($525,000). <br />This Irrevocable Letter of Credit is issued to you as security for the obligation of <br />the Company, as Developer, under that certain Development Agreement, dated <br />1, 1999 ( "Agreement"), by and between you and the Company relating to the <br />development of certain real property in Ramsey County, Minnesota. <br />Funds under this Irrevocable Letter of Credit are available to you against your <br />sight draft or drafts. Such drafts drawn hereunder must: <br />(a) State on its face: "Drawn under [Bank's Name] Irrevocable Letter of <br />Credit No. ". <br />(b) Be accompanied by: <br />(i) This Irrevocable Letter of Credit; and <br />(ii) Your certificate in the form of Exhibit A attached hereto. <br />1058683.RED <br />V5 to V4; 7/14/99 <br />E -1 <br />PAGE 51 <br />