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Sample Letter of Credit <br />Bank Letterhead <br />Date <br />Irrevocable Letter of Credit No. <br />To: City of Ramsey <br />7550 Sunwood Drive N.W. <br />Ramsey, MN 55303 <br />Gentlemen: <br />We hereby establish in favor of the City of Ramsey this Irrevocable Letter of Credit Number for <br />the account of (name and address of developer) for (name of development/project) in an aggregate <br />amount of (amount of the letter of credit). <br />This LETTER OF CREDIT shall be deemed automatically renewed without modification for one (1) year <br />from (one year after date of letter of credit) or any extended expiration date unless sixty (60) days or <br />more prior to such date we shall notify you by registered or certified mail that we elect not to extend <br />this LETTER OF CREDIT for any such additional period. <br />Partial drawings permitted. <br />Each draft drawn under this Letter of credit must: <br />Be signed on behalf of the City; <br />Bear on its face the clause "drawn under (name of the bank) Letter of Credit Number dated <br />"• and <br />Be accompanied by a certification signed on behalf of the City of Ramsey that either (i) (name of <br />developer) has failed to comply with the terms of the grading permit, or (ii) (name of developer) has <br />failed to comply with the terms of the developers agreement, or (iii) this Letter of Credit will expire <br />within sixty (60) days and this Letter of Credit has not been renewed or replaced as required. <br />Development Review Manual (September 2011) <br />Plat/Subdivision Review <br />Page 23 of 45 <br />