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Letter of Credit Release Letter 07-29-20110 CITY OF CBANBASSEN 7700 Market 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 7901 Park Place Phone: 952.227.1300 Fax: 952.227.1310 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us July 29, 2011 Mr. James Lahl K1einBank 1550 Audubon Road Chaska, MN 55318 Re: Westwood Community Church Building Expansion Letter of Credit No. 520154 Planning Case 2009 -03 Dear Mr. Lahl: The above - referenced project has been completed in general conformance with the approved plans. Enclosed please find your original letter of credit. We are now closing our files on this project. Sincerely, CCIIT'Y OF CHANHASSEN Robert Generous Senior Planner RG:ktm Enclosure: Letter of Credit No. 520154 c: Westwood Community Church g:\plan\2009 planning cases \09 -03 westwood community church expansion \letter of credit release letter 07- 29- 2011.doc Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow 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: KleinBa? By Ja Dat e �� SCANNED WESTWOOD COMMUNITY CHURCH Standby Letter Of Credit MN/ 4XXdonnas00157900007058009090210Y Wolters Kluwer Financial Services 0 1996, 2010 Bankers Systems'" Page 1 T W T F T F ,S 4 M T 6g, 8 9 10 11' ............. 'T� _ V f i "i �' i' ......... ... 7' , -:b- ........... Y6 1112 13 14,45 14 15 i6 i * 1 � � ,, ' � ' � i4 i � ' * P 1 18 p ............... 18 Y_ .......... 18 �21 22 23 24 .... .... ... .... ... 31 '25 26 27 28 29 ...................... ...................... 17 18 19 20 21 c I Ott .............. M_ Securities AM 7/1/2011 8/1/2011 0 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 7/1/201 I. 10/26/10 - Per Alyson, this LC also covers the Grading Permit No. 10-03. KM 7/14/1 - Notified Bob, Jill and Alyson/Joe. 7/29/11 - Per J i l l and Terry, ok to release letter of credit. Letter of credit returned to Klein Bank. Activity closed. Kim ........................................................................................................................................................................................................ I .................. Meuwissen, Kim From: Sinclair, Jill Sent: Wednesday, July 27, 2011 10:08 AM To: Meuwissen, Kim; Generous, Bob; Fauske, Alyson; Shamla, Joe Subject: RE: Westwood Church Building Expansion Site Plan Landscaping Escrow Hi Kim, The landscaping is complete and the landscape portion of the escrow can be released. Jill Sinclair Environmental Resources Specialist City of Chanhassen 952 -927 -1133 From: Meuwissen, Kim Sent: Thursday, July 14, 20119:40 AM To: Generous, Bob; Sinclair, Jill; Fauske, Alyson; Shamla, Joe Subject: Westwood Church Building Expansion Site Plan Landscaping Escrow Bob /Jill /Alyson /Joe, What is the status on this project? Can the letter of credit be released or should be hold onto it? If so, please let me know what date you would like to be notified again. Thanks! 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. 03 10/26/10 - Per Alyson, this LC also covers the Grading Permit No. 10.,Of. KM 7/14/11 - Notified Bob, Jill and Alyson /Joe. KIM MEUIMSSEN CITY CF= CHANT- iASSE—N PLANNING SECRETARY 952-227-1107 ?L1A1LT^: Kh9F_ i_-' ✓v / �i �•F:1'C�:? >C: !. t "' x-/ 1:�`H 1 �-aSE:�. �ti1,1'. Ci Li Fin us on �3 f _ it;+