Agenda - Council - 01/25/1983 - Laserfiche WebLink

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I Duluth -West First Bank (N.A.)- Dululh-Wesl 2000 West Superior Street I Duluth, Minnesota 55B06 '% ~t~ · ' ~he: Deemer, Benjamin Gentlemen: We hereby establish our inrevoca~le le~er of cre n your favor and authorize you ~o draw on us up ~o an aggregate ~oun~ of ~17,700.00 ~vailable by your draf~ at sigh~ accompanied by your written certifica- tion ~h~ ~he above named developer has failed ~o install ~hose certain I I I I I I I I ! I I I required public improvements listed below and that the City has constructed said improvements and that you have incurred a liability or that a situa- tion exists under which in your sole judgment claim may be made for loss, cost or expens~ and that monies represented by your draft are required in your descretion for your protection and for the payment of the cost of construction. The City will notify us twenty (20) days prior to this request 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 presented 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 expense which may 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 yoQ in satisfac- tion of or reimbursement of any loss, cost, claim or expense bf any nature whatsoever incurred by you on account of such undertakings or agreements of indemnity as aforesaid. This irrevocable letter of credit is given for the following improvement in accordance with Minnesota Statute 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 fixed by the International Chamber of Commerce at the date of this letLer. The term: 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