Letter of Credit 520154To Do List 7/1/11 PLAN.OR2
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7/1/11 8/1/11 F LC #520154 dated 9/2/10 expires 8/1/11
Westwood Community Church Building Expansion
Site Plan Agreement 09 -03
$6,000 (landscaping)
Replaced $2,500 cash escrow which was returned to Westwood Community Church.
Notify Bob, Jill and Alyson on 7/1/2011.
10/26/10 - Per Alyson, this LC also covers the Grading Permit No. 10 -02. KM
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0 2010 Lotus Development Corp. 10/26/10 at 8:45 AM S= Status P= Prionly Page 1
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 520154
Amount: U.S. $ 6,000.00 (six thousand dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on September 2, 2010 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are
as follows:
APPLICANT:
WESTWOOD COMMUNITY CHURCH
3121 WESTWOOD DRIVE
EXCELSIOR, MN 55331
BENEFICIARY:
CITY OF CHANHASSEN
7700 MARKET BLVD.
ATTN:BOB GENEROUS
CHANHASSEN, MN 55317
ISSUER:
KLEINBANK
1550 Audubon Road
Chaska, MN 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. 520154 dated September 2, 2010." 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 5. "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.
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. LETTER OF CREDIT RETAINAGE FOR LANDSCAPING.
5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 PM Central Time (Time) on August 1, 2011 (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, 2006 Revision, International Chamber of
Commerce Publication No. 600 (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 UCP.
ISSUER:
KleinBank
B y r
Jam ahl
Date
WESTWOOD COMMUNITY CHURCH
Standby Letter Of Credit
MN/ 4XXdonnas00157900007058009090210Y Wolters Kluwer Financial Services 0 1996, 2010 Bankers SystemsT" Page 1