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f"' <br />*THE ROSEVILLE (SANK <br />lW 64f111„G AVIMVf M. WIM11, WWWRITA ss111 nl oil. ,11130 <br />IRREVOCABLE LETTER OF CREDIT 1175 <br />May 16, 1986 <br />City of Mounds View <br />5341 Maywood Rd. <br />Mounds View, MN 55112 <br />Attn: City Manager <br />^E: LETTER. na CRRDiT 1175 <br />Gentiemen: <br />We hereby authorize you to value on us by your draftls) drawn <br />at sight for the account of Ronald L. Richardson up to the <br />aggregate amount of $10,000.00 for such amount or amounts as <br />shall represent valid unpaid claims by you against Ronald L. <br />Richardson not to exceed the sum of this credit, and <br />representing the following improvement, for which payment shall <br />not have been made by Ronald L. Richardson. <br />Self Serve :ar Nash per Mounds View Development Agreement <br />No. 86-64. <br />This letter of credit will expire on September 30, 1986. <br />If any part of work specified above has not been complete by <br />September 15, 1986, then such portion of the undisbursed funds <br />as shall be necessary to pay for the completion of the <br />improvements will be to <br />by us to the City of Mounds View <br />against a certificate from the City under the signature of the <br />City Manager that said improvements have not <br />been completed <br />and <br />of ecompletion <br />that the City is entitled to funds to pay <br />of <br />said improvements. upon receipt of said funds, the City of <br />Mounds View will forthwith complete said improvements and use <br />said funds to pay for said improvements. <br />we hereby agree with you that all draft(s) drawn under and in <br />compliance with the terms of this Letter of Credit will be <br />fully honured upon presentation at The Roseville Bank, 2100 N. <br />Snelling Ave., Roseville, Minnesota on or before the expiration <br />date of this Credit. <br />�.`r 1,11 \r ril ..I I,.ININ 111 IrM111 ,I r11rr <br />