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id/4 _merica <br />HILLCREST MID AMERICA STATE BANK OF MAPLEWOOD <br />1815 NORTH ST. PAUL ROAD / MAPLEWOOD, MINNESOTA 55109 / 612 - 770 -3939 <br />September 9, 1981 <br />City of Little Canada <br />515 E. Little Canada Road <br />St. Paul, Minnesota 55117 <br />Re: Irrevocable Letter of Credit <br />Gentlemen: <br />We hereby establish this irrevocable Letter of Credit in your favor for <br />the account of Granada Home Builders, Inc., in the amount of Seven <br />Thousand Five Hundred and no /100 ($7,500.00) available to you <br />after the date hereof by your draft or drafts on the undersigned bank. <br />Drafts should be presented after a 10 -day notification of default on <br />the contract for storm sewer. <br />All drafts must be endorsed and must bear the clause "Drawn under <br />HILLCREST MID AMERICA STATE BANK OF MAPLEWOOD, Letter of Credit <br />dated September 9, 1981. <br />Drafts must be negotiated not later than 12 -9 -81. <br />We hereby agree with the drawers, endorsers and bona fide holders of <br />drafts drawn under and in compliance with terms of this Letter of Credit <br />that drafts will be duly borrowed upon presentation to us. <br />HILLCREST MID AMERICA STATE BANK OF <br />MAPLEWOOD <br />By <br />Howard L. Erickson, Vice Pres. <br />