20220923105208857Hiawatha National Bank
2212 Crest View Dr PO Box 147 Hudson WI 54016
Phone715-377-9919
IRREVOCABLE STANDBY LETTER OF CREDIT
Amount: $270,257.00 No. 1
To: Administrator Date:8/04/22
Riley -Purgatory -Bluff Creek Watershed District
18681 Lake Drive East
Chanhassen, MN 55317
WE HEREBY AUTHORIZE YOU TO VALUE ON
Hiawatha National Bank
DRAFTS AT SIGHT FOR ANY SUM OR SUMS
NOT EXCEEDING A TOTAL OF
Two hundred seventy thousand two hundred fifty seven dollars $270,257.00
FOR THE ACCOUNT OF MVK Capital /Dario Klasic
This Letter of Credit shall be valid until 08/04/23 and shall be automatically extended for successive one-
year periods on the expiry date and each anniversary thereof, and not otherwise modified, unless at least
thirty (30) days prior to any such expiry date or anniversary thereof, or effective date of modification, we
notify you in writing by certified mail, return receipt, delivered to Riley -Purgatory -Bluff Creek
Watershed District, 18681 Lake Drive East, Chanhassen, MN 55317, Attn: administrator, and to Riley -
Purgatory -Bluff Creek Watershed District c/o Smith Partners, 250 Marquette Avenue South, Suite 250,
Minneapolis, MN 55401, that we intend to cancel or modify this Letter of Credit. Until the effective date
of cancellation or modification, and thereafter as the modified Letter of Credit may provide, you may
draw hereunder by your drafts, drawn at sight on us and accompanied by a statement signed by your
administrator or one of your officers or attorneys in fact to the effect that Dario Klasic has failed to
execute the work set forth and/or authorized in Riley -Purgatory -Bluff Creek Watershed District permit
no. 2022-046 in compliance with the specifications, requirements or conditions of the permit and District
rules as of that date. Further, the draft shall state the amount of the requested draw written in both
English words and Arabic numbers, which shall not exceed the face amount hereof, as set forth above.
Except as otherwise expressly stated, this letter of credit is subject to the International Standby Practices,
International Chamber of Commerce Publication No. 590, and as to matters not governed thereby shall be
construed and enforced in accordance with the laws of the State of Minnesota.
The drafts drawn under this letter of credit are to be endorsed hereunder and must bear the clause: "Drawn
under the Hiawatha National Bank # Ol date 08/04/22"
We hereby agree with the drawers, endorsers and bona fide holders of drags drawn under and in
compliance with the terms of this letter of credit that the same shall be duly honored on presentation if
drawn and negotiated on or before 08/04/23 or the successive one-year anniversary of that date or as
otherwise modified in accordance with the amendment provision above. This Letter of Credit is
Hiawatha National Bank individual obligation and not contingent on any reimbursement thereto.
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