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LA515\135\943139.v2 <br />FORM OF IRREVOCABLE LETTER OF CREDIT <br /> <br />No.__________________ <br />Date: ________________ <br /> <br />TO: City of Lake Elmo <br />Dear Sir or Madam: <br />We hereby issue, for the account of (Name of Developer) and in your favor, our <br />Irrevocable Letter of Credit in the amount of $___________ available to you by your draft drawn on sight <br />on the undersigned bank. <br />The draft must: <br />a) Bear the clause, "Drawn under Letter of Credit No.____________, dated ______________, 20___, <br />of (Name of Bank)" ; <br /> <br />b) Be signed by the Mayor or City Administrator of the City of Lake Elmo. <br />c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on <br />November 30, 20___. <br />This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) <br />days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers <br />written notice to the Lake Elmo City Administrator that it intends to modify the terms of, or cancel, this Letter <br />of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, <br />at least forty-five (45) days prior to the next annual renewal date addressed as follows: City Administrator, <br />City Hall, 3880 Laverne Ave. N., Suite 100, Lake Elmo Minnesota 55042 and is actually received by the <br />City Administrator at least thirty (30) days prior to the renewal date. <br />This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, <br />amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to <br />herein. <br />This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be <br />made under this Letter of Credit. <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 />We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored <br />upon presentation. <br />By: <br /> <br />Its <br /> <br /> <br />