Letter of Credit 580002
Status Report 6/1107 plan.OR2
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6/1/07 7/1107
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Description
LC #580002 expires 9/1/07 at 4:00 p.m. CST
Waytek
Lot 3 and that part of Lots 1 and 2, Block 1, Chanhassen West Business Park
Site Plan Agreement 06-27
Planning Case 2006-27
$5,000 (boulevard restoration, erosion control, and landscaping)
Notifify Bob Generous
C 2006 lotus Development Corp.
916106 at 10:15 AM S::Statu8 P:c:Priority
Page 1
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 580002
Amount: U.S. $ 5,000.00 (five thousand dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on September 1, 2006 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are
as follows:
APPLICANT:
EDEN LLC
8156 MALLARY CT
CHANHASSEN, Minnesota 55317
BENEFICIARY:
CITY OF CHANHASSEN
7700 MARKET BLVD.
P.O. BOX 147
CHANHASSEN, Minnesota 55387
ISSUER:
KLEINBANK
1550 Audubon Road
Chaska, Minnesota 55318
1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above.
Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one). Each Draft shall be signed on behalf
of Beneficiary and be marked "Drawn under KleinBank Letter of Credit No. 580002 dated September 1, 2006." Drafts must be presented at Issuer's address shown
above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or
any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Beneficiary shall be permitted to make multiple drawings on this Letter of Credit. The maximum number of drawings that may be made on this
Letter of Credit is 5. "Draft" means a draft drawn at sight.
3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated:
A. The original Letter of Credit, together with any amendments.
B. A sight draft drawn by Beneficiary on Issuer.
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be
an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting
the draft and such documentation.
4. SPECIAL INSTRUCTIONS. 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 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 BLVD., CHANHASSEN, MN 55317 AND IS ACTUALLY
RECEIVED BY THE CITY MANAGER AT LEAST THIRTY (30) DAYS PRIOR TO THE RENEWAL DATE.
5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 4:00 PM Central Time (Time) on September 1, 2007 (Date).
Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date.
6. NON-TRANSFERABLE. This Letter of Cred;' IS not transferable.
7. APPLICABLE LAW. This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of
Commerce Publication No. 500 (UCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Minnesota, except as those laws
conflict with the Uniform Customs and Practice for Documentary Credits, Document 500.
"sum rZ~
KleinBank '.
By .~A_ ~
Ch terson
q-!-cJC,
Date
EDEN, LLC
Standby Letter Of Credit
MN/4XXdonnas009854000053090 120831 06Y
@1996 Bankers Systems, Inc., St. Cloud, MN 0
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