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0 <br />First Bank <br />State <br />Little Canada Office <br />First State Bank of Saint Paul <br />2850 Rice Street <br />St. Paul. Minnesota 55113 <br />612 482 -9600 <br />June 9, 1982 <br />City Clerk <br />City of Little Canada <br />Little Canada, MN 55117 <br />LETTER OF CREDIT <br />RE: Irrevocable Letter of Credit #8267 <br />The First State Bank of Saint Paul hereby establishes its Irrevocable <br />Letter of Credit in the amount of Twenty Eight Thousand Dollars ($28,000.00) <br />to guaranty the faithful performance of A.J. Ryan Landscape Supply Co., Inc. <br />on the development contract for Ryan Industrial Park. This Letter of Credit <br />refers to the performance of Section 8, items (a) through (d) in that <br />development contract. This instrument shall be effective June 9, 1982 and <br />shall remain in effect until September 10, 1982. Upon breach of the <br />conditions as set forth in the development agreement, the Bank shall pay <br />the City of Little Canada the full face of this instrument. The City, <br />after hearing, shall determine the claims, losses, costs, or expenses <br />arising from the breach. Any portions of such funds remaining after <br />clams, losses or expenses are satisfied shall be returned to the Bank <br />by the City. <br />Assistant Vice President <br />and Manager <br />STK:: OF MINNESOTA <br />County of Ramsey <br />On this 9th day of June, 1982, before me, personally appeared Alan D. <br />Burcbill to me known to be the person described in and who executed the <br />foregoing bank letter of credit and acknowledged that he executed the <br />same as his free act and deed and that he is authorized to execute such <br />letter of credit for the bank. <br />Nr:;;PIVLS:j <br />JUN 9 1982 <br />CITY OF <br />LIITLE;GANADAt <br />01 <br />RUTH E. EGGUM <br />NOTARY PUBLIC — MINNESOTA <br />RAMSEY COUNTY <br />My Comm. Expires June 3, 1988 <br />