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TO: City ofLake Elmo <br />Dear Sir orMadam: <br />We hereby issue, for the account of (Name of Developer) and in your favor, our <br />Irrevocable Letter ofCredit inthe amount of available toyou byyour draft drawn onsight <br />owthe undersigned bonh. <br />The draft must: <br />a) Bear the clause, "Drawn under Letter ofCredit Nodated .2O___. <br />of <br />b) Be signed bythe Mayor orCity Administrator of the City ofLake Elmo. <br />d Be presented for payment on or before 4:00 pm, on <br />This Letter of Credit shall automatically renew for successive one-year terms unless, at least ) <br />days prior tothe nex �U <br />delivers <br />written notice tothe Lake Elmo City Administrator that itintends tomodify the terms of, Vrcancel, this Letter <br />of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S, Mail, <br />edleast forty-five (45)days prior tothe next annual renewal date addressed asfollows: City Administrator, <br />City Hall, 3880 Laverne Ave. N., Suite 100' Lake Elmo Minnesota 55042 and is ontuo||y received by the <br />City Administrator mtleast thirty (30)days prior tothe renewal date. <br />This Letter ofCredit sets forth infull our understanding which shall not inany way bemodified, amended, <br />amplified, or limited by reference to any document, instrument, oragreement, whether or not referred to <br />herein. <br />This Letter mf Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be <br />made under this Letter ofCredit. <br />This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for <br />Documentary Credits, International Chamber of Commerce Publication No. 500. - <br />VVohereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored <br />upon presentation. <br />EN <br />Its <br />C'4LA515'93-753821.0 <br />