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FORM OF IRREVOCABLE LETTER OF CREDIT <br />No .. ________ _ <br />Date: ______ _ <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 />b) Be signed by the Mayor or City Administrator of the City of Lake Elmo. <br />c) Be presented for payment at. _____ (~A=d=d~re~s=s~o~f~B=a=n~k1~--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 <br />(45) days prior to the next annual renewal dale (which shall be November 30 of each year), the Bank <br />delivers written notice to the Lake Elmo City Administrator that it intends to modify the terms of, or cancel, <br />this Letter of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in <br />the U.S. Mail, at least forty-five (45) days prior to the next annual renewal date addressed as follows: City <br />Administrator, City Hall, 3880 Laverne Ave. N. Lake Elmo Minnesota 55042 and is actually received by <br />the City Administrator at least thirty (30) days prior to the renewal dale. <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 <br />for 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 <br />honored upon presentation. <br />BY: ------------- <br />1 ts ____________ _ <br />D-C-2 <br />522975v2 SJS LA515-36