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NMI= <br />NORIVEST BANKS <br />MMIEF.AJ <br />®A1 NNW <br />February 18, 1987 <br />City of Little Canada <br />515 E. Little Canada Road <br />Little Canada, Mn. 55117 <br />Attn: Director of Finance <br />Dear Sirs: <br />Norwest Bank Central, N.A. <br />2329 Central Avenue Northeast <br />Minneapolis, Minnesota 55418 <br />612/781 -5555 <br />IRREVOCABLE STANDBY <br />Letter of Credit 10384 <br />RE: Sofie- Peterson Addition <br />At the request of Marcel Eibensteiner and Gordon Howe and in accordance with <br />all applicable laws and regulations we hereby establish our Irrevocable Standby <br />Letter of Credit in the amount of $286,000.00. We authorize the City of Little <br />Canada to draw at sight up to that sum accompanied by the following documents: <br />1. This Letter of Credit <br />2. A signed statement by the authorized official of the City of Little Canada <br />stating that Marcel Eibensteiner and Gordon Howe have defaulted on their <br />obligation to the City of Little Canada under the terms of the development <br />agreement they have with the City of Little Canada. <br />3. A Draft which shall bear on its face, the clause "Drawn under Letter of <br />Credit dated February 18 , 1987 ", and be presented during normal business <br />hours at this institution at any time from that date hereof until expir- <br />ation, which is 4:00 p.m. February 18, 1988. <br />This Letter of Credit is intended to be an Irrevocable Letter of Credit to <br />be automatically renewed annually upon satisfaction of terms agreed to be- <br />tween Marcel Eibensteiner and Gordon Howe and this bank. In any event, the <br />Letter of Credit will not be in force or effect, as a result of renewals, <br />beyond 4:00 p.m. February 18, 1992. At least 30 days prior to any renewal <br />date, the bank will notify the City of Little Canada if it does not intend <br />to renew the Letter for any subsequent on year period. <br />It is further understood that the bank has agreed to provide this Letter <br />of Credit as surety to guarantee payment of al costs associated with the <br />installation of sanitary sewer, water, storm sewers, streets, curbs, gutters <br />and engineering fees as may be covered under the Developers Agreement with <br />the City of Little Canada. <br />Page 6 <br />