LOCBRIDGEWATER BANK
IRREVOCABLE LETTER OF CREDIT
No.643
Date:May 20,2021
City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 553 17
Dear Sir or Madam:
We hereby issue, for the account of Lakes at Chanhassm LLC_and in your favor, our
Irrevocable Leter of Credit in the amount of $106,986.50, available to you by your draft drawn
on sight on the undersiped bank.
a) Bear the clause, "Drawn under Letter of Credit No. 643, daat lv{ay 20,2O21, of
Bridgewater Baok;
b) Be siped by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at zg50 Excelsior Boulevard, Suite 100, St. Louis Park, MN
55416, on or before 4:00 p.m. on November 30, 2022.
This Letter of Credit shall automatically renew for successive one-year terms unless, at
least forty-five (afl days prior to the next annual reneu/al dat€ (which shall be November 30 of
each year beghning n 2022), the Bank delivers written notice to the Chanhassen City Manager
that it intends to modift the terms of, or cancel, this Letter of Credit. Written notice is effective if
sent by certified mail, postage pr€paid, and deposited in the U.S. Mail, at least forty-five (a) days
prior to the next annual renewal date ad&essed as follows: Chanhassen City Manager, Chanhassen
City Hall, 7700 Market Boulevard, P.O. Box 147, Chanhassen, MN 55317, and is acamlly 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, amende4 amplified, or limited by reference to any document, itrstrument, or agreemen!
whether or not referred to herein.
mmtBAlt0 8arfi - {4s t}ctt $m &l/0 $,jTf r00 . 3r r.0,rs PAn|( m $54t[
s528S 8m8.BW_C0y
TO:
The draft mus:
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 govemed by the most recent revision oftle uniform customs
and practice for Documentary Credii, Intemational Chamb€r of Commerce Publication No' 600'
We hereby agree that a draft drawn under and in
be duly honored upon presentation.
Vice
SP|0SIWATIn 84fi '4{0 tXC!L$0E &v0 gJIIt $0 ' Sl t&lls PlRl( i+{ 55110
"c52193 60S.Bllw'l C&,1
Credit shall
BY
Its:
CITY OF CHANHASSEN
P O BOX 147
CHANHASSEN MN 55317
05/]-0/202L 3:52 PM
Recelpt No. 0 04 74 51-5
CLERK: kimh
PAYEE: Executive Titsle
1l-11-2 8 5th Avenue N
Maple Grove MN 55359-
_LJ b 1 LaKe Urlve Vr
Park Fees
Tot.al
Cash
Check
Change
40821
194, 333 .00
194,333 . 00
0.00
194,333.00
0.00
CITY OF CHANHASSEN
P O BOX 147
CIIANHASSEN MN 5 531?
06/76/2027 11:21 Alil
Receipt No. 00475018
CLERK: kimh
PAYEE: TPS Holding LLC
350 Highway 7 Suite 2l-8
Excelsior MN 553 31-
PC #2021-04
Traffic Study Escrow
Total
Cash
Check 1051-
Change
2,2OO.OO
2 , 200 . o0
0. 00
2,2OO.OO
0.00