Letter of Credit 7299GLEN LAKE
145SO Excelsior Blvd.
Minnetonka, MN 55345
952.935.8663
fax 952.935.4957
COUNTRY VILLAGE
11500 Highway 7
Minnetonka, MN 5530S
952.93S.S99S
fax 952.935.1611
www.fmcbank.com
Member FDIC
HtREVOCABLE LETTER OF CREDIT
FIRST MINNETONKA
CITY BANK
No. 7299
Date: September 21, 2015
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of Stevens Investments, LLC and in your favor, our
Irrevocable Letter of Credit in the amount of $158,238.54 available to you by your draft drawn on
sight on the undersigned bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No. 7299, dated September 21, 2015, of
First Minnetonka City Bank';
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 14550 Excelsior Blvd, Minnetonka, MN 55345, on or before
4:00 p.m. on September 21, 2016.
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 September 21st 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, 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.
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.
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. 600.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall
be duly honored upon presentation.
Its Vice President