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LC Release Letter CITY OF CHANIIASSEN �: z ,.,, q N 8 A %0S Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow May 20, 2020 Jessica Wegwerth Bremer Bank 8555 Eagle Point Boulevard P.O. Box 1000 Lake Elmo, MN 55042 Re: Letter of Credit No. S120011136 Venue - Planning Case File No. 2017-11 Dear Ms. Wegwerth: Enclosed please find the above-referenced original letter of credit for your files. This letter of credit is no longer needed and can be cancelled as it has been replaced with a cash escrow. If you have any questions, please contact me at 952-227-1131 or bgenerous@ci.chanhassen.mn.us. Sincerely, CITY OF CHANHASSEN f ----- ----:") ------ AL_I____,....„„v4),. ...____, Robert Generous Senior Planner BG:jms Enclosures c: Kate Aanenson, Community Development Director g:\plan\2017 planning cases\17-1 I venue-united properties(aldi)Uc release letter.docx PH 952.227.1100• www.ci.chanhassen.mn.us • FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147•CHANHASSEN •MINNESOTA 55317 Bremer 3001 Hennepin Avenue South Minneapolis,Minnesota 55408 Bank phone:612-825-2211 fax 612-825-0932 BREMER BANK, NATIONAL ASSOCIATION SWIFT: BRFSUS4T STANDBY LETTERS OF CREDIT PHONE: 800-908-2265 MN-001-20F0 FAX: 651-734-4277 AUGUST 13. 2018 LETTER OF CREDIT NUMBER S120011136 EXPIRATION DATE AUGUST 7. 2019 AMOUNT USD 200.000.00 APPLICANT: CHANHASSEN FRONTIER, LLC C/O UNITED PROPERTIES DEVELOPMENT. LLC 651 NICOLLETT MALL, SUITE 450 MINNEAPOLIS, MINNESOTA 55402 BENEFICIARY: CITY OF CHANHASSEN 7700 MARKET BOULEVARD. BOX 147 CHANHASSEN. MINNESOTA 55317 BREMER BANK NATIONAL ASSOCIATION BREMER BANK. NATIONAL ASSOCIATION r11 � J / PAM JOHNSON SUE BORK INTERNATIONAL SPECIALIS OFFICER Munger FDIC Bremer.com Bremer 3001 Hennepin Avenue South Minneapolis,Minnesota 55408 Bank phone:612-825-2211 ,3x.• 612-825-0932 BREMER BANK, NATIONAL ASSOCIATION SWIFT: BRFSUS4T STANDBY LETTERS OF CREDIT PHONE: 800-908-2265 MN-001-20F0 FAX: 651-734-4277 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 120011136 ISSUE DATE:AUGUST 13, 2018 EXPIRATION DATE:AUGUST 7. 2019 BENEFICIARY: APPLICANT: CITY OF CHANHASSEN CHANHASSEN FRONTIER LLC 7700 MARKET BOULEVARD, BOX 147 C/O UNITED PROPERTIES DEVELOPMENT LLC CHANHASSEN. MINNESOTA 55317 651 NICOLLETT MALL, SUITE 450 MINNEAPOLIS, MINNESOTA 55402 WE HEREBY ISSUE. FOR THE ACCOUNT OF CHANHASSEN FRONTIER. LLC AND IN YOUR FAVOR. OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 5120011136, IN AN AMOUNT NOT TO EXCEED USD 200.000.00 (TWO HUNDRED THOUSAND AND 00/100 UNITED STATES DOLLARS). PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE AGAINST PRESENTATION OF THE BENEFICIARY'S SIGHT DRAFT DRAWN ON US ACCOMPANIED BY: 1) THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS 2) A STATEMENT SIGNED BY THE MAYOR OR CITY MANAGER OF THE CITY OF CHANHASSEN STATING THAT "CHANHASSEN FRONTIER. LLC HAS FAILED TO FULFILL THEIR CONTRACTUAL OBLIGATIONS UNDER THE CITY OF CHANHASSEN SITE PLAN AGREEMENT NO. 2017-11 VENUE SPECIAL PROVISIONS BY AND BETWEEN THE CITY OF CHANHASSEN AND CHANHASSEN FRONTIER LLC. DATED JULY 10. 2017 AND RECORDED JUNE 5. 2018 AS DOCUMENT NO. A6629944." ALL DRAFTS MUST BEAR THE CLAUSE "DRAWN UNDER BREMER BANK. NATIONAL ASSOCIATION STANDBY LETTER OF CREDIT NUMBER S120011136. DATED AUGUST 13. 2018.' WE HEREBY ENGAGE WITH DRAWERS THAT ALL DRAWINGS MADE HEREUNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT WILL BE DULY HONORED BY US IF RECEIVED AT BREMER BANK. NATIONAL ASSOCIATION. STANDBY LETTERS OF CREDIT. 8555 EAGLE POINT BOULEVARD. MN-001-20F0, LAKE ELMO. MINNESOTA 55042. ON OR BEFORE THE EXPIRATION DATE LISTED ABOVE OR ANY SUCH EXTENDED EXPIRATION DATE. THIS LETTER OF CREDIT IS NOT ASSIGNABLE ANY ONE OR MORE DRAFTS MAY BE MADE UNDER THIS LETTER OF CREDIT PROVIDED SUCH DRAFTS DO NOT EXCEED THE AGGREGATE AMOUNT OF USD 200.000 00 (TWO HUNDRED THOUSAND AND 00/100 UNITED STATES DOLLARS). THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR (1) TERMS FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS WE NOTIFY YOU IN WRITING BY COURIER MAIL AT LEAST FORTY-FIVE (45) DAYS PRIOR TO ANY SUCH EXPIRATION DATE THAT THIS LETTER OF CREDIT WILL NOT BE RENEWED FOR ANY SUCH ADDITIONAL PERIOD THIS LETTER OF CREDIT SETS FORTH IN FULL OUR UNDERSTANDING. WHICH SHALL NOT IN ANY WAY BE MODIFIED, AMENDED OR AMPLIFIED. OR LIMITED BY REFERENCE TO ANY DOCUMENT. INSTRUMENT. OR AGREEMENT, WHETHER OR NOT REFERRED TO HEREIN THIS IS NOT A NOTATION LETTER OF CREDIT PURSUANT TO U.S. LAW. WE ARE REQUIRED TO OBTAIN. VERIFY AND RECORD INFORMATION THAT IDENTIFIES PARTIES TO THE TRANSACTION AND WE ARE PROHIBITED FROM ISSUING. TRANSFERRING, ACCEPTING. OR EFFECTING PAYMENT TO ANY PARTY OR ENTITY IDENTIFIED BY THE U.S. DEPARTMENT OF TREASURY INCLUDING ANY OFFICE AND BUREAU THEREOF OR SUBJECT TO THE DENIAL OF EXPORT PRIVILEGES BY THE U.S. DEPARTMENT OF COMMERCE. THIS LETTER OF CREDIT SHALL BE GOVERNED BY THE MOST RECENT VERSION OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600 OR ANY SUBSEQUENT REVISION THERETO. BREM : '•NK. NATIONAL Ao OCIATION BPRMER B NK, NATIONAL ASSOCIATION PAM JOHNSON SUE BORK INTERNATIONAL SPECIAL! OFFICER - Bremer.com BREMER BANK OCTOBER 22, 2019 LETTER OF CREDIT NUMBER: S120011136 AMENDMENT NUMBER: 1 APPLICANT: CHANHASSEN FRONTIER. LLC 0/0 UNITED PROPERTIES DEVELOPMENT, LLC 651 NICOLLETT MALL. SUITE 450 MINNEAPOLIS. MINNESOTA 55402 BENEFICIARY: CITY OF CHANHASSEN 7700 MARKET BOULEVARD. BOX 147 CHANHASSEN. MINNESOTA 55317 BREMER BANK, NATIONAL ASSOCIATION BREMER BANK,nNATIONAL ASSOCIATION • AM X11 JESSICA WEGWE4 SUE BORK '1N-T RNATIONAL S' IALIST OFFICER BREMER BANK OCTOBER 22. 2019 LETTER OF CREDIT NUMBER: S120011136 AMENDMENT NUMBER: 1 APPLICANT: CHANHASSEN FRONTIER. LLC C/O UNITED PROPERTIES DEVELOPMENT, LLC 651 NICOLLETT MALL. SUITE 450 MINNEAPOLIS. MINNESOTA 55402 • BENEFICIARY: CITY OF CHANHASSEN 7700 MARKET BOULEVARD. BOX 147 CHANHASSEN. MINNESOTA 55317 THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: 1) THE CURRENT AVAILABLE BALANCE IS DECREASED BY USD 196,000.00 TO A NEW BALANCE OF USD 4.000.00. 2) THE ADDRESS OF THE APPLICANT IS AMENDED TO READ: 110 CHESHIRE LANE SUITE 120 MINNETONKA, MINNESOTA 55305 THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR COMMERCIAL DOCUMENTARY CREDITS, 2007 REVISION. INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600. THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. BREMER BANK, NATIONAL ASSOCIATION BREMER BANK, NATIONAL ASSOCIATION 2r01/ECakAIL'Utt S1/(12, RE ARERS SIGN TU E AUTHORIZED SIGNATURE 1NTtNATIONAL S ALIST OFFICER