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LC Reduction Letter 02-18-2016CITY OF February 18, 2016 7700 Market Boulevard PC Box 147 Robert Q. Heimerman Chanhassen, MN 55317 President — Savage Office Fax: 952.227.1170 K1einBank Administration 14141 Glendale Road Phone: 952.2271100 Savage, MN 55378 Fax: 952.227.1110 acknowledgement of this reduction at your earliest convenience. Building Inspections Re: Letter of Credit Reduction — Chanhassen Great Plains Center Phone: 952.227.1180 Letter of Credit No. 500194 in the amount of $52,085.00 Fax: 952.227.1190 Planning Case No. 2013-23 Engineering Dear Mr. Heimerman: Phone: 952.227.1160 Fax: 952.227.1170 Please accept this letter as authorization to reduce Letter of Credit No. 500194 by $44,985.00 to leave a remaining balance of $7,100.00. Please send written Finance Phone: 952.227.1140 acknowledgement of this reduction at your earliest convenience. Fax: 952.227.1110 If you have any questions or concerns, please contact me by email at 952-227-1134 or Park & Recreation by email at saljaff@ci.chanhassen.mn.us. Phone: 952.227.1120 Fax: 952.227.1110 Sincerely, Recreation Center 2310 Coulter Boulevard CITY OF CHANHASSEN Phone: 952.227.1400 Fax: 952.227.1404 Planning & Shatmeen Al-Jaff Natural Resources Phone: 952.227.1130 Senior Planner Fax: 952.227.1110 SAJ:ktm Public Works 7901 Park Place Enclosure Phone: 952.227.1300 Fax: 952.227.1310 gAplan\2013 planning casest2013-23 Chanhassen great plains center\letter of credit reduction letter 02-18-2016.doc Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Website www. ci. chan hassen. non. us Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow K/_/� Q �/ 10 "INE, ein8A..i,A IRREVOCABLE LETTER OF CREDIT z ph 952-895-9620 • fax 952-895-9651 •14141 Glendale Road • Savage, MN 55378 • wvvw.kleinbank.com N : M a Date;, ZrZ-(,7j} TO: City of Chanhassen 7700 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: We hereby issue, for the account of Fendler Patterson Construction, Inc. and in your favor, our Irrevocable Letter of Credit in the amount of $52,085.00, 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. 500194, dated February 26`", 2014, of K1einBank' ; b) Be signed by the Mayor or City Manager of the City of Chanhassen. c) Be presented for payment at K1einBank on or before 4:00 p.m. on March 15`, 2015. 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 March I" 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. The purpose of this letter of credit is to guarantee satisfactory completion by Fendler Patterson Construction, Inc. of work to be performed at the Chanhassen Great Plains retail project located at 7905 Great Plains Blvd in Chanhassen, MN, namely: landscaping, final grading, erosion control, public utilities, sanitary sewer security and city sidewalks. 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. K1einBa z By: Robert Q. H 'merman Its: President — Savage Office SCAN EaVrNDEX Member FDIC