LOC SLCMMSP09654 dated 8-22-19 bank.
U.S.BANK NATIONAL ASSOCIATION SWIFT:USBKUS44
STANDBY LETTERS OF CREDIT: PHONE: 612-303-7374
BC-MN-H2OG 612-303-7395
800 NICOLLET MALL FAX:612-303-5226
MINNEAPOLIS,MINNESOTA 55402
IRREVOCABLE LETTER OF CREDIT
CITY OF CHANHASSEN
7700 MARKET BOULEVARD,BOX 147
CHANHASSEN,MINNESOTA 55317
NO.SLCMMSP09654
EXPIRATION DATE: NOVEMBER 30,2020
DATE:AUGUST 22,2019
DEAR SIR OR MADAM:
WE HEREBY ISSUE, FOR THE ACCOUNT OF CONTROL CONCEPTS INC 18760 LAKE DRIVE EAST CHANHAASSEN,
MN 55317 AND IN YOUR FAVOR, OUR IRREVOCABLE LETTER OF CREDIT IN THE AMOUNT OF ¶335.711.00,
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.SLCMMSP09654,
DATED AUGUST 22,2019,OF"US BANK ASSOCIATION 800 NICOLLET MALL MINNEAPOLIS,MN 55402
BC-MN-H2OG";
B) BE SIGNED BY THE MAYOR OR CITY MANAGER OF THE CITY OF CHANHASSEN.
C) BE PRESENTED FOR PAYMENT AT US BANK ASSOCIATION 800 NICOLLET MALL MINNEAPOLIS,MN
55402 BC-MN-H2OG,ON OR BEFORE 4:00 RM.ON NOVEMBER 30,2020.
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 NOVEMBER 30,
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.
U.S.BANK NATIONAL ASSOCIATION
CY114:4.'-)'12.
AU HORIZED SIGNATJRE
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