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. MidAmerica Bank <br />. Maplewood <br />IRREVOCABLE LETTER OF CREDIT <br />August 8, 1991 <br />LETTER OF CREDIT NO. 85 <br />City of Little Canada <br />515 E. Little Canada Road <br />Little Canada, MN 55117 <br />ATTENTION: Mr. Joel Hansen <br />Gentlemen: <br />We hereby establish our Irrevocable Letter of Credit in your favor for the <br />account of David Moris, Kush Lot Split Utility and Street Improvements on Leeward <br />Way, in the aggregate amount of Twenty -Five Thousand and No /100 Dollars <br />($25,000.00). <br />Drafts drawn under this Letter of Credit must: <br />1. Be signed by the addressee hereof: <br />2. Bear on their face the clause "Drawn Under Letter of Credit Number 85 <br />dated August 8, 1991 ". <br />3. Be presented for payment at our office no later than 2:00 p.m. Minnesota <br />time, December 31, 1991, after which time this Letter of Credit will be <br />null and void. <br />4. Be accompanied by this Letter of Credit (first advance only). <br />5. Be accompanied by a statement signed by an authorized representative of <br />the City of Little Canada, stating the improvements were not completed as <br />per report prepared by Michael C. Lynch of Bonestroo, Rosene Anderlik & <br />Associates dated July 1, 1991. <br />This Letter of Credit is subject to the Uniform Customs and Practices for <br />Commercial Documentary Credits (1983 Revision), International Chamber of Commerce <br />Publication Number 400. <br />We hereby agree that drafts under and in compliance with terms of this Letter of <br />Credit will be duly honored upon presentation. Partial advances are allowed. <br />This Letter of Credit is assignable and transferable. <br />MIDAMERICA BANK MAPLEWOOD <br />BY; frt7A,---- <br />C.../ <br />Kevin L. Quast, Assistant Vice President <br />1815 North St. Paul Road • Maplewood, Minnesota 55109 • (612) 770 -3939 <br />page 49 <br />