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<br /> <br />The Shores of Oneka Lake 3rd Addition 23 <br /> <br />EXHIBT D <br />IRREVOCABLE LETTER OF CREDIT <br /> <br /> No._______________ <br /> Date: ______________ <br /> <br />TO: City of Hugo <br /> 14669 Fitzgerald Avenue North <br /> Hugo, MN 55038 <br /> <br /> <br />Dear Sir or Madam: <br /> <br /> We hereby issue, for the account of __________________________, and in your favor, our <br />Irrevocable Letter of Credit in the amount of $________________, available to you by your draft <br />drawn on sight on the undersigned bank. <br /> <br /> The draft must: <br /> <br /> a) Bear the clause, “Drawn under Letter of Credit No. ____________, dated <br />________________, 200__, of _________________”; <br /> <br /> b) Be signed by the City Administrator; and, <br /> <br /> c) Be presented for payment at ____________________________________________ <br />on or before 4:00 p.m. on _______________________, _____. <br /> <br /> This Letter of Credit shall automatically renew for successive one (1) year terms unless, at <br />least forty-five (45) days prior to the next annual renewal date (which shall be _________________ <br />of each year), the Bank delivers written notice to the Hugo City Clerk that it intends to modify the <br />terms of, or cancel, this Letter of Credit. Written Notice is effective if sent by certified mail, <br />postage prepaid, and deposited in the U.S. Mail at least forty-five (45) days prior to the next annual <br />renewal date addressed as follows: Hugo City Clerk, City of Hugo, 14669 Fitzgerald Avenue <br />North, Hugo, Minnesota 55038, and is actually received by the City Clerk at least thirty (30) days <br />prior to the renewal date. <br /> <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be <br />modified, amended, amplified or limited by reference to any document, instrument or agreement, <br />whether or not referred to herein. <br />