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.... ommunity <br />"'!at onal <br /> <br />Date of issue: June 4, 2003 <br /> <br />Letter of Credit #602 <br /> <br />Applicant: <br /> <br />Ramsey Town Center, LLC <br />4200 Central Avenue NE <br />Minneapolis, MN 55421 <br /> <br />Beneficiary: <br /> <br />City of Ramsey <br />7925 161st Avenue <br />Ramsey, MN 55303 <br /> <br />Advising Bank: <br />Community National Bank <br />7641 Lake Drive <br />Lino Lakes, MN 55014 <br /> <br />Amotmt: $50,000.00 <br /> <br />Expiration: October 30, 2003 <br /> <br />We hereby establish our Irrevocable Letter of Credit #602 in your favor for the account <br />of Ramsey Town Center, which is available against presentation of your drafts drawn on <br />us at sight up to an ag~egate amount of $50,000.00. <br /> <br />Ail banking charges are for the account of the Applicant. Partial drasvs are permitted, <br />and the sum of all draws shall not exceed $50,000.00. <br /> <br />We engage with you that all drafts drawn under and in compliance with the terms of th.is <br />Letter of Credit will be duly honored if presented at this office on or before the expiration <br />date. Any draft drawn by you under this Letter of Credit must bear the clause "Drawn <br />Under" Letter of Credit #602 dated June 4, 2003. <br /> <br />The Original Letter of Credit must accompany any draws. <br /> <br />Sincerely, <br /> <br />Executive Vice President <br /> <br />5481 St. Croix Trail <br />North Branch, MN 55056-5200 <br />Phone 651~674-8000 <br />Fax 65l~674-6252 <br /> <br />7641 Lake Dr/ye <br />Lino Lakes, MN 55014-.11.08 <br />Phone 651-784-8000 <br />Fax 651-780-8885 ' <br /> <br />845 East County Road E <br />Vadnais Heights, MN 55127-7116 <br />Phone 651-429-8000 <br />Fax 651-483-4883 <br /> <br />185 <br /> <br /> <br />