7. Letter of Credit 11.21
IRREVOCABLE LETTER OF CREDIT
No. __30069043_______
Date: __November 18, 2021
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of Northland Salons Chan Owner, LLC and in your favor, our
Irrevocable Letter of Credit in the amount of $ 527,736.00 , 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. 30069043, dated November 18, 2021, of
Gateway Bank ";
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 745 Market Street, Mendota Heights, MN 55118, on or before
4:00 p.m. on December 1, 2021.
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 December 1st 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.
BY: ____________________________________
Its _____________________________