Agenda - Council - 09/27/1983 - Laserfiche WebLink

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Decem~r 27, 1982 FIRST NATIONAL ANOKA '1 i City of Ramsey Ramsey, Minnesota I Re.' P'ondvale Estates - Gentlemen.' I ,I I I I I I I,I I ! ! I 'i I I Main at Third Anoka. MN 55303 IRREVOCABLE LETTER OF CREDIT t298 J, Deemer We hereby establish our irrevocable letter of credit in your favor and authorize...,.~ you to draw on us up to an aggregate amount of $17,700.00 available by your draf~ at sight accompanied by your written certification that the above named developer has failed to install those certain required public improvements listed below and that the City has constructed said improvements and that you have incurred a liability or that a situation exists under which in your sole judgement claim may be made for loss, cost or expense and that monies represented by your draft are required in your descretion for your protection and for the payment of the cost of constFuction. The City will notify us twenty (20) days prior to this requrest for payment that the funds are in fact due and payable. We engage with you that.all drafts drawn under and in compliance with the terms of this credit will be duly honored by us as specified if ~resented at this office. Upon receipt from you of such notice, you draw on us hereunder by means of your draft on us at sight for the full amount of this .letter of credit accompanied by your written certification that you have not been released from liability and that the proceeds of your draft will be applied by you to satisfy any loss, cost, claim or expnese which ~ay be incurred by you, if any, as a result of the construction of those certain improvements listed below. Your acceptance of this credit will constitute your agreement to repay to us any funds paid by us to you hereunder and not used by you in satisfaction of or reimbursement of any loss, cost, claim or expense of any nature whatsoever incurred by you on account of such undertakings or agreements of indemnity as aforesaid. This irrevocable letter of credit t298 is given for the following improvement in accordance with Minnesota Satute 462.358: Completion of Streets and boulevard seeding in Pondvale Estates .Except so far as otherwise expressly stated, this credit is subject to the uniform 'customs and Practices for commercial documentary credits f~xed by the International Chamber of Commerce at the date of this letter. The terms of this letter shall be for one year and shall be automatically renewed for a period of one year, unless cancelled. Cancellation can only occur by giving 30 days written notice prior to the expiration of any one year period. Very truly yours, even A. Assistant Vice President First Natlu, r:al Bark in Anoka SAS:bbc