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LC Release Letter 4-11-08 CITY OF CHANHASSEN 7700 Markel Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone: 952.227.1100 Fax: 952.227.1110 Building Inspections Phone: 952.227.1180 Fax: 952.227.1190 Engineering Phone: 952.227.1160 Fax: 952.227.1170 Finance Phone: 952.227.1140 Fax: 952.227.1110 Park & Recreation Phone: 952.227.1120 Fax: 952.227.1110 Recreation Center 2310 Coulter Boulevard Phone: 952.227.1400 Fax: 952.227.1404 Planning & Natural Resources Phone: 952.227.1130 Fax: 952.227.1110 Public Works 1591 Park Road Phone: 952.227.1300 Fax: 952.227.1310 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site WII'W.ci.chanhassen. mn .us April 11, 2008 Mr. Matthew C. Klein KleinBank 301 Chestnut Street Chaska;MN 55318 Re: Letter of Credit No. 500051 Heartland Building Addition Site Plan Agreement No. 07-05 Dear Mr. Klein: Upon review of our records, the above-referenced letter of credit is due to expire on April 30, 2008. Upon review of the project, it appears the project has been completed in general conformance with Site Plan Agreement No. 07-05. Therefore, we are now closing our files on this project and returning the original letter of credit. . If you have any questions, feel free to contact me. Sincerely, ~..~. Robert Generous Senior Planner RG:ktm Enclosure g:\plan\2007 planning cases\07-05 heartland building addition\Jc release letter.doc The City 01 Chanhassen · A growing community with clean lakes, Quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play. ph 952-448-2350 . fax 952-448-3300 . 301 Chestnut Street. PO Box 37 . Chaska, MN 55318-0037 . www.kleinet.com ph 952-368-6700 . fax 952-368-6705 . 120 Pioneer Trail. PO Box 37 . Chaska, MN 55318-0037 . www.kleinet.com ph 952-403-0400 . fax 952-403-0500. 1407 Vierling Drive E . Shakopee, MN 55379 . www.kleinet.com ph 952-361-5902 . fax 952-361-5904 . 304 North Broadway. Carver, MN 55315 . www.kleinet.com KleinBanK IRREVOCABLE LEITER OF CREDIT No. 500051 Date: 04/30/07 TO: City of Chanhassen 7700 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: We hereby issue, for the account of Thomas F. Kordonowy, on behalf of Coeur Terra, LLP, and in your favor, our Irrevocable Letter of Credit in the amount of $5,000.00, available to you by your draft drawn on sight on KleinBank. The draft must: a) Bear the clause, "Drawn under Letter of Credit No. 500051, dated April 30, 2007, ofKleinBank"; b) Be signed by the Mayor or City Manager of the City of Chanhassen. c) Be presented for paymentat 301 Chestnut St., Chaska, MN 55318, on or before 4:00 p.m. on April 30, 2008. This Letter of Credit shall automatically renew for one successive one-year term unless, at least forty-five (45) days prior to April 30,2008, 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 April 30, 2008 addressed as follows: Chanhassen City Manager, Chanhassen City Hall, 7700 Market Boulevard, P.O. Box 147, Chanhassen, MN 55317, and is actually received by the City Manager at least thirty (30) days prior to the renewal date. However, under no circumstances shall the final maturity date of this Letter of Credit be extended beyond April 30, 2009. 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 not referred to herein. This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. Any amount drawn under this Letter of Credit shall reduce the amount available for future draws. The maximum amount available to draw cumulatively over the term of this Letter of Credit is $5,000.00. This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 500. We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored upon presentation. BY: #-~ c:.~ Its i//~e. h5 ,'~e",- f @ lQIlAlllOllSllI8 LENDER Member FDIC - .