Letter of Credit 580046
Status Report 7/16/07 plan.OR2
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fif Securities
I Start Due
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Category
Description
LC #580046 expires 8/16/07
(renews automatically)
ABRA Auto Body & Glass
Planning Case 06-24
$34,200 for Landscaping
Notify Bob Generous.
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IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 580046
Amount: U.S. $ 34,220.00 (thirty four thousand two hundred and twenty dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on March 16, 2007 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are as
follows:
APPLICANT:
ABRA CHANHASSEN REAL ESTATE COMPANY, LLP
6322 TIMBER TRAIL
EDINA, Minnesota 55439
BENEFICIARY:
CITY OF CHANHASSEN
7700 MARKET BOULEVARD, BOX 147
CHANHASSEN, Minnesota 55317
ISSUER:
KLEINBANK
1550 Audubon Road
Chaska, Minnesota 55318
1. LETTER OF CREDIT, Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above.
Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one). Each Draft shall be signed on behalf
of Beneficiary and be marked "Drawn under KleinBank Letter of Credit No. 580046 dated March 16, 2007." Drafts must be presented at Issuer's address shown
above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or
any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Beneficiary shall be permitted to make multiple drawings on this Letter of Credit. The maximum number of drawings that may be made on this
Letter of Credit is O. "Draft" means a draft drawn at sight.
3. DOCUMENTS, Each Draft must be accompanied by the following, in original and two copies except as stated:
A. The original Letter of Credit, together with any amendments.
B. A sight draft drawn by Beneficiary on Issuer.
C. The following other documents: The draft must be signed by the Mayor or city Manager of the city of Chanhassen..
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be
an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting
the draft and such documentation.
4. SPECIAL INSTRUCTIONS. THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, AT LEAST FORTY-FIVE
(45) DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE (WHICH SHALL BE AUGUST 16 OF EACH YEAR), THE BANK DELIVERS WRITTEN NOTICE TO THE
CHANHASSEN CITY MANAGER THAT IT INTENDS TO MODIFY THE TERMS OF, OR CANCEL THIS LETTER OF CREDIT. WRITTEN NOTICE IS EFFECTIVE IF SENT
BY CERTIFIED MAIL, POSTAGE PREPAID, AND DEPOSITED IN THE U.S.MAIL, AT LEAST FORTY-FIVE (45) DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE
ADDRESSED AS FOLLOWS: CHANHASSEN CITY MANAGER, CHANHASSEN CITY HALL, 7700 MARKET BOULEVARD, BOX 147, CHANHASSEN, MN 55318
AND IS ACTUALLY RECEIVED BY THE CITY MANAGER AT LEAST THIRTY (30) DAYS PRIOR TO THE RENEWAL DATE,
THIS LETTER OF CREDIT SETS FORTH IN FULL OUR UNDERSTANDING WHICH SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED, OR LIMITED BY
REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT, WHETHER OR NOTE REFERRED TO HEREIN.
'See Conditions for Advancement/further details.
5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 4:00 PM Central Time (Time) on March 16,2008 (Date). Issuer
agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date.
6. NON-TRANSFERABLE. This Letter of Credit is not transferable.
7. APPLICABLE LAW, This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of
Commerce Publication No, 500 (UCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Minnesota, except as those laws
conflict with the Uniform Customs and Practice for Documentary Credits, Document 500.
ISSUER: ~
KleinB::k f!Ji?j.)' ,
~k f'~ ' iO -p.:~,,:>~\)
~ It?' 01
Date
ABRA CHANHASSEN REAL ESTATE COMPANY, LLP
Standby Letter Of Credit
MN/4CarolynM00005900005586010031607Y
@1996 Bankers Systems, Inc., St. Cloud, MN 0
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